Boardwalk Well Sampling Program Returns Higher Average Lithium Grades Than Current Inferred Mineral Resource Estimate

Highlights

- All four wells returned average lithium grades above current Inferred Resource Estimate
- Well 100/09-26-068-22W5/00 average grade – 73.8 mg/L Lithium
- Well 100/07-25-068-22W5/00 average grade – 70.8 mg/L Lithium
- Well 100/10-06-069-21W5/00 average grade – 69.9 mg/L Lithium
- Well 100/13-27-068-22W5/00 average grade – 72.6 mg/L Lithium

VANCOUVER, June 28, 2022 - LithiumBank Resources Corp. (“LithiumBank”) (TSX-V: LBNK) is pleased to announce the assay results from the Boardwalk Brine Project located in road accessible west-central. Alberta. LithiumBank collected four 20 cubic metre samples (80 m3 total) of Leduc Formation brine from four selected wells in the south Sturgeon Lake oilfield (Figure 1) between July 26th and August 13th, 2021. These were collected for due diligence purposes, to increase sample density, and for mineral processing test work with select direct lithium extraction (DLE) technology providers.

The Sturgeon Lake oilfield at Boardwalk has been producing petroleum and natural gas since the early 1950’s from the Leduc formation. This legacy has resulted in an established well trained labour force, networks of all-weather gravel roads, permitted drill sites that can be accessed from Provincial highways, and electrical transmission lines that run through and adjacent to the project (see Figure 1).

LithiumBank COO, Kevin Piepgrass stated, “Results from the assay analysis are very encouraging as the average grades, of all the analysis from each of the four wells (Table 1), are above the average grade of the NI 43-101 Resource Estimate of 67.1 mg/L lithium (Table 2). The sampled wells are spread over ~6.3 km which continue to demonstrate excellent grade continuity of the Li-brine over the investigated reservoir portions of the ~50 km long Sturgeon Lake reef complex”


Table 1. Boardwalk Assay Results

Well ID               Number   Maximum Grade   Minimum Grade  Average Grade
                   of assays  Lithium (mg/L)  Lithium (mg/L)  Lithium (mg/L)
100/09-26-068-22W5/00	20	90.3	67.4	73.8
100/07-25-068-22W5/00	7	71.8	68.8	70.8
100/10-06-069-21W5/00	7	72.3	65.9	69.9
100/13-27-068-22W5/00	7	77.6	65.7	72.6

CEO, Rob Shewchuk states, “We are pleased to have received positive assay results from all 4 wells sampled at Boardwalk, where the Leduc formation continues to demonstrate an exceptional setting for world-class lithium brine deposits. We look forward to completing additional work ahead of the release of our PEA that will result in an upgraded NI 43-101 Resource Estimate that could drive even stronger PEA outcomes for LithiumBank."

Samples were analysed at AGAT Laboratories, an ISO 17025:2017 certified lab, in Calgary Alberta. LithiumBank implemented strict Quality Control and Quality Assurance (QA/QC) protocols for the analysis. Initial testing of the four wells included six brine samples from each well. Well number 100/09-26-068-22W5/00 was sampled first and included six lab duplicates, blanks, standard reference material, and check lab analysis.

LithiumBank conducted a second round of QA/QC with a new standard reference material sample made to mimic the Sturgeon Lake brine grades. The second round also included blanks and duplicates and consisted of an additional 13 samples from well 100/09-26-068-22W5/00 and one additional sample from the other three wells. All samples were analysed at AGAT Labs in Calgary, AB.

The attention to the QA/QC process and laboratory analytical procedure now provides a solid foundation for the brine chemistry and a high-level of accuracy and precision of the lithium and other brine mineral concentrations.

The Sturgeon Lake Leduc Formation Li-brine inferred resource is globally estimated at 1,122,000 tonnes of elemental Li at an average lithium concentration of 67.1 mg/L Li in 16.7 km3 of formation brine volume (Table 2). The global (total) lithium carbonate equivalent (LCE) for the inferred mineral resource is 5,973,000 tonnes LCE at an average grade of 67.1 mg/L Li (as reported in LithiumBank’s news release dated May 31st, 2022).

Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no guarantee that all or any part of the mineral resource will be converted into a mineral reserve.


Table 2 Sturgeon Lake Leduc Formation Li-brine NI 43-101 inferred resource estimate presented as a global (total) resource.

Reporting parameter	Leduc Formation Reef Domain
Aquifer volume	321.99 (km3)
Brine volume	16.72 (km3)
Average lithium concentration	67.1 (mg/L)
Average porosity	5.3 (%)
Average brine in pore space	98.0 (%)
Total elemental lithium resource	1,122,000 (tonnes)
Total lithium carbonate equivalent	5,973,000 tonnes (LCE)

Note 1: Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no guarantee that all or any part of the mineral resource will be converted into a mineral reserve. The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
Note 2: The weights are reported in metric tonnes (1,000 kg or 2,204.6 lbs).
Note 3: Tonnage numbers are rounded to the nearest 1,000 unit.
Note 4: In a ‘confined’ aquifer (as reported herein), porosity is a proxy for specific yield.
Note 5: The resource estimation was completed and reported using a cut-off of 50 mg/L Li.
Note 6: In order to describe the resource in terms of industry standard, a conversion factor of 5.323 is used to convert elemental Li to Li2CO3, or Lithium Carbonate Equivalent (LCE).


Technical information in this report has been reviewed by Mr. Kevin Piepgrass (Chief Operations Officer, LithiumBank Resources Corp.), who is a Member of the Association of Professional Engineers and Geoscientists of the province of BC (APEGBC) and is a Qualified Person (QP) for the purposes of NI 43 101. Mr. Piepgrass consents to the inclusion of the data in the form and context in which it appears.


About LithiumBank Resources Corp.

LithiumBank Resources Corp. is an exploration and development company focused on lithium-enriched brine projects in Western Canada where low-carbon-impact, rapid DLE technology can be deployed. LithiumBank currently holds over 3.2 million acres of mineral titles, 2.82M acres in Alberta and 326K acres in Saskatchewan. LithiumBank’s mineral titles are strategically positioned over known reservoirs that provide a unique combination of scale, grade and exceptional flow rates that are necessary for a large-scale direct brine lithium production. LithiumBank is advancing and de-risking several projects in parallel to the Boardwalk Lithium Brine Project.



Contact:

LithiumBank Resources Corp.
Robert Shewchuk, CEO & Director
rob@lithiumbank.ca
(778) 987-9767



Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Cautionary Statement Regarding Forward Looking Statements

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including without limitation, the statement that the Preliminary Economic Assessment study is expected to be completed mid-2022 is a forward-looking statement and contains forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including that the Preliminary Economic Assessment study will be completed mid-2022. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary, include, without limitation, that Preliminary Economic Assessment study will not be completed mid-2022 as expected by management or at all. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.


Figure 1: Map of Sturgeon Lake Lithium Brine Project, West-central Alberta with wells sample results by LithiumBank is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bf9aea60-020f-4a66-96d2-f02f4b994c84