E3 Lithium Increases Land Position by Acquiring Last Remaining Permit in the Bashaw District
CALGARY, Jan. 25, 2023 - E3 Lithium Ltd. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), Alberta's leading lithium developer and extraction technology innovator, is excited to announce it has acquired the last remaining tenure for metallic and industrial minerals in the Exshaw Area of the Bashaw District.
The permit was acquired directly from the Government of Alberta and covers 4,606 hectares. In addition to increasing E3 Lithium's (E3) permit area, it ensures a continuous land position in the Bashaw District, in which first commercial operations are planned.
The newly acquired permit will be included in E3's upcoming technical report where it is likely to contribute additional resource volumes to E3's already significant 24.3 million tonnes of inferred lithium resources. The upcoming report will outline upgrades to E3's resource from Inferred to Measured and Indicated.
"The small section of tenure has been previously held by another party since E3 started to acquire mineral rights in this area in 2017," said Chris Doornbos, President and CEO of E3 Lithium. "Now staked by E3, this last piece of tenure ensures full access to our entire resource area and underscores our commitment to our asset and to progressing our commercial development."
E3 Lithium is a development company with total of 24.3 million tonnes of lithium carbonate equivalent (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. 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 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 Project, effective July 11, 2022, identified 23.4Mt LCE (inferred). All reports are available on the E3 Lithium's website (e3lithium.ca/technical-reports) and SEDAR (www.sedar.com).
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.
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SOURCE E3 Lithium
E3 Lithium - Investor and Media Relations, Robin Boschman, Director, External Relations, email@example.com, 587-324-2775