E3 Lithium Outl i nes Inaugural 2.5 Mt LCE Inferred Mineral Resource wi thin the Estevan Lithium D istrict in Saskatchewan
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Website: e3lithium.ca
E3 Lithium Outl i nes Inaugural 2.5 Mt LCE Inferred Mineral Resource
wi thin the Estevan Lithium D istrict in Saskatchewan
Highlights :
• T he T echnical Report outlines an inferred mineral resource of jus t over 2.5 million tonnes of lithium
carbonate equivalent (LCE)
• E3 Lithium holds approximately 67,000 hectares of land within the Estevan Lithium District
• T he lithium concentrations near E3 Lithium’s Land holdings are reported to be as high as 259 mg/ L
CALGARY, ALBERTA, May 23, 2024 – E3 LITHIU M LTD . (TSXV: ETL) (FSE: O W 3) (O TCQ X: EEMMF), “E3
Lithium” or the “Company,” a leader in Canadian lithium, is pleased to announce the inaugural inferred
mineral resource of ~2.5 million tonnes of lithium carbonate equivalent (LCE) contained within the Es tevan
Lithium District located in s outheas t Saskatchewan.
E3 Lithium acquired its Saskatchewan property in 2021, situated near the city of Es tevan. T he Company’s
permit area covers approximately 67,000 hectares of crown mineral permits within the Estevan Lithium
District. Recent lithium exploration near E3 Lithium’s land holdings have s hown high lithium concentrations,
including up to 259 mg/ L in the Duperow Formation.
“The resource over our Saskatchewan Property represents an exciting development pros pect f or E3 Lithium
and reinforces the Company’s pos ition for Lithium development in Wes tern Canada, adding to our globally
significant lithium res ources,” said Chris Doornbos , Pres ident and CEO of E3 Lithium. “Saskatchewan is still
maturing its resources bas e and this inaugural 2.5 Mt LCE res ource adds to this new and developing lithium
jurisdiction.”
The technical report will be available on the Company’s website (e3lithium.ca/technical-reports) and SEDAR
(www. s edar. c om) within 45 days of this announcement.
The disclosure in this news release of scientific and technical information pertaining to the S as katchewan
Property has been reviewed and approved by Alex Haluszka, a Principal Hydrogeologis t of Matrix Solutions
Inc. and J ason Clarke, a Geologis t of Matrix Solutions Inc. Mr. Halus zka and Mr. Clarke are “qualified
pers on’s” as defined under NI 43-101.
Resource Estimate
The elevated lithium concentrations of interest exist within the Duperow Formation, which was broken down
into six distinctive zones bas ed on geological characteris tics . The resource estimate has been calculated
acro ss E3 Lithium’s permits within the Estevan Lithium District and was developed in stages.
First, data complication and review of existing reports within the Estevan Lithium District were conducted.
T hen, a reservoir depositional framework was developed based on core descriptions and lithofacies
analysis. Thirdly, petrophys ical modeling on geophysical wireline logs, validated against core analysis
where pos s ible, was performed. Finally, geological maps were generated, and leveraged for reservoir
volume calculations.
Suite 1520 – 300 5th Ave SW
Calgary, AB T2P 3C4
Tel: +1 (587) 324-2775
Email: [email protected]
Website: e3lithium.ca
Figure 1: Outline of the Es tevan Lithium District including E3 Lithium’s property ( blue).
The mineral resource estimate for the Estevan property is summarized in the table below. The mineral
resource is considered inferred due to the geological evidence being sufficient to imply but not verify
geological grade, or quality continuity.
Interval Brine Volume
(m3)
Average
Li Grade (mg/L) OLIP (t) LCE (t)
Seward 898,000,000 99 89,000 473,000
Flat Lake Evaporite 0 N/A 0 0
Upper Wymark 630,000,000 120 76,000 402,000
Middle Wymark 2,541,000,000 101 257,000 1,366,000
Lower Wymark 398,000,000 68 27,000 144,000
Saskatoon 624,000,000 48 30,000 159,000
Total 5,091,000,000 478,000 2,545,000
The mineral resource estimate was completed by a multi-dis ciplinary team led by E3 Lithium an d su p erv ise d
by Alex Haluszka and J ason Clarke of Matrix Solutions Inc. acting as QP. The estimate was completed using
volumetric analysis based on geological parameters of reservoir geometry, effective poros ity, permeability,
Suite 1520 – 300 5th Ave SW
Calgary, AB T2P 3C4
Tel: +1 (587) 324-2775
Email: [email protected]
Website: e3lithium.ca
and dis s olved lithium concentrations. The mineral resource estimate benefited from a considerable amount
of data compiled by the oil and gas industry and made public by the Government of Saskatchewan. Key data
sets used to determine reservoir brine parameters in the resource area include: core plug analyses (effective
porosity/‘PhiE’ and permeability), and wireline logs (lithology, total porosity/‘PhiT’ and relative permeability).
To calculate the brine volume for each zone within the Duperow, the E3 Lithium permit area was multiplied
by the net reservoir thickness (P50 value, using a 2% porosity cut-of f ) , multiplied by the effective porosity
(P50 value, above the 2% cut-off), multiplied by the expected brine saturation in the reservoir (99% ). From
there, the Original Lithium in Place (OLIP) is calculated by multiplying by the lithium concentration (P50
value for each zone).
ON BEHALF OF T HE BOARD OF DI RECT ORS
Chris Doornbos, Pres ident & CEO
E3 Lithium Ltd.
E3 Lithium - Inves tor and Media Relations
Chris Doornbos
Pres ident & CEO
587-324-2775
About E3 Lithium
E3 Lithium is a development company with a total of 16.0 million tonnes of lithium carbonate equivalent
(LCE) Measured and Indicated and 0.9 million tonnes 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-tax1. E3 Lithium’s goal is to
produce high purity, battery grade lithium products to power the growing electrical revolution. With a
significant lithium resource and innovative technology solutions, E3 Lithium has the potential to deliver
lithium to market from one of the bes t juris dictions in the world.
1: The Preliminary Economic Assessment (PEA) for the Clearwater Lithium Project NI 43-101 technical
report is amended Sept 17, 2021. Gordon MacMillan, P.Geol, QP, Fluid Domains Inc. and Grahame Binks,
MAus IMM, QP (Metallurgy), formerly of Sedgman Canada Limited (Report Date: J une 15, 2018, Effective
Date: J une 4, 2018 Amended Date: September 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
res ource NI 43-101 Technical Report for the Bashaw District Project, effective March 21, 2023, identified
16.0Mt LCE (measured & indicated). All reports are available on the E3 Lithium’s website
(e3lithium.ca/technical-reports) and SEDAR+ (www. s edarplus . ca).
Forw ard-Looking and Cautionary Statements
This news release includes certain forward-lo o kin g stat em en ts as w ell as m an ag e m en t’s o b je ctiv es,
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
Suite 1520 – 300 5th Ave SW
Calgary, AB T2P 3C4
Tel: +1 (587) 324-2775
Email: [email protected]
Website: e3lithium.ca
and results. Forward-looking statements are based on the current opinions and expectations of
management. All f orward-looking information is inherently uncertain and s ubject to a variety of
assu m p tio n s, risks an d u n certain ties, in clu d in g th e sp ecu lativ e n ature 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.sedarplus.ca. Actual events or results may differ materially from those projected in the
forward-looking s tatements and we caution agains t placing undue reliance thereon. We assume no
obligation to revis e or update thes e 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.