LithiumBank Resources Corp. announce it has engaged SLB to provide detailed reservoir modelling for an upcoming resource estimation and preliminary economic assessment that the Company anticipates completing at the Park Place lithium brine project in west-central Alberta (the ?Park Place Project?). The Park Place Project is located approximately 50 kilometres south of the Company?s Boardwalk Project (for which a preliminary economic assessment was recently completed).
Results of SLB?s modelling work are expected in 90 days. SLB provides technology solutions along with subsurface engineering services across Alberta and around the globe. Its subsurface engineering interpretation tools and understanding of fluid behaviours, under various circumstances within the reservoir, are expected to help discern optimal operational techniques to maximize production while achieving sustainability benefits through direct lithium extraction (DLE) on the Company?s production chain lifecycle.
LithiumBank has engaged SLB to conduct detailed subsurface reservoir modelling of the Leduc and Swan Hills Formations at the Park Place Project. This work will complement the hydrogeological study previously completed by Matrix. SLB?s study will involve reservoir characterization, such as facies modelling, porosity and permeability modelling, and interpretation of 57 kilometres of seismic lines that were not included in the earlier study.
Detailed reservoir modelling from this study is expected to provide a higher level of confidence in future engineering and production designs as well as support for an upcoming resource estimation that the Company has targeted to complete. The study will target a 3,255 km2 area of interest (?AOI?), that is considered to be the most favorable AOI in the Park Place Project in terms of formation thickness, porosity, depth to formation, and location and has been prioritized for development. This work is expected to be the foundation of an upcoming resource estimation followed by a preliminary economic assessment expected to be completed by the Company.
Park Place Project has reported as the lithium-rich brine project, by volume, in North America held by a single operator with 76.3 km3 (76.3 B m3) of lithium-bearing brine, 49.8 km3 within the Leduc Formation and 26.5 km3 within the Swan Hills Formation at a 3% porosity cut-off. Brine samples collected in December 2022 from the Leduc Fm, reported an average of 77.2 mg/L lithium. The Leduc Fm measures up to 350 metres in thickness & Swan Hills Fm up to 250 metres thick.
The thicker zones (over 200 metres) in the Leduc Formation are correlated with higher porosity and are in locations that logistically are ideal for potential production hubs.