E3 Lithium samples 76.5 mg/L lithium at Clearwater well, Alberta, shares up

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E3 Lithium Ltd. [ETL-TSXV; EEMMF-OTCQX; OW3-FSE] reported sample results from its first well at the 100%-owned Clearwater project, Alberta, which demonstrate lithium concentrations within an area of the Leduc aquifer never previously tested. Based on brine samples retrieved from five zones, the P50 lithium concentration from E3 Lithium’s first well is 76.5 milligrams/litre.

This well is the first of three designed to understand the aquifer’s production properties and lithium concentrations in an area not previously tested. This well was completed near the centre of the Clearwater project area and is a candidate location for E3’s first commercial operation. E3 retrieved samples of brine from five separate intervals to provide a vertical perspective of lithium concentrations across the 200 metres of producible aquifer in this area. A production test was also completed as described in an October 27, 2022, news release.

The lithium concentrations from E3’s first well are slightly higher than other parts of the aquifer with historic sampling results ranging from 74 mg/L to 78 mg/L. Most importantly, however, the results demonstrate consistent and continuous lithium concentration across the Leduc aquifer which is fundamental for commercial operations.

“This historic well, which was the first of its kind in Alberta drilled for the purposes of evaluating lithium, proves consistent lithium concentrations continue into this part of the aquifer,” said Chris Doornbos, president and CEO. “This data validates our model, supports our resource upgrade from inferred to measured and indicated, and increases our confidence in the global significance of the Bashaw district as an emerging lithium jurisdiction in Western Canada.”

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.

Sample analysis from E3’s second well is currently under way and sampling of E3’s third well, which was acquired from a third party, will follow. Results from both wells will be reported once complete.

E3 Lithium is a development company with a total of 24.3 million tonnes of lithium carbonate equivalent (LCE) inferred mineral resources in Alberta. As outlined in E3’s preliminary economic assessment, the Clearwater lithium project has a net present value (8%) of US$1.1-billion with a 32% internal rate of return pretax and US$820-million with a 27% IRR after-tax. Through the successful scale-up of its DLE technology toward commercialization, E3 Lithium’s goal is to produce high-purity, battery-grade lithium products.

In early 10Nov22 trading, shares of E3 Lithium gained $0.07 to $2.12.

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