Vancouver, British Columbia--(Newsfile Corp. - October 4, 2023) - Indigo Exploration Inc. (TSXV: IXI) (OTCQB: IXIXF) (FSE: INEN) (the "Company") is pleased to announce a maiden lithium brine resource estimate at its wholly owned Fox Creek West property in Alberta. The Mineral Resource Estimate ("MRE"), which was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), outlined an Inferred Resource of 231,100 tonnes of lithium carbonate equivalent ("LCE") at an average grade of 72 mg/L.
Key Highlights:
231,100 tonnes of LCE in the Inferred Mineral Resource category from two Devonian-aged formation aquifers; the Wabamun and Beaverhill Lake Group Formations.
Fox Creek West Property has an estimated 3.8 billion barrels of brine, with lithium concentrations between 31mg/L to 93 mg/L and an estimated average lithium concentration of 72 mg/L.
In comparison, Lithiumbank's Broadwalk Project 30 km away has an average grade of 68 gm/L.
Indigo's total land position at Fox Creek West equals 55,103 hectares and is adjacent to Lithiumbank properties.
Indigo intends to focus development on those areas of its asset base featuring the highest lithium concentrations in the Beaverhill Lake Group formations, which are expected to drive strong economic returns and robust cash flows.
"This maiden resource represents the first step in placing Indigo firmly on the development pathway to producing high-quality lithium carbonate to meet the expanding EV demand," commented Paul Cowley, President & CEO of Indigo Exploration. "Having tabled the first significant de-risking milestone, we are focused on growing our resource base through the delineation of resources throughout our existing portfolio, in addition to expanding our resource base through further exploration and accretive acquisitions."
Table 1 Wabamun-Beaverhill Lake Group Formations Li-Brine NI 43-101 Inferred Resource Estimate
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