Grounded Lithium Corp., a Canadian listed independent pure-play lithium-from-brine exploration company has established an industry-leading land position on trend with known lithium tests in Saskatchewan, Canada. The company required an independent lithium resource evaluation meeting National Instrument 43-101 for Mineral Projects.
- TSX.V listed Lithium explorer
- Early exploration in Saskatchewan’s lithium-from-brine play
- Consistent dataset for geological and concentration data
- NI 43-101 and TSX.V Resource Reporting Requirements
NI 43-101 Lithium Application: NI 43-101 Rules and Policies, written for hard rock mining operations, do not have a straightforward application to mineral extraction from brine. Given that brine is a liquid, production forecasting is more similar to oil & gas extraction methodologies typically found in NI 51-101 evaluations.
Limited Well Data: Gaining a clear understanding of the geologic setting of the Duperow formation, the stratigraphy, and the reservoir flow units were critical due to the limited well data on company and surrounding lands.
No Seismic Data: Seismic data that could have been used to image between wells was cost-prohibitive to acquire at this stage of development.
Complex Geomodels and Fluid Modelling: Sproule has extensive experience building complex sub-surface geomodels and modeling fluid flow through porous media – this knowledge has been applied to brine reservoirs to model production, estimate resources, and meet the reporting requirements of NI 43-101.
Combined Geology and Reservoir Engineering Expertise: Sproule’s expertise in geology and reservoir engineering aided in pulling critical information out of the limited data creating a fully integrated evaluation.
Lithium Estimations: Initially In-Place lithium resource volumes have been estimated across the acreage position for both company interest and offsetting competitors.
Deep Standards Knowledge: Sproule final reports have been accepted by the Regulator as meeting the standards of NI 43-101.
Improved Stakeholder Confidence: Sproule’s independent evaluation is critical to ensuring stakeholder confidence, providing assurance for the client’s directors, partners, and investors.
Establish Objective Priorities: Risking and ranking individual opportunities across the extensive land base can be conducted objectively by the client, assisting in prioritizing drilling locations and selecting the first pilot project.
Updated Long-term Production Forecasts: Complex geomodels will be easily updated with new data as the project matures and will form the basis for modeling development scenarios, long-term production forecasts, resources, and reserves.