CALGARY,
AB, May 16, 2023 /CNW/ - E3 LITHIUM LTD.
(TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), "E3" or the "Company,"
Alberta's leading lithium
developer and extraction technology innovator, is pleased to
provide a progress update on its field pilot plant. Since receiving
the approval of its Facility Licence on April 11, 2023, E3 has been advancing preparation
activities to ensure the site is ready for pilot operations.
On-site work is focused on the installation and operation of the
downhole equipment in preparation for brine production for the
pilot. E3 will also conduct a pre-pilot reservoir test that will
add to our understanding of the reservoir fluid characterization
for future development work. The site is also being graded and
prepared in advance of equipment arriving. The next stage includes
installation of the piping and protective structure over the next
4-6 weeks.
Manufacturing of the lithium extraction process equipment and
E3's sorbent continues offsite and is on track to arrive in early
Q3. The Company anticipates it will require approximately 4 weeks
to install and commission the equipment once on site prior to full
operations commencing.
E3 will share Key Performance Indicators for the lithium
extraction processes at the pilot plant prior to commissioning. The
Company remains committed to industry-leading environmental and
safety standards and has practices, policies and procedures in
place ensure the site operates safely throughout 2023.
"We are happy to remain on track and on budget for a successful
pilot beginning operations in Q3 of 2023," said Chris Doornbos, President and CEO of E3 Lithium.
"Protecting the environment and ensuring the health and safety of
all those working on site is of fundamental importance to us
throughout the construction and operation of our pilot plant, and
this begins with thoughtful and well-executed site
preparation."
Pilot Plant Funding
E3 would like to thank Alberta Innovates, the Government of
Canada's Strategic Innovation Fund
and Critical Minerals Research, Development and Demonstration
Program for providing funding towards E3's 2023 pilot plant.
About E3 Lithium
E3 Lithium is a development company with a total of 16.0 million
tonnes of lithium carbonate equivalent (LCE) Measured and Indicated
and 0.9 million tonnes LCE Inferred mineral
resources1 in Alberta. As outlined in E3's Preliminary
Economic Assessment, the Clearwater Lithium Project has an NPV8% of
USD 1.1 Billion with a 32% IRR
pre-tax and USD 820 Million with a
27% IRR after-tax1. E3 Lithium's goal is to produce high
purity, battery grade lithium products to power the growing
electrical revolution. With a significant lithium resource and
innovative technology solutions, E3 Lithium has the potential to
deliver lithium to market from one of the best jurisdictions in the
world.
ON BEHALF OF THE BOARD OF DIRECTORS
Chris Doornbos, President &
CEO
E3 Lithium Ltd.
Forward-Looking and Cautionary
Statements
This news release includes certain forward-looking statements as
well as management's objectives, strategies, beliefs and
intentions. Forward looking statements are frequently identified by
such words as "may", "will", "plan", "expect", "anticipate",
"estimate", "intend" and similar words referring to future events
and results. Forward-looking statements are based on the current
opinions and expectations of management. All forward-looking
information is inherently uncertain and subject to a variety of
assumptions, risks and uncertainties, including the speculative
nature of mineral exploration and development, fluctuating
commodity prices, the effectiveness and feasibility of emerging
lithium extraction technologies which have not yet been tested or
proven on a commercial scale or on the Company's brine, competitive
risks and the availability of financing, as described in more
detail in our recent securities filings available at www.sedar.com.
Actual events or results may differ materially from those projected
in the forward-looking statements and we caution against placing
undue reliance thereon. We assume no obligation to revise or update
these forward-looking statements except as required by applicable
law.
Neither the 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.
1: The
Preliminary Economic Assessment (PEA) for the Clearwater Lithium
Project NI 43-101 technical report is amended Sept 17, 2021. The
mineral resource NI 43-101 Technical Report for the North Rocky
Property, effective October 27, 2017, identified
0.9Mt LCE (inferred). The mineral resource NI 43-101
Technical Report for the Bashaw District Project,
effective March 21, 2023, identified 16.0Mt LCE (measured
& indicated). All reports are available on the E3 Lithium's
website (e3lithium.ca/technical-reports) and SEDAR
(www.sedar.com).
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SOURCE E3 Lithium