Kindersley Lithium Project is wholly owned and operated by Grounded Lithium Corp.
On January 15, 2024, the Company entered into an Earn-In Option Agreement (the “Earn-in Agreement”) on the Kindersley Lithium Project (“KLP”) with Denison Mines Corp. (“Denison”). Under the Earn-in Agreement, Denison has the option to earn up to a 75% working interest in the KLP over three phases by funding up to $2,350,000 of cash payments to GLC and funding project expenditures of up to $12,000,000 for the KLP.
Pursuant to the Agreement, Denison holds an option to earn a working interest (" WI ") in the KLP by sole funding project expenditures. Should Denison fund CAD$2.2 million of project expenditures, it will have fulfilled its Phase 1 conditions and earned a 30% in the KLP.
Summary:
Assigned Inferred Mineral Resource across the KLP is limited to that hosted within the Company’s primary geologic target, the Devonian-aged Duperow Formation of southwestern Saskatchewan. The Duperow in Saskatchewan is stratigraphically equivalent to the Leduc Formation in Alberta.
The Duperow Formation is an ideal candidate for sourcing subsurface lithium-enriched brines for the purpose of direct lithium extraction (DLE) due to its depositional and reservoir attributes. With a gross thickness exceeding 200 meters (m), or 656 feet (ft), and its overall expansive aerial extent, the Duperow represents a known active aquifer system that serves as a water source for oilfield operations across the KLP area. Reservoir attributes associated with Duperow primary lithology (e.g., dolomite) provide significant pore volume and storage capacity of subsurface brines. In addition, high porosity and associated permeability contribute to the ability of the aquifer to deliver significant production rates sustainable over an extended production life.
The KLP represents the shallowest known accumulation of lithium-enriched brines hosted within the Duperow Formation across the province of Saskatchewan and/or the Leduc Formation in Alberta. Duperow brines at Kindersley are also devoid of the presence of hydrocarbons, including sour gas (H2S). These observed geologic features of the Duperow Formation, and compositional attributes of Duperow brines, are advantageous for future project development at Kindersley.
The Devonian-aged Duperow Formation is the primary aquifer that the Company will be targeting for lithium enriched brines across the Kindersley Lithium Project (KLP). Devonian-aged rocks extend in the subsurface across the majority of western Canada and the central United States. These rocks are overlain by younger-aged sediments including Mississippian, Jurassic, Cretaceous, Tertiary and Pleistocene strata. Regionally, the Devonian is segregated into three series/epochs including the Upper, Middle and Lower Devonian. Further subdivision of the Devonian based on stage/age included defining individual groups associated across western Saskatchewan which include:
• Upper Devonian – Three Forks Group, Saskatchewan Group, and Manitoba Group; and
• Middle Devonian – Elk Point Group.
Each associated Devonian group can further be segregated into individual formations including:
• Three Forks Group – Big Valley and Torquay;
• Saskatchewan Group – Birdbear, Ireton, and Duperow;
• Manitoba Group – Souris River, 1st Red Bed, Dawson Bay, and 2nd Red Bed; and
• Elk Point Group – Prairie Evaporite, Winnipegosis, and Ashern.
The Saskatchewan Group contains multiple lithologies observed within each individual defined formation including:
• Birdbear – limestone, dolomite limestone and dolomite;
• Ireton – shale; and
• Duperow – limestone, dolomite limestone, calcareous dolomite, dolomite, marlstones, anhydrite, and salt.
The Saskatchewan Group represents the thickest accumulation of Upper Devonian age sediments across the greater project area with an overall observed isopach value ranging from 290 – 340 m (951 – 1,115 ft). Due to the overall thick stratigraphic section and complex assemblage of lithologies of the Duperow formations, overall lithostratigraphic subdivision of the Duperow becomes necessary to accurately assess and evaluate the overall Duperow aquifer system.