CALGARY, Alta., November 10, 2022 /CNW/ – E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), from Alberta Leading lithium developer and extraction technology innovator, is thrilled to announce sample results from its first well, which demonstrate lithium concentrations in an area of the Leduc Aquifer never before tested. Based on brine samples collected from five areas, the P501 the lithium concentration of the first well of E3 Lithium (E3) is 76.5mg/L.
This well is the first of three designed to understand aquifer producing properties and lithium concentrations in a previously untested area. This well was completed near the center of the Clearwater project area and is a candidate location for E3’s first commercial operation. E3 collected brine samples at five separate intervals to provide a vertical perspective of lithium concentrations over the 200 meters of mineable aquifer in this area, shown in Figure 1. A production test was also conducted as described in a October 27, 2022 Press release.
Lithium concentrations from the first E3 well are slightly higher than other parts of the aquifer with historical sampling results ranging from 74 mg/L to 78 mg/L. More importantly, however, the results demonstrate a constant and continuous lithium concentration in the Leduc aquifer, which is fundamental to commercial operations.
“This historic well, which was the first of its kind in alberta drilled for the purpose of assessing lithium, proves that constant lithium concentrations continue in this part of the aquifer,” said Chris Doornbos, President and CEO of E3 Lithium. “These data validate our model, support our upgrade of resources from inferred to measured and indicated, and increase our confidence in the global significance of the Bashaw District as an emerging lithium jurisdiction in the western Canada.”
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 Canadian Institute of Mining, Metallurgy and oil (ICM).
The analysis of the samples from the second well of E3 is currently in progress and the sampling of the third well of E3, which has been acquired from a third party, will follow. Results from both wells will be reported once completed.
176.5 mg/L is the P50 result of the first E3 Lithium well. A P50 estimate indicates that there is a 50% probability that the quantities recovered will equal or exceed the P50 value.
About E3 Lithium
E3 Lithium is a development company with a total of 24.3 million tonnes of inferred mineral resources in lithium carbonate equivalent (LCE)1 in alberta. As noted in E3’s Preliminary Economic Assessment, the Clearwater Lithium Project has an 8% NPV of $1.1 billion with an IRR of 32% before tax and $820 million with an after-tax IRR of 27%1. Through the successful scale-up of its DLE technology to commercialization, E3 Lithium’s goal is to produce battery-grade, high-purity 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 DoornbosPresident and CEO
E3 Lithium Ltd.
1: The preliminary economic assessment (PEA) for the Clearwater Lithium Project NI 43-101 technical report is effective September 17, 2021. The current NI 43-101 Mineral Resource Technical Report for the North Rocky Property October 27, 2017, identified 0.9 Mt LCE (inferred). The NI 43-101 Mineral Resource Technical Report for the Bashaw District Project, Effective July 11, 2022, identified 23.4 Mt LCE (inferred). All reports are available on the E3 Lithium website (e3lithium.ca/technical-reports) and SEDAR (www.sedar.com).
Forward-Looking Statements and Cautions
This press release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by words such as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to to future events and results. Forward-looking statements are based on management’s current beliefs and expectations. 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, fluctuation in commodity prices, efficiency and feasibility of emerging lithium mining technologies that have not yet been tested or proven at commercial scale or on the Company’s brine, competitive risks and availability of financing, as further described in our recent filings titles available on www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution you not to place undue reliance thereon. We undertake 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.
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