AB, Jan. 19, 2023 /CNW/ - E3 LITHIUM LTD.
(TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), Alberta's leading lithium developer and
extraction technology innovator, is excited to share the results
from its third and final well associated with its inaugural drill
program in 2022.
The third well outlined the thickness of the Leduc Aquifer to be
consistent at 202 metres. Brine sampling was conducted at a single
interval, roughly in the middle of the aquifer, which demonstrated
a lithium concentration result of 74 mg/L. Please see Figure
1 for the zone interval and concentration result.
Drill Program Summary:
Demonstrating Consistency Across the Leduc Aquifer
The data collected from these three wells is fundamental for E3
Lithium's (E3) understanding of the Leduc Aquifer in the Clearwater
Project Area. The properties of the aquifer, the chemistry of the
brine and the grade of lithium sampled in all wells demonstrate
consistency. This consistency allows E3 to design and build the
commercial facility more simply given it doesn't need to be
designed to handle a large variation of fluid chemistry.
E3 plans to use the data gathered from these wells to complete
an upgrade of its resource from Inferred to Measured and
"The results of our drilling and sampling program demonstrate
that the fluid is consistent throughout the aquifer," said
Chris Doornbos, President and CEO of
E3 Lithium. "This enables E3 to progress the upgrade of its
resource to Measured and Indicated which will feed into its
Pre-Feasibility Study (PFS)."
Third Well Repurposed from
E3's third well, located approximately 10 kilometres northwest
of its first and 23 kilometres northwest of its second, was
repurposed from an existing oil and gas well, which represented
cost savings of more than $1.5M and
required no new land disturbance which reduced the environmental
footprint associated with E3's drill program.
The brine sample from E3's third well was analyzed by a
third-party certified laboratory, following independently verified
sample acquisition procedures that maintained a strict chain of
custody, in accordance with The Canadian Institute of Mining,
Metallurgy and Petroleum (CIM) guidelines.
Read E3's November 10, 2022 news
release for the concentration results of its first well and
its January 4, 2023 news release for
the concentration results of its second well.
About E3 Lithium
E3 Lithium is a development company with total of 24.3 million
tonnes of lithium carbonate equivalent (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. Through the successful scale up its DLE
technology towards commercialization, E3 Lithium's goal is to
produce high purity, battery grade lithium products. 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 &
E3 Lithium Ltd.
1: The Preliminary
Economic Assessment (PEA) for the Clearwater Lithium Project NI
43-101 technical report is effective 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 July 11, 2022, identified 23.4Mt LCE (inferred).
All reports are available on the E3 Lithium's website
(e3lithium.ca/technical-reports) and SEDAR
Forward-Looking and Cautionary
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
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.
SOURCE E3 Lithium