CALGARY, AB, June 2, 2021 /CNW/ - E3 METALS CORP. (TSXV:
ETMC) (FSE: OU7A) (OTC: EEMMF) (the "Company" or "E3 Metals"), an
emerging lithium developer and leading direct lithium extraction
(DLE) technology innovator, is pleased to provide an update on the
expansion of its Aquifer Management Plan (AMP). The expansion
of the AMP will provide a basis for the completion of a NI 43-101
report and is expected to include an upgrade of a portion of the
Company's resource to Measured and Indicated. This is a critical
step towards the development of E3 Metals' Prefeasibility Study
(PFS).
E3 Metals' AMP is an essential part of promoting the Clearwater
Project's resource longevity. Aquifer modelling helps predict the
aquifer's key characteristics and productivity by better
understanding the geology and the movement of lithium-enriched
brine in the subsurface.
Following the update outlined in the November 24, 2020 press release, the Company is
now in the process of expanding the data in the AMP to increase the
predictability of brine flow in the aquifer. This work will enable
intelligent well network planning that promotes efficient brine
production and minimal surface impact. The majority of the data
required, including core and seismic, is available from the
development of historic oil and gas production in the area.
Next Steps for E3 Metals' Aquifer Management Plan
Leveraging the existing exploration and geological work
completed in the area through previous hydrocarbon development, the
Company has conducted petrophysical analysis that further
characterizes the rock properties that directly impact brine flow.
In parallel to this work, the Company has begun reviewing
additional Leduc Aquifer core samples from E3 Metals' permit area
at Calgary's Core Research Centre.
The Company's geologists have been detailing the core samples from
across the area to enhance their understanding of the rock
properties. These results are being connected and integrated with
the petrophysical analysis to better predict aquifer
characteristics across the expanded AMP area.
Once this evaluation is complete, E3 Metals plans to select
critical areas for seismic evaluation. Similar to the rock samples,
seismic data is readily available in the area from historical
hydrocarbon exploration. E3 Metals plans to purchase, process, and
interpret existing seismic data to verify regional aquifer
thickness, support rock property mapping and help identify
important structural features.
In conjunction with the geological evaluations, the Company also
plans to begin production testing in the aquifer to evaluate brine
samples away from hydrocarbon production and evaluate flow
rates.
"We have been appraising the expansion of the Aquifer Management
Plan for some time and we are really excited to kick things off,"
commented Liz Lappin, VP Corporate
Affairs & Exploration. "The expanded subsurface team is laser
focused on this important part of E3's development plan and I'm
very pleased with the progress to date."
About E3 Metals Corp
E3 Metals is a lithium development Company with 7.0 million
tonnes of lithium carbonate equivalent (LCE) inferred mineral
resources1 in Alberta
and an NPV8% on its Clearwater Lithium Project 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 Metals' goal is to
produce high purity, battery grade, lithium products. With a
significant lithium resource and innovative technology solutions,
E3 Metals has the potential to deliver lithium to market from one
of the best jurisdictions in the world. E3 Metals also continues to
work with partners at the University of
Alberta and at GreenCentre Canada.
For more information about E3 Metals, visit
http://www.e3metalscorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS,
Chris Doornbos, President &
CEO
E3 METALS CORP.
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1: The Preliminary
Economic Assessment (PEA) of the Clearwater Lithium Project NI
43-101 technical report is effective Dec 21, 2020. E3 Metals has
also released three NI 43-101 Technical Reports providing a total
resource of 7.0Mt LCE. The Clearwater Lithium Project PEA resource
estimate, identifying 2.2Mt LCE (inferred) effective December 21,
2020; the North Rocky Resource Area (NRRA) Technical Report
effective October 27, 2017 identifying 0.9Mt LCE (inferred); and
the Exshaw West Resource Area (EWRA) identifying 3.9Mt LCE
(inferred) dated June 4, 2018. All reports are available on the
Company's website (e3metalscorp.com/technical-reports) and SEDAR
(www.sedar.com)
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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.
SOURCE e3 Metals Corp.