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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Highwood Old Company Ltd | TSXV:HOCL | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 16.00 | 15.50 | 16.55 | 0 | 01:00:00 |
/NOT FOR DISSEMINATION IN THE U.S. OR THROUGH U.S. NEWSWIRES/
CALGARY, AB, Feb. 28, 2022 /CNW/ - Highwood Asset Management Ltd. (TSXV: HAM) ("Highwood" or the "Company") is pleased to announce the filing of NI 43-101 Technical Report Lithium Resource Estimate for its Drumheller Property.
Highlights
NI 43-101 Technical Report
Highwood commissioned APEX Geoscience Ltd. to prepare a National Instrument 43-101 Report effectively dated February 21, 2022 (the "Technical Report") to detail the inferred resource assessment for the Company's Drumheller Property. The Drumheller Property comprises approximately 23.5% of Highwood's total Alberta and British Columbia land position. The Technical Report for the Project is available on SEDAR (www.sedar.com) and on the Company's website.
The Drumheller Resource Project area (363,522 hectares) has over 3,675 historical oil and gas wells that were drilled by petro-companies into the Devonian aged carbonate reef strata from the youngest (Nisku Formation) to the oldest (Beaverhill Lake Group). Current hydrocarbon production occurs within two oil pools located near the townsite of Drumheller.
Geological information culled from the oil and gas wells included formation picks, wireline logs, core plug measurements and drill stem tests. Based on the assessment of these data, a 3-D geological model was created with emphasis on 3 distinct resource domains:
Critical steps in the determination of Highwood's Drumheller lithium-brine resource estimation include:
The Drumheller Leduc Formation lithium-brine resource estimate is classified as an 'Inferred Mineral Resource' in accordance with guidelines established by the CIM "Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines" dated November 29th, 2019, and the CIM "Definition Standards for Mineral Resources and Mineral Reserves" amended and adopted May 10th, 2014.
Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no guarantee that all or any part of the mineral resource will be converted into a mineral reserve.
The lithium-brine resource was estimated using a cut-off grade of 20 mg/L lithium. The in-situ Drumheller lithium-brine inferred resources are globally (totally) estimated as follows:
Table. Drumheller Leduc and Nisku Formation Li-brine inferred resource estimations presented as a global (total) resource.
Reporting Parameter | Leduc Aquifer | Nisku Killam | Nisku |
Aquifer volume (km3) | 670.559 | 23.669 | 123.323 |
Brine volume (km3) | 65.058 | 1.415 | 8.218 |
Average lithium concentration (mg/L) | 48.3 | 41.4 | 25.5 |
Average porosity (%) | 9.9 | 6.1 | 6.8 |
Average brine in pore space (%) | 98.0 | 98.0 | 98.0 |
Total elemental Li resources (tonnes) | 3,142,000 | 59,000 | 207,000 |
Total LCE (tonnes) | 16,726,000 | 312,000 | 1,102,000 |
Note 1: | Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no guarantee that all or any part of the |
Note 2: | The weights are reported in metric tonnes (1,000kg or 2,204.6lbs). |
Note 3: | Tonnage numbers are rounded to nearest 1,000 unit. |
Note 4: | In a 'confined' aquifer, effective porosity is a proxy for specific yield. |
Note 5: | The resource estimation was completed and reported using a cutoff of 20mg/L lithium. |
Note 6: | To describe the resource in terms of the industry standard, a conversion factor of 5.323 is used to convert elemental lithium to Li2CO3 or Lithium |
Highwood engaged 2 independent third party labs for extraction technology test work: Preliminary lithium extraction process development testing indicate that an ion exchange process holds reasonable prospects for eventual economic extraction of battery-grade lithium product from Highwood's lithium-brine. The labs' results showed a good lithium loading capacity and a good selectivity for lithium and demonstrated optimized lithium extraction results of 98.3%. Further testing for process development and process is justified and will commence later.
In the near term, Highwood intends to focus on:
"Highwood is encouraged with the continued global support for the ongoing energy transition, with Lithium Carbonate prices rising over 300% to more than US$50,000/tonne since mid 2021. We see the development of our Leduc / Nisku Aquifer as a project that will provide upside to Highwood shareholders over time. Our team is working now internally to assess multiple extraction methodologies, and once determined, will proceed to completing a PEA" said Greg Macdonald, President and CEO of Highwood.
As Highwood assesses additional information on its lithium Sub-properties, Highwood will continue to evaluate value maximization paths for its lithium assets including a potential public pure play, low carbon intensity lithium company spinout.
Qualified Person:
D. Roy Eccles, MSc, P. Geol., of APEX Geoscience Ltd. is an independent Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical information that forms the basis for this news release.
Neither 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 release.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" or "FLI" within the meaning of the Canadian securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release include statements about the Company's next steps which include resource assessment, continued exploration and development work, including in respect of the potential extraction technology, continued sampling and developing a reservoir model, the completion and timing for the Cretaceous ironstone NI 43-101 Technical Report, and the evaluation and potential spinout of a pure play lithium company, as well as the specific assumptions used to develop such FLI and the specific risk factors.
In connection with the forward-looking information contained in this news release, Highwood has made numerous assumptions, regarding, among other things: the geological, metallurgical, engineering, financial and economic advice that Highwood has received is reliable and is based upon practices and methodologies which are consistent with industry standards. While Highwood considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause Highwood's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the lithium-brine resource assessment may not be completed as planned or at all, the exploration and continued sampling may exceed the budget; continued sampling and the reservoir model may not achieve the results expected; investor support for a pure play lithium public spinout; the need to obtain additional financing; uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals.
A more complete discussion of the risks and uncertainties facing Highwood is disclosed in Highwood's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Highwood disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.
SOURCE Highwood Asset Management Ltd.
Copyright 2022 Canada NewsWire
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