E3 Lithium begins drilling first lithium evaluation well in Alberta
E3 Lithium begins drilling first lithium
evaluation well in Alberta
CALGARY, AB
,
June 24, 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 started drilling the first
lithium evaluation well in
Alberta
. The well will be completed in E3's Clearwater Project area, east of
the
Town of Olds, Alberta
. Drilling operations are expected to be completed by mid-July. Following
drilling, a service rig will be moved onsite to commence testing of the formation to verify brine
chemistry and flow rates.
The lithium concentrations and production testing help validate E3's geological model and supports
the upgrade of its resource to Indicated and Measured. This work will support commercial
development and the basis for the Pre-Feasibility Study (PFS).
"We are very excited about drilling and completing the first well in
Alberta
specifically targeting
lithium," said
Chris Doornbos
, CEO of E3. "We are working with a local
Alberta
company, CWC
Energy Services' drilling division, Ironhand, using a conventional oil and gas drill rig. This is an
example of the benefits of operating in
Alberta
; having the ability to mobilize local equipment
operated by local Albertans."
Leduc No 1, 1947. Courtesy of the Glenbow Archives (CNW Group/e3 Metals Corp.)
E3 Lithium No 1, 2022 (CNW Group/e3 Metals Corp.)
The Company has engaged Native Ads Inc. to execute a comprehensive digital media marketing
campaign for the Company. This programmatic digital advertising campaign will run for up to 12
months where 75% of the costs will be directly allocated to the cost-per-click impression costs of
media placements and distribution and 25% will be allocated for content creation, web development,
advertising creative development, search engine optimization, and strategic digital advertising
consulting.
About E3 Lithium
E3 Lithium is a development company with 7.0 million tonnes of lithium carbonate equivalent (LCE)
inferred mineral resources
1
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-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
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.
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For further information:
Robin Boschman, Director, External Relations, [email protected],
403-612-9498
CO: e3 Metals Corp.
CNW 03:05e 24-JUN-22