E3 Lithium Acquires Existing Well, Repurposing Infrastructure and Reducing Environmental Impact
E3 Lithium Acquires Existing Well,
Repurposing Infrastructure and Reducing
Environmental Impact
CALGARY, AB
,
Sept. 20, 2022
/CNW/ - E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX:
EEMMF),
Alberta's
leading lithium developer and Direct Lithium Extraction (DLE) technology
innovator is excited to announce it has acquired a third-party well in its Clearwater Project Area
within the Bashaw District.
Acquiring an existing well reduces the environmental footprint associated with E3's drilling program,
represents a potential cost savings of more than
$1.5M
and repurposing oil and gas infrastructure
represents the 'Alberta Advantage' in action.
E3 can reuse an existing well in this instance due to its location being within a few hundred metres of
E3's planned well location. Other contributing factors to this well acquisition are the recency with
which it was drilled, the integrity of the wellbore, and the depth to which it was drilled, intersecting
the entire Leduc Reservoir.
"The environmental and fiscal advantages of acquiring this well are significant for E3," said
Chris
Doornbos
, President and CEO of E3 Lithium. "One of the advantages of working in
Alberta
is the
ability to repurpose oil and gas infrastructure – including wells whenever possible, as well as
equipment, access roads, inactive and active process sites and skilled labour – to be responsible
stewards of our resources."
The lease site will be reclaimed back to its original state after work is complete.
This will be the third and final well associated with E3's current drilling program which began in June.
E3's most recent drilling update is outlined in its
September 1, 2022
press release
.
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-tax
1
. 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 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 (
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 Lithium
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For further information:
E3 Lithium - Investor and Media Relations: Robin Boschman, Director,
External Relations, [email protected], 587-324-2775
CO: E3 Lithium
CNW 03:05e 20-SEP-22