E3 Lithium Completes Production Test on First Well to Positive Results
E3 Lithium Completes Production Test on First
Well to Positive Results
CALGARY, AB
,
Oct. 27, 2022
/CNW/ - E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX:
EEMMF),
Alberta's
leading lithium developer and extraction technology innovator is pleased to
announce it has completed the production test on its first well in the Clearwater Project Area within
the Bashaw District.
The purpose of the test is to confirm the producibility of the lithium-rich brine from E3 Lithium's (E3)
resource located in the Leduc Reservoir. The production test, which included flowing
400m
3
/d of
brine to surface for five days, has provided E3 with important data to support the commercial
viability of producing lithium from the Leduc Reservoir.
The test also included reinjecting the brine back into the reservoir to confirm injectivity capacity,
which is a cornerstone of E3's environmentally sustainable process. The test included re-injecting the
produced brine in less than two days at a rate of
1,200m
3
/d.
"Testing the producibility and injectivity of the Leduc Reservoir within our Clearwater Project Area is
an important and necessary step for developing our Aquifer Management Plan," said
Chris
Doornbos
, President and CEO of E3 Lithium. "The data we've collected are key as we look to
upgrade our resources from Inferred to Measured and Indicated. The Aquifer Management Plan
builds out our commercial brine production design, which, combined with the upgraded resource,
should enable the establishment of a Reserve in
Alberta
, enabling the province to become a
significant lithium jurisdiction."
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 27-OCT-22