CALGARY, AB, Jan. 27, 2022 /CNW/ - E3 METALS CORP. (TSXV:
ETMC) (FSE: OU7A) (OTCQX: EEMMF) (the "Company" or "E3 Metals"), an
emerging lithium developer and leading direct lithium extraction
("DLE") technology innovator, is pleased to announce its drilling
program to complete up to three lithium evaluation wells in
Alberta. These will be the
first wells drilled for the specific purpose of evaluating lithium
in the province. The wells will be located within the Clearwater
Project Area (the "Clearwater") to determine the optimal location
for commercial operations and to upgrade the resource to Measured
and Indicated, as defined by NI 43-101.
The evaluation wells will confirm water chemistry, lithium
concentrations, and reservoir characteristics. The data
collected will be a critical part of the Company's Aquifer
Management Plan ("AMP"). It evaluates the aquifer brine flow and
pressure which determine the longevity of brine production for
Direct Lithium Extraction. The Company has a total of 7.0Mt LCE of
Inferred mineral resources1 in Alberta. The Clearwater Preliminary Economic
Assessment1 ("PEA") has outlined an operation producing
20,000 tonnes of lithium hydroxide per year with a pre-tax NPV (8%)
of US$1.1 Billion. The Clearwater
Project hosts 2.2Mt LCE of the Company's 7.0Mt LCE Inferred mineral
resources1.
The results from the evaluation wells will be used to determine
how E3 Metals will develop the brine production across the
Clearwater. They will also assist
in the upgrade of the Company's Clearwater resource to Measured and
Indicated. This will provide E3 Metals with a clear and
defined area for its first commercial lithium production zone
within the Clearwater. The
resource upgrade will be the basis for producing a prefeasibility
study and booking western Canada's
first lithium reserve.
With a clear path now defined under newly passed Bill 82,
regulatory oversight for lithium is in the jurisdiction of the
Alberta Energy Regulator ("AER"). The AER oversees the energy
industry in the province. Given the operational similarities
between conventional hydrocarbon production and lithium production
in Alberta, E3 Metals is pleased
to be working with the AER on these permits. E3 Metals is in the
process of applying for the necessary well licences required for
the drill program.
"The wells we plan on drilling into the Leduc Aquifer in the
Clearwater Project will the first ever lithium evaluation wells in
Alberta," commented CEO,
Chris Doornbos. "The true benefit is
the 70 years of drilling experience into this aquifer and the data
that has come along with it. The long history of exploring and
exploiting this aquifer in Alberta, since its discovery by Imperial Oil
in 1947, has provided E3 Metals a massive advantage on our
development plans. These new wells will be used to evaluate the
Company's commercial brine production zone and future expansion
plans in the area."
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.
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.
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)
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.