CALGARY,
AB, June 8, 2022 /CNW/ - E3 Lithium. (TSXV:
ETMC) (FSE: OU7A) (OTCQX: EEMMF) (the "Company" or "E3 Lithium" or
"E3"), Alberta's leading lithium
developer and Direct Lithium Extraction (DLE) technology innovator
is pleased to announce it has been granted its licence for the
first brine production well in Alberta for the purpose of evaluating lithium.
The well will be completed in E3's Clearwater Project area, east of
the Town of Olds, Alberta. E3
anticipates the start of drilling to occur before the end of June
and anticipates completing the drilling operation by mid-July.
The brine production well will provide critical data such as
brine chemistry, lithium concentrations and reservoir
characteristics of the Clearwater Project area. E3 will use the
data collected to support the upgrade of its resource to Indicated
and Measured, which will be the basis for a Pre-Feasibility Study
(PFS). The purpose of the planned drill program is to provide
additional data to the Aquifer Management Plan and assist in
defining the commercial production network area. The Company plans
on completing and testing a total of three wells.
"We are very excited about this licence as it marks the first
ever well drilled in Alberta
specifically targeting lithium evaluation," said Chris Doornbos, CEO of E3. "For our company,
this represents the next step in our path to commercialization and
producing high quality, EV-ready lithium. This licence is a direct
result of the Alberta government's
passing of Bill 82 and we are proud to be leading this emerging
industry that supports the diversification of Alberta's economy and the energy
transition."
About E3 Lithium
E3 Lithium is a 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 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 &
CEO
E3 Lithium
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 (e3lithium.ca/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.