CALGARY,
AB, Dec. 20, 2022 /CNW/ - (TSXV: GRD)
(OTCQB: GRDAF) - Grounded Lithium Corp. ("GLC" or the
"Company") is pleased to announce we filed an updated
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects ("NI 43-101") effective November 30, 2022 (the " Updated
Technical Report") on our Kindersley Lithium Project
("KLP"). The Updated Technical Report was prepared or under
the supervision of certain qualified persons (as defined in NI
43-101) by Sproule Associates Limited ("Sproule"), a global
leader in subsurface fluid resource evaluations with over seventy
years of experience.
The Updated Technical Report concludes that the inferred
resource of lithium carbonate equivalent ("LCE") for the KLP
totals 3.7 million tonnes. This represents a 28% increase from our
previous NI 43-101 technical report dated April 15, 2022 which reported a total LCE
inferred resource of 2.9 million tonnes for the KLP. The increase
is largely the result of continued consolidation of the Company's
overall land base in the KLP as well as key learnings from the
Company's recently completed lithium test well, the results of
which were communicated in our press release dated December 13, 2022. The Company's total land
position for the KLP currently equals 266 sections (approximately
69,000 hectares), both gross and net, with total Company
landholdings at 300 sections (approximately 78,000 hectares), again
both gross and net.
The Updated Technical Report incorporates a thorough assessment
similar to the rigour used in understanding subsurface fluid
dynamics used by operators in the petroleum industry. The Updated
Technical Report contains the most accurate representations
possible of the subsurface porosity which were derived by
completing a petrophysical analysis that corrects porosity
measurements for each rock type. With a relatively consistent
geology across the area, our analysis involved an extensive
three-dimensional geological model correlating or connecting the
depositional layers between the wells. In the overall
determination, Company owned land parcels within the KLP received
this far more accurate representation of the brine-in-place as
opposed to a simple general assumption of average porosity and
average thickness.
The Company's Updated Technical Report can be found on SEDAR
(www.sedar.com) or on the Company's website
(www.groundedlithium.com)
About Grounded Lithium
Corp.
GLC is a publicly traded lithium brine exploration and
development company that controls 3.7 million tonnes 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/.
Qualified Person
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.
Forward-Looking
Statements
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 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 consolidation,
delineation, exploitation and development of GLC's opportunity
base, and GLC's vision of becoming a best-in-class, environmentally
responsible, Canadian lithium producer supporting the global energy
transition
Among the important factors 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 their entirety by this cautionary statement.
This news release shall not constitute an offer to sell or
the solicitation of an offer to buy any securities in any
jurisdiction.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
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SOURCE Grounded Lithium Corp