E3 Lithium Increases Land Position by Acquiring Last Remaining Permit in the Bashaw District
E3 Lithium Increases Land Position by
Acquiring Last Remaining Permit in the
Bashaw District
CALGARY, AB
,
Jan. 25, 2023
/CNW/ - E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX:
EEMMF),
Alberta's
leading lithium developer and extraction technology innovator, is excited to
announce it has acquired the last remaining tenure for metallic and industrial minerals in the
Exshaw
Area
of the
Bashaw
District.
Figure 1: Location of Additional Mineral Permit (CNW Group/E3 Lithium)
The permit was acquired directly from the Government of
Alberta
and covers 4,606 hectares. In
addition to increasing E3 Lithium's (E3) permit area, it ensures a continuous land position in the
Bashaw
District, in which first commercial operations are planned.
Adding Volumes to E3's Resource
The newly acquired permit will be included in E3's upcoming technical report where it is likely to
contribute additional resource volumes to E3's already significant 24.3 million tonnes of inferred
lithium resources. The upcoming report will outline upgrades to E3's resource from Inferred to
Measured and Indicated.
"The small section of tenure has been previously held by another party since E3 started to acquire
mineral rights in this area in 2017," said
Chris Doornbos
, President and CEO of E3 Lithium. "Now
staked by E3, this last piece of tenure ensures full access to our entire resource area and
underscores our commitment to our asset and to progressing our commercial development."
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 25-JAN-23