First Lithium has earned 100% interest in nearly a million acres with lithium contained in basinal brines of the Western Canadian Sedimentary Basin. A report by the Alberta Research Council in 1995 discusses the area as having potential for very large resources of Lithium within formation waters. The property acquired covers a large portion of the area deemed "producible" for Lithium by the government study. In the report, the Alberta Research Council provides a "historical resource estimate" of roughly 2.8 billion lbs. Li2O. The estimated
|Lithium is hosted in oilfield brines|
Hundreds of oil and gas wells are currently in operation on the Valleyview property. Oil and/or gas coexists within the same aquifers as FLR's lithium and potassium bearing brines. In recovering the oil and gas, brine is also drawn to the surface, but in much larger quantities (approximately 200:1).
The energy operator must process the brine and then separate it from the oil and/or gas. When this process is completed, the brine is returned to the aquifer. Given these circumstances, potential exists for a symbiotic relationship to be born between the energy companies and FLR, with a result being that FLR may never have to drill a hole, or even extract its own resource.