E3 Lithium Outlines Lithium Results from Second Well Demonstrating up to 82 mg/L
E3 Lithium Outlines Lithium Results from
Second Well Demonstrating up to 82 mg/L
CALGARY, AB
,
Jan. 4, 2023
/CNW/ - E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX:
EEMMF),
Alberta's
leading lithium developer and extraction technology innovator, is pleased to
share that the sample results from its second well are consistent with the lithium concentrations from
its first well and the historic results across the Leduc Reservoir.
Figure 1: Sampling Intervals and Lithium Concentrations from E3 Lithium's Second Well (CNW
Group/E3 Lithium Ltd.)
The second well, located approximately 20 kilometres south of the first well in the Clearwater
Project Area in the Bashaw District, was drilled in the summer of 2022. Based on brine samples
retrieved from three zones, the P50
1
lithium concentration from E3 Lithium's (E3) second well is
74
mg/L
. Please see Figure 1 for the zone intervals and concentration results.
"The consistency of lithium across our reservoir as demonstrated through our first two wells is
critical to the confidence in our understanding of this resource and our plans for upgrading to
Measured and Indicated," said
Chris Doornbos
, President and CEO of E3 Lithium. "The third and
final well associated with our 2022 drill program was repurposed from an existing oil and gas well;
the sampling program was completed in December with concentration results anticipated soon."
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.
Read E3's
November 10, 2022
news release
for the concentration results of its first well.
________________________
1
74 mg/L is the P50 result from E3 Lithium's second 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 Ltd.
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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 Ltd.
CNW 03:05e 04-JAN-23