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Go2Lithium Inc and LithiumBank Resources Corp Partnering to Develop North American Lithium Assets

By September 12, 2023September 14th, 2023No Comments

Go2Lithium Inc (“G2L” or “the Company”) is pleased to announce an agreement between G2L (via its wholly-owned subsidiary G2L Greenview Resources Inc) and LithiumBank Resources Corp. (“LithiumBank) (LBNK) under which G2L will license its continuous direct lithium extraction technology (“cDLE®”) to support development of LithiumBank’s North American lithium brine assets. In consideration for the license, LithiumBank has agreed to issue shares to G2L on satisfaction of certain milestones, which, if fully vested, would constitute G2L as LithiumBank’s largest shareholder.


  • Go2Lithium is a 50/50 joint venture between Clean TeQ and Computational Geosciences Inc (a subsidiary of NYSE/TSX listed Ivanhoe Electric) to commercialise Clean TeQ’s continuous, direct lithium extraction (“cDLE®“) process.
  • Go2Lithium becomes a strategic shareholder in LithiumBank through the issue of approximately 25% of LithiumBank’s current issued and outstanding shares (on a post-issue basis), subject to the satisfaction of certain milestones.
  • Licensing arrangement provides Go2Lithium with exposure to some of North America’s largest brine assets:
  • The Boardwalk Project (National Instrument 43-101 Preliminary Economic Assessment (“PEA”) completed in June 2023) contains over 6 million tonnes of contained lithium carbonate equivalent.
  • The Park Place Project comprises a land package of over 1.5 million acres over the Leduc Formation, with a National Instrument 43-101 Resource Estimate expected in 2H 2023.
  • LithiumBank to receive cDLE® pilot plant in Alberta, Canada in October 2023 with a nameplate throughput capacity of 8,000 to 10,000 litres/day to accelerate test work on LithiumBank brines.
  • Transaction represents the first of several potential partnerships for Go2Lithium with developers of lithium brine assets.
lb signing snip

Photo: LithiumBank Executive Chairman Paul Matysek and Go2Lithium CEO Livia Mahler at the signing of the landmark technology licensing agreement

The Canadian Prairies are home to world class lithium brine assets, and Alberta in particular, has large-scale lithium brines with the volumes and porosity needed for economic development and extraction. We are very pleased to partner with Alberta-based LithiumBank as they hold one of the largest lithium brine land packages in the province and is led by a seasoned management team."

Livia MahlerCEO, Go2Lithium

This licensing agreement with G2L provides LithiumBank with access to best-in-class direct lithium extraction technology that we expect will have a significant impact on the economics of our Alberta projects.
We are pleased to be partnering with a team that has over 20 years of experience in designing and constructing ion exchange systems for both water treatment and metal recovery applications. Furthermore, access to G2L's operational pilot plant will expedite the development of all our projects and provide the necessary information to begin pre-feasibility assessments."

Paul MatysekExecutive Chairman, Lithium Bank

Go2Lithium: 50/50 JV

G2L was formed in early 2023 as a 50/50 joint venture between Computational Geosciences Inc (“CGI”), a subsidiary of Ivanhoe Electric Inc. (NYSE/TSX:IE) and Clean TeQ Water Holdings (ASX:CNQ or “Clean TeQ”). G2L was established to identify and unlock significant value in lithium brine assets, utilising CGI’s geophysical sub-surface modelling capability and Clean TeQ’s suite of cDLE® technologies to provide a lower-cost and more environmentally sustainable extraction and purification process for battery-grade lithium salts. It brings its unique IP and technical solutions to lithium recovery, combining advanced chemistry with efficient engineering design.

This collaboration with LithiumBank is an important milestone for G2L. In the coming months, we will be shipping to Canada what will be one of the largest pilot-scale cDLE® plants in North America. Results from our test work on LithiumBank brines give us confidence that we can not only accelerate development of the Boardwalk and Park Place projects, but also position them as the most efficient and sustainable sources of lithium supply for the North American market."

