E3 Metals To Drill First Lithium Evaluation Wells in Alberta
E3 Metals To Drill First Lithium Evaluation
Wells in Alberta
CALGARY, AB
,
Jan. 27, 2022
/CNW/ - E3 METALS CORP. (TSXV: ETMC) (FSE: OU7A) (OTCQX:
EEMMF) (the "Company" or "E3 Metals"), an emerging lithium developer and leading direct lithium
extraction ("DLE") technology innovator, is pleased to announce its drilling program to complete up
to three lithium evaluation wells in
Alberta
. These will be the first wells drilled for the specific
purpose of evaluating lithium in the province. The wells will be located within the Clearwater Project
Area (the "Clearwater") to determine the optimal location for commercial operations and to upgrade
the resource to Measured and Indicated, as defined by NI 43-101.
The evaluation wells will confirm water chemistry, lithium concentrations, and reservoir
characteristics. The data collected will be a critical part of the Company's Aquifer Management Plan
("AMP"). It evaluates the aquifer brine flow and pressure which determine the longevity of brine
production for Direct Lithium Extraction. The Company has a total of 7.0Mt LCE of Inferred mineral
resources
1
in
Alberta
. The Clearwater Preliminary Economic Assessment
1
("PEA") has outlined an
operation producing 20,000 tonnes of lithium hydroxide per year with a pre-tax NPV (8%) of
US$1.1
Billion
. The Clearwater Project hosts 2.2Mt LCE of the Company's 7.0Mt LCE Inferred mineral
resources
1
.
The results from the evaluation wells will be used to determine how E3 Metals will develop the brine
production across the
Clearwater
. They will also assist in the upgrade of the Company's
Clearwater
resource to Measured and Indicated. This will provide E3 Metals with a clear and defined area for
its first commercial lithium production zone within the
Clearwater
. The resource upgrade will be the
basis for producing a prefeasibility study and booking western
Canada's
first lithium reserve.
With a clear path now defined under newly passed Bill 82, regulatory oversight for lithium is in the
jurisdiction of the Alberta Energy Regulator ("AER"). The AER oversees the energy industry in the
province. Given the operational similarities between conventional hydrocarbon production and lithium
production in
Alberta
, E3 Metals is pleased to be working with the AER on these permits. E3 Metals
is in the process of applying for the necessary well licences required for the drill program.
"The wells we plan on drilling into the Leduc Aquifer in the Clearwater Project will the first ever
lithium evaluation wells in
Alberta
," commented CEO,
Chris Doornbos
. "The true benefit is the 70
years of drilling experience into this aquifer and the data that has come along with it. The long history
of exploring and exploiting this aquifer in
Alberta
, since its discovery by Imperial Oil in 1947, has
provided E3 Metals a massive advantage on our development plans. These new wells will be used
to evaluate the Company's commercial brine production zone and future expansion plans in the
area."
About E3 Metals Corp.
E3 Metals is a lithium development Company with 7.0 million tonnes of lithium carbonate equivalent
(LCE) Inferred mineral resources
1
in
Alberta
and an NPV
8%
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 Metals' goal is to produce
high purity, battery grade, lithium products. With a significant lithium resource and innovative
technology solutions, E3 Metals has the potential to deliver lithium to market from one of the best
jurisdictions in the world.
For more information about E3 Metals, visit
http://www.e3metalscorp.com
.
ON BEHALF OF THE BOARD OF DIRECTORS,
Chris Doornbos
, President & CEO
E3 METALS CORP.
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 (
e3metalscorp.com/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/January2022/27/c7822.html
%SEDAR: 00011471E
For further information:
Chris Doornbos, Phone: (587) 324-2775, [email protected]
CO: e3 Metals Corp.
CNW 03:05e 27-JAN-22