E3 Lithium Announces Concentration Results from First Well
E3 Lithium Announces Concentration Results
from First Well
CALGARY, AB
,
Nov. 10, 2022
/CNW/ - E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX:
EEMMF),
Alberta's
leading lithium developer and extraction technology innovator, is excited to
announce the sample results from its first well, which demonstrate lithium concentrations within an
area of the Leduc Aquifer never previously tested. Based on brine samples retrieved from five
zones, the P50
1
lithium concentration from E3 Lithium's (E3) first well is
76.5 mg/L
.
This well is the first of three designed to understand the aquifer's production properties and lithium
concentrations in an area not previously tested. This well was completed near the centre of the
Clearwater Project Area and is a candidate location for E3's first commercial operation. E3 retrieved
samples of brine from five separate intervals to provide a vertical perspective of lithium
concentrations across the 200 metres of producible aquifer in this area, outlined in Figure 1. A
production test was also completed as described in an
October 27, 2022
news release
.
The lithium concentrations from E3's first well are slightly higher than other parts of the aquifer with
historic sampling results ranging from 74 mg/L to 78 mg/L. Most importantly, however, the results
demonstrate consistent and continuous lithium concentration across the Leduc Aquifer which is
fundamental for commercial operations.
"This historic well, which was the first of its kind in
Alberta
drilled for the purposes of evaluating
lithium, proves consistent lithium concentrations continue into this part of the aquifer," said
Chris
Doornbos
, President and CEO of E3 Lithium. "This data validates our model, supports our resource
upgrade from Inferred to Measured and Indicated, and increases our confidence in the global
significance of the Bashaw District as an emerging lithium jurisdiction in western
Canada
."
Figure 1: Sampling Intervals and Lithium Concentrations from E3 Lithium’s First Well (CNW
Group/E3 Lithium)
The brine samples were 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.
Sample analysis from E3's second well is currently underway and sampling of E3's third well,
which was acquired from a third party
, will follow. Results from both wells will be reported once
complete.
_________________
1
76.5 mg/L is the P50 result from E3 Lithium's first well. A P50 estimate indicates there is a 50%
probability that quantities recovered will equal or exceed the P50 value.
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 10-NOV-22