CALGARY, ALBERTA (May 9, 2023) (TSX.V: GRD OTCQB: GRDAF) – Grounded Lithium Corp. (“GLC” or the “Company”) is pleased to provide an update on our direct lithium extraction (“DLE”) selection process. As previously communicated in news releases dated March 13, 2023 and March 21, 2023, we selected our top two technology firms, which were deemed the most applicable for our specific brine chemistry, to test Kindersley Lithium Project brine (“KLP Brine”). Large volumes of KLP Brine were shipped earlier in the month to both labs and extraction testing commenced in parallel. As part of the initial gating process both labs independently tested the KLP Brine for qualities and impurities to provide a baseline assessment and characterization. In both cases, concentrations met or exceeded the concentrations previously communicated by the Company of 74-81 mg/l of lithium, providing support to conduct fulsome extraction technology testing which is now nearing completion. Measured lithium concentrations for characterization purposes averaged 80 mg/l. Samples provided to both DLE labs were sourced from the Company’s first initial lithium test well at 4-15-32-23W3 (the “4-15 Well”), specifically brine was collected throughout the open hole section from 966m to 1145m. Grounded produced sufficient quantities of brine from the 4-15 Well during production testing in November 2022 and securely stored those samples at a facility in the Kindersley area. Our handling process maintained strict custody of control during transportation to the respective labs. Once received, these independent labs used industry accepted practices and equipment to determine brine chemistry, specifically testing for concentrations of lithium.
The Company also delivered KLP Brine samples to a third independent Alberta lab, Isobrine Solutions (“Isobrine”), which offers specialized and rigorous brine evaluation. Isobrine evolved as a start-up company from the University of Alberta approximately 20 years ago. Isobrine received KLP Brine and performed controlled testing on our brine with an observed lithium concentration of 78 mg/l. This represents a 5% increase over the concentrations previously used in our National Instrument 43-101 Technical Report for lithium carbonate equivalent inferred resources. This increase is expected to aid in overall project economics and additional resource assessments.
These results continue to support a potentially economic project particularly when paired with proven well deliverability. The Company is expecting to be in a position to communicate our preferred DLE vendor in the coming weeks. The chosen DLE technology will be included in the Company’s maiden preliminary economic assessment on the Kindersley Lithium Project, expected to be filed on or before the end of Q2 2023. 2
About Grounded Lithium Corp.
GLC is a publicly traded lithium brine exploration and development company that controls approximately 4.2 million metric tons of lithium carbonate equivalent of inferred resource over our focused land holdings in Southwest Saskatchewan. GLC’s multi-faceted business model involves the consolidation, delineation, exploitation and ultimately development of our opportunity base to fulfill our vision to build a best-in-class, environmentally responsible, Canadian lithium producer supporting the global energy transition shift. U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on https://www.otcmarkets.com/.
Scientific and technical information contained in this press release pertaining specifically to recent lab concentrations of the two selected DLE technology companies and Isobrine has been prepared under the supervision of Dale Shipman, P.Eng, VP Operations, of the Company. All other scientific and technical information contained in this press release has been prepared under the supervision of Doug Ashton, P.Eng, Suryanarayana Karri, P. Geoph., Alexey Romanov, P. Geo. and Meghan Klein, P. Eng., each of whom is a qualified person within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
For more information, please contact:
Gregg Smith, President & CEO Greg Phaneuf, SVP Corporate Development & CFO
This press release may contain forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws. The opinions, forecasts, projections and statements about future events of results, are forward looking information, forward-looking statements or financial outlooks (collectively, “forward-looking statements“) under the meaning of applicable Canadian securities laws. These forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by GLC that the Company believes these forward-looking statements continue to be true as of any subsequent date. Although GLC believes that the assumptions underlying, and expectations reflected in, these forward-looking statements are reasonable, it can give no assurance that these assumptions and expectations will prove to be correct. Such statements include, but are not limited to, statements regarding the Industry Expert’s lithium from brine extraction technology, the impact on project economics and resource assessments, the selection of a lithium from brine technology by the Company and timing thereof, and GLC’s vision of becoming a best-in-class, environmentally responsible, Canadian lithium producer supporting the global energy transition. 3
Among the important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those indicated by such forward-looking statements are: GLC’s expectation that our operations will be in Western Canada, unexpected problems can arise due to technical difficulties and operational difficulties which impact the production, transport or sale of our products; geographic and weather conditions can impact the production; the risk that current global economic and credit conditions may impact commodity prices and consumption more than GLC currently predicts; the failure to obtain financing on reasonable terms; the risk that unexpected delays and difficulties in developing currently owned properties may occur; the failure of drilling to result in commercial projects; unexpected delays due to the limited availability of drilling equipment and personnel; and the other risk factors detailed from time to time in GLC’s periodic reports. GLC’s forward-looking statements are expressly qualified in its entirety by this cautionary statement. Readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements contained herein except as required by securities laws.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
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