Peter VoigtCEO, Clean TeQ Water and CTO, Go2Lithium

LithiumBank Resources Corp

LithiumBank is one of the largest holders of lithium-bearing mineral claims across the Leduc Formation in western Canada.

Situated on leases which were previously developed for oil and gas extraction, over 1,000 wells have been drilled to date on LithiumBank’s claims within the Leduc Formation. The extensive history of well production data has enabled LithiumBank to rapidly define a large-scale brine resource within its mineral claims, supported by existing road, rail and power infrastructure.

lithium bank mineral permits

Figure 1: LithiumBank mineral claims in western Canada

Boardwalk Project

LithiumBank’s most advanced asset, the Boardwalk Project in Alberta, comprises a total land package of approximately 4 million acres. LithiumBank’s National Instrument 43-101 Technical Report on the Boardwalk Project estimates an indicated and inferred mineral resource at Boardwalk of over 6 million tonnes of contained lithium carbonate equivalent (“LCE”), grading at approximately 70g/L. This makes Boardwalk one of the largest lithium brine resources in North America.

Since release of the Boardwalk Preliminary Economic Assessment (May 25, 2023), LithiumBank and its engineering consultants have worked with G2L to optimise the project flow sheet. Initial testing has identified multiple process parameters that can be improved with the inclusion of the Licensed Technology. These include:

  • Resin loading capacity
  • Impurity rejection
  • Eluate concentration
  • Reagent consumption
  • Substitution of lower cost reagents, such as quicklime and sulfuric acid
  • Water and energy consumption

The Company has been conducting bench-scale test work with G2L for several months. The results of this test work indicates a significant potential to improve the operational expenditures (OPEX) that are reported in the Boardwalk PEA. The Company continues to work with engineering consultants on the downstream processing and are currently working on an updated Boardwalk PEA. This update will include the G2L test work results and the effects of the Canadian federal government incentive tax credits for lithium brine processing.

g2l boardwalk project

Figure 2: Boardwalk Lithium Brine Project

Boardwalk Project Status

G2L and LithiumBank remain focussed on accelerating the development timeline for the company’s projects, most immediately through the conclusion of test work and delivery of the pilot plant to Canada.

The demonstration plant, which will ship from Australia in the coming months, will have brine feed capacity of approximately 8,000 – 10,000 litres/day. Results from the piloting will provide key inputs into the Boardwalk mass balance and process design criteria, which will form the basis for a National Instruments 43-101 Pre-Feasibility Study.

Park Place Project

LithiumBank’s Park Place Project (50km south of Boardwalk), also in Alberta, consists of a land package covering 1.5 million acres. The company has recently consolidated the mineral rights that cover over 95% of the Leduc Formation carbonate reef complex in the region.

Recent hydrogeological studies indicate that Park Place hosts approximately 76 km3 of brine, making it one of the largest lithium-bearing aquifers, by volume, held by a single operator in North America.

G2L-LithiumBank Licensing Agreement

The Intellectual Property and Licensing Agreement (“IPLA”) provides LithiumBank with an exclusive license (subject to certain limited carve-outs) to utilise G2L’s cDLE® technology in Alberta and Saskatchewan.

In consideration for the license, G2L will be issued common shares of approximately 25% of LithiumBank’s current issued and outstanding shares (on a post-issue basis). The shares will be released in several tranches, subject to achieving certain milestones. G2L will be entitled to nominate a director to the LithiumBank Board and have representation on the Technical Committee.

G2L will be granted anti-dilution rights and a right to participate in any future equity raises, on terms no more favourable than those offered to existing or incoming shareholders. G2L has agreed to not sell or trade any LithiumBank shares for a 12-month period following signing of the IPLA.

In addition to the IPLA, LithiumBank and G2L have entered into a Technical Services Agreement under which G2L will support delivery of the cDLE® package to LithiumBank. This will include establishment and commissioning of the pilot plant in Canada, engineering design and, where necessary, economic trade-off studies.

For more information, please contact:
Livia Mahler, CEO
Email: [email protected]

SOURCE: Go2Lithium Inc