Grounded Lithium Launches 2024 Field Initiatives
Grounded Lithium Corp. (OTCQB: GRDAF) is thrilled to announce the launch of its 2024 field program focused on its Kindersley Lithium Project. This venture comes alongside the initiation of the Pre-Feasibility Study (PFS), which will be led by Stantec Inc., a notable global engineering and consulting firm.
Project Overview and Significance
The Kindersley Lithium Project aims to advance the understanding and evaluation of the lithium resources situated in Southwest Saskatchewan. It signifies a crucial step in bolstering lithium supply, coinciding with global demands for sustainable energy resources. Gregg Smith, President and CEO, expressed enthusiasm regarding the approved budget for the project, emphasizing the commitment of Denison Mines Corp., which has funded $4.5 million towards essential activities.
Re-entry into the 4-15 Well
One of the key highlights of the 2024 KLP field program is the re-entry and deepening of the dedicated lithium well, known as the 4-15 Well. Originally drilled in 2022, this well is positioned approximately 20 kilometers north of the Kindersley location. The current plans will extend the well by an additional 100 meters, paving the way for extensive testing across multiple stratigraphic intervals within the Duperow formation.
Data Collection and Lab Tests
The program will also feature the collection of critical data needed for developing a comprehensive depletion model. This ensures informed decisions regarding well placement, maintenance, and field operations. In addition, an assessment of lithium extraction technologies will take place, with brine samples sent to various companies for optimal design evaluations.
Collaboration with Stantec
Stantec's experience and expertise in mining, minerals, and metals make them an ideal collaborator for this pivotal project. Their involvement is expected to enhance the quality and outcomes of the PFS. The aim is to complete this study by mid-2025, contingent on successful completion of the field and lab programs.
About Grounded Lithium Corp.
Grounded Lithium Corp. stands at the forefront as a lithium brine exploration and development company. With significant lithium resources amounting to approximately 1.0 million metric tonnes of Measured and Indicated lithium carbonate equivalent mineral resource, and around 3.2 million metric tonnes of Inferred lithium carbonate equivalent resource, the company is dedicated to leveraging its assets to support the energy transition.
With investment strategies in place and growing partnerships, Grounded Lithium aims to build towards becoming a leading, environmentally responsible lithium producer. Their updated Preliminary Economic Assessment (PEA) reflects a promising future, showcasing an after-tax NPV of $1.0 billion and an IRR of 48.5%.
Frequently Asked Questions
What is the Kindersley Lithium Project?
The Kindersley Lithium Project is a significant lithium brine exploration initiative located in Southwest Saskatchewan, aiming to evaluate and enhance lithium extraction processes.
Who is responsible for the Pre-Feasibility Study?
Stantec Inc. has been selected as the lead author for the Pre-Feasibility Study for the Kindersley Lithium Project.
What are the main activities in the 2024 field program?
The key activities include the re-entry of the 4-15 Well for additional testing, collection of data for a depletion model, and lab performance tests for lithium extraction technologies.
What financial support is provided for the project?
Denison Mines Corp. has fully funded the project with a budget of $4.5 million allocated for various operational activities.
What resources does Grounded Lithium Corp. hold?
Grounded Lithium Corp. owns significant lithium brine resources, with about 1.0 million metric tonnes of Measured and Indicated and 3.2 million metric tonnes of Inferred lithium carbonate equivalent resources.
