CALGARY,
AB, June 24, 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 started drilling the first lithium
evaluation well in Alberta. The
well will be completed in E3's Clearwater Project area, east of the
Town of Olds, Alberta. Drilling
operations are expected to be completed by mid-July. Following
drilling, a service rig will be moved onsite to commence testing of
the formation to verify brine chemistry and flow rates.
The lithium concentrations and production testing help validate
E3's geological model and supports the upgrade of its resource to
Indicated and Measured. This work will support commercial
development and the basis for the Pre-Feasibility Study (PFS).
"We are very excited about drilling and completing the first
well in Alberta specifically
targeting lithium," said Chris
Doornbos, CEO of E3. "We are working with a local
Alberta company, CWC Energy
Services' drilling division, Ironhand, using a conventional oil and
gas drill rig. This is an example of the benefits of operating in
Alberta; having the ability to
mobilize local equipment operated by local Albertans."
The Company has engaged Native Ads Inc. to execute a
comprehensive digital media marketing campaign for the Company.
This programmatic digital advertising campaign will run for up to
12 months where 75% of the costs will be directly allocated to the
cost-per-click impression costs of media placements and
distribution and 25% will be allocated for content creation,
web development, advertising creative development, search engine
optimization, and strategic digital advertising consulting.
About E3 Lithium
E3 Lithium is a development company with 7.0 million tonnes of
lithium carbonate equivalent (LCE) inferred mineral
resources1 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-tax1. 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
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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)
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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.
