EMERALD PARK, Saskatchewan--(BUSINESS WIRE)--PRAIRIE LITHIUM CORPORATION (the “Company” or “Prairie Lithium”) is pleased to announce the completion of its drilling and completions program for its Discovery #1 lithium well in Southeast Saskatchewan. To management’s knowledge, this well represents the first well drilled for lithium brine in Canada. Prairie Lithium began drilling the well on September 21, 2021, and completed drilling operations on September 25, 2021, near Torquay, Saskatchewan.
Early results indicate that the well exhibits some of the highest known lithium brine concentrations in Canada. The entirety of pay zone encountered was approximately 110m thick and composed of a cumulative net pay thickness of 53m. The net pay is a series of multiple, highly productive aquifers that are enriched in lithium.
“I always believed that the best was yet to come, in terms of finding higher lithium concentrations in Saskatchewan. To find the highest repeated lithium brine concentrations in Canada to date, on the first well drilled for lithium brine in the country, is the result of a targeted exploration program with an A-class team of industry experts,” stated Prairie Lithium's President & CEO Zach Maurer.
Prairie Lithium holds over 362,000 acres of nearly contiguous subsurface mineral permits in Southeast Saskatchewan. “Given our large contiguous land holding, coupled with what appears to be a great resource, in a stable jurisdiction with access to year round skills and infrastructure, I believe that our project in Southeast Saskatchewan will continue to yield positive results,” added Mr. Maurer.
The company also completed a re-entry program on a wellbore in the area to further delineate the extent of lithium in the subsurface. The company will continue to delineate the lithium across its land base in southeast Saskatchewan through additional drilling and re-entry opportunities.
Prairie Lithium has spent the past 24 months building its land base and developing its direct lithium extraction technology, which can selectively separate the lithium from the other impurities in the brine in minutes. With the proceeds from its recently completed $7,500,000 financing, the Company hopes to become a leader in lithium resource exploration and extraction technology development.
About Prairie Lithium Corporation
Prairie Lithium is a private lithium resource and technology development company situated in the heart of the resource-rich Williston Basin in Saskatchewan, Alberta. For more information about the Company, please visit www.prairieltihium.ca or contact info@prairielithium.ca.
Cautionary Note regarding Forward-Looking Statements
This press release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Prairie Lithium’s business and affairs. Such forward-looking statements include, but may not be limited to, those with respect to: (i) Prairie Lithium’s ability to produce both lithium carbonate and lithium hydroxide from the lithium solution extracted using its Lithium Ion Exchange (Plix) technology; (ii) Prairie Lithium’s land holdings containing brine with the expected lithium concentrations; (iii) Prairie Lithium’s anticipated exploration and project development activities; (iv) Prairie Lithium’s continued expertise in brine hydrochemistry and hydrogeology; (v) the potential for the lithium extraction industry in Saskatchewan, a continued stable legal regime governing the industry in Saskatchewan, and continued support from all levels of government; (vi) price of battery grade lithium and future global demand; and (vii) continued success of exploration efforts for lithium brine from well sites.
These forward-looking statements are based on current expectations, and are naturally subject to uncertainty and changes in circumstances that may cause actual results to differ materially. Although Prairie Lithium believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that these expectations will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the lithium industry in general, operational risks in relation to the Company's activities, the uncertainty of estimates and projections relating to production, health, safety and environmental risks, constraint in the availability of services, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada, the current COVID-19 pandemic, and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.
All of the forward-looking statements made in this press release are qualified by these cautionary statements. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking information is provided as of the date of this press release, and Prairie Lithium assumes no obligation to update or revise them to reflect new events or circumstances, except as may be required under applicable securities legislation.
