CALGARY, AB, March 21, 2023 – E3 LITHIUM LTD. (TSXV:ETL) (FSE:OW3) (OTCQX:EEMMF), “E3” or the “Company,” Alberta’s leading lithium developer and extraction technology innovator, today announced the upgrade of its mineral resource to Measured and Indicated (M&I). The mineral resource upgrade includes 6.6 million tonnes (Mt) of Lithium Carbonate Equivalent (LCE) Measured and 9.4 Mt of LCE Indicated for a total of 16.0 Mt M&I within its Bashaw District, outlined in Table 1.
Measured & Indicated Upgrade Description
The upgraded 16.0 Mt of LCE is Canada’s largest and one of the largest Direct Lithium Extraction brine projects and M&I mineral resources globally. According to Natural Resources Canada, Canada currently has an estimated 3.2 Mt of M&I lithium resources located in hard rock deposits.
To complete this upgrade, E3 used data gathered through its 2022 drill program, ongoing reviews and analyses of core samples and the development of a comprehensive geological model of the Bashaw District. This model allows for a more detailed representation of reservoir properties and leads to a more accurate resource calculation.
Table 1: E3 Lithium’s Measured and Indicated Mineral Resources
The Clearwater Area has been modified and expanded from previous releases to include a more representative aerial extent of the likely production zone, outlined in Figure 1. The resource outlined within this new area represents the volume contained within the new boundary.
In addition to its M&I resources, E3 has 0.9 Mt of Inferred LCE in its Rocky Area. Due to the work required and higher geological confidence provided by upgrading to M&I, it is common for the resource to decrease in size as it increases in quality.
Consistent with E3 Lithium’s prior resource estimates, the NI 43-101 Technical Report for the Bashaw District is being prepared and will be filed on SEDAR and the Company’s website within 45 days.
Mineral Resource Estimate
The resource estimate was completed by E3’s multi-disciplinary team and overseen by Daron Abbey, P. Geo and Alex Haluszka, P. Geo of Matrix Solutions Inc. acting as the Qualified Person (QP) required by National Instrument 43-101 (NI 43-101) standards. A 3-dimensional geological model was developed using Petrel™, a resource estimation software used to estimate volumetrics and grade distribution, to generate an improved understanding of the Leduc Reservoir in the Company’s Bashaw District. The geological model included the following reservoir characteristics: porosity, permeability, pressure and lithium concentrations. The 3D geological model was then utilized to evaluate scenarios of connected porosity that comprise the resource volume in the model domain. The mineral resource estimate benefited from a considerable amount of data collected by E3 over the past six years and compiled from the oil and gas industry, which is made public as a matter of normal practice by the Government of Alberta.
Key data sets used to determine aquifer brine parameters in the resource area, and their contribution to the resource estimate, are summarized below.
The concentration of lithium within the consolidated Bashaw District is relatively consistent laterally and vertically across the aquifer. E3 has collected sufficient data to demonstrate this statistically and this information was used to assign lithium grade in the geological model. The P50 lithium grade value is 74.5 mg/L, statistically derived from 85 brine samples from the Leduc Aquifer in the Bashaw District and was applied for both the Measured and Indicated resources described below. All lithium brine analyses were completed by an ISO certified 3rd party laboratory and followed a strict chain of custody process.
The methodology used to estimate the resource volumes using the 3D geological model is as follows:
Using the methodology described above, the total Indicated and Measured resource estimate for the Bashaw District is 3,006,000 tonnes of lithium, which equates to 16,003,000 tonnes of lithium carbonate equivalent (LCE).
The Indicated portion of the resource is 9,404,000 tonnes LCE and is classified as indicated due to the evidence being sufficient to assume geological, grade, and quality continuity between points of observation. This confidence is sufficient to allow the application of modifying factors in sufficient detail to support mine planning and final evaluation of the economic viability of the resource.
The Measured portion of the resource is 6,598,000 tonnes LCE and is classified as measured due to the geological evidence being sufficient to confirm geological, grade and quality continuity between points of observation. This confidence is sufficient to allow the application of modifying factors in sufficient detail to support mine planning and final evaluation of economic viability of a resource.
Daron Abbey, P. Geo and Alex Haluszka, P. Geo, of Matrix Solutions Inc., are the QPs responsible for the preparation of the technical information relating to the Bashaw District resource that is contained in this news release and have reviewed and approved the use and disclosure of such information in this news release. Daron Abbey and Alex Haluszka are Qualified Persons as defined in NI 43-101.
About E3 Lithium
E3 Lithium is a development company with a total of 16.0 million tonnes of lithium carbonate equivalent (LCE) Measured and Indicated and 0.9 million tonnes LCE Inferred mineral resources1 in Alberta. As outlined in E3’s Preliminary Economic Assessment, the Clearwater Lithium Project has an NPV8% of USD 1.1 Billion with a 32% IRR pre-tax and USD 820 Million with a 27% IRR after-tax1. E3 Lithium’s goal is to produce high purity, battery grade lithium products to power the growing electrical revolution. 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 Ltd.
1: The Preliminary Economic Assessment (PEA) for the Clearwater Lithium Project NI 43-101 technical report is effective Sept 17, 2021. The mineral resource NI 43-101 Technical Report for the North Rocky Property, effective October 27, 2017, identified 0.9Mt LCE (inferred). The mineral resource NI 43-101 Technical Report for the Bashaw District (measured & indicated) will be available in April 2023. All reports are available on the E3 Lithium’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 Lithium Ltd.
For further information: E3 Lithium – Investor and Media Relations, Greg Foofat, Manager, Investor Relations, firstname.lastname@example.org, 587-324-2775
Featured Image @ Depositphotos
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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding E3 Lithium Ltd.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to E3 Lithium Ltd.’s industry; (b) market opportunity; (c) E3 Lithium Ltd.’s business plans and strategies; (d) services that E3 Lithium Ltd. intends to offer; (e) E3 Lithium Ltd.’s milestone projections and targets; (f) E3 Lithium Ltd.’s expectations regarding receipt of approval for regulatory applications; (g) E3 Lithium Ltd.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) E3 Lithium Ltd.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute E3 Lithium Ltd.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) E3 Lithium Ltd.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) E3 Lithium Ltd.’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) E3 Lithium Ltd.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of E3 Lithium Ltd. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) E3 Lithium Ltd.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact E3 Lithium Ltd.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing E3 Lithium Ltd.’s business operations (e) E3 Lithium Ltd. may be unable to implement its growth strategy; and (f) increased competition.
Except as required by law, E3 Lithium Ltd. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does E3 Lithium Ltd. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither E3 Lithium Ltd. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.
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