The company is planning for the project to help meet North America's electric vehicle and storage requirements with its contiguous lithium brine resource while benefiting from existing infrastructure, and the jurisdictional advantages of being in west-central Alberta.
"Furthermore, advances in Direct Lithium Extraction methodologies continue to grow in leaps and bounds and bodes well for unlocking the full potential of this project," independent director Paul Matysek said.
The company has a brine access agreement with the petro-operator in control of the Sturgeon Lake South and Sturgeon Lake North oilfields, which was signed in May last year, and permits LithiumBank to obtain brine from existing oil and gas infrastructure for the purpose of exploration work.
LithiumBank is also working with Hatch Ltd to review and select the best DLE technology for the project.
LithiumBank began trading on the TSX Venture Exchange on April 1, closing that day's session at C$1.84 (US$1.45).
The company's share price on May 31 was C$1.11, giving a market capitalization of C$41.25 million.
