E3 Lithium to drill first of its kind well in Alberta
E3 Lithium to drill first of its kind well in
Alberta
CALGARY, AB
,
June 8, 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 been granted its licence for the
first brine production well in
Alberta
for the purpose of evaluating lithium. The well will be completed
in E3's Clearwater Project area, east of the
Town of Olds, Alberta
. E3 anticipates the start of drilling
to occur before the end of June and anticipates completing the drilling operation by mid-July.
The brine production well will provide critical data such as brine chemistry, lithium concentrations and
reservoir characteristics of the Clearwater Project area. E3 will use the data collected to support the
upgrade of its resource to Indicated and Measured, which will be the basis for a Pre-Feasibility
Study (PFS). The purpose of the planned drill program is to provide additional data to the Aquifer
Management Plan and assist in defining the commercial production network area. The Company
plans on completing and testing a total of three wells.
"We are very excited about this licence as it marks the first ever well drilled in
Alberta
specifically
targeting lithium evaluation," said
Chris Doornbos
, CEO of E3. "For our company, this represents the
next step in our path to commercialization and producing high quality, EV-ready lithium. This licence
is a direct result of the
Alberta
government's passing of Bill 82 and we are proud to be leading this
emerging industry that supports the diversification of
Alberta's
economy and the energy transition."
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.
View original content:
http://www.newswire.ca/en/releases/archive/June2022/08/c4193.html
%SEDAR: 00011471E
For further information:
Aneta Fabianova, Manager, Investor Communications,
[email protected], 587 324 2775
CO: e3 Metals Corp.
CNW 03:05e 08-JUN-22