11:51 AM EDT, 07/10/2024 (MT Newswires) -- LithiumBank Resources ( LBNKF ) on Tuesday said it began operations at a pilot processing plant in Calgary, Alberta.

The company said the plant will test process from direct lithium extraction (DLE) from brines.

The brines to be tested will be collected from Western Canadian oil wells at LithiumBank's Boardwalk, Park Place and Saskatchewan projects, and transported to the Calgary pilot plant for test processing. The plant is expected to process 10,000 liters per day of lithium-containing brines, making it one of the largest DLE pilot plants in North America, the company said.

"Licensing of our pilot plant is a large step forward and a major milestone for our company," said Paul Matysek, the company's executive chairman. "We believe the successful application of our DLE technology could be instrumental for potentially jump-starting a new resource industry in the province."

The company's shares were last seen up $0.02 to $0.75 on the TSX Venture Exchange.

Price: 0.75, Change: +0.02, Percent Change: +2.74