CALGARY, Alberta--(BUSINESS WIRE)--E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), “E3 Lithium” or “the Company,” Alberta’s leading lithium developer and extraction technology innovator, today provides an overview of its ownership of strategic assets in Saskatchewan, Canada.
Saskatchewan Assets Overview
E3 Lithium owns mineral permits to approximately 258 sections, or 66,800 hectares, in southeast Saskatchewan, which secure the exploration and development rights to the subsurface lithium in brine resource located in the Duperow Formation. E3 Lithium’s contiguous land position, outlined in the map below, is approximately 15 kilometres north of the U.S. border.
E3 Lithium’s lands sit strategically in the center of the Estevan area, surrounded by land held by other leading Saskatchewan lithium explorers. The lithium exploration near E3 Lithium’s land holding has seen recent positive advancements, including resource updates, lithium sampling and reservoir testing. The lithium concentrations in the Duperow are reported to be as high as 191 mg/L. Recent business activity in the area demonstrated project valuations between $40 million to $70 million.
While E3 Lithium continues to prioritize the development of its Clearwater Project in Alberta, the strategic land position in Saskatchewan demonstrates the Company’s interest in leveraging its expertise to generate value for shareholders. E3 Lithium has held this land since 2021 and has been following the developments in the area. Given the recent strong interest in the area, the Company will evaluate the best path forward with the intent to unlock and maximize value from this strategic asset.
“Securing mineral permits in Saskatchewan has enabled E3 Lithium to hold a central land position in a new and developing lithium region,” said Chris Doornbos, President and CEO of E3 Lithium. “Our focus will remain on our world-class core assets in Alberta as we actively pursue value for our Saskatchewan asset.”
E3 Lithium Engages Meadowbank Strategic Partners to provide investor relations services
Subject to regulatory approval, effective September 15, 2023, E3 Lithium has engaged Meadowbank Strategic Partners Inc. (Meadowbank) to provide investor relations support services in accordance with TSX Venture Exchange TSXV policies. Meadowbank will assist with expanding investor awareness of E3 Lithium’s business and actively communicating with the investment community.
Under the agreement, Meadowbank will receive compensation of CAD$5,000 per month. The agreement is for an initial term of six months. The agreement may be terminated by either party with 30 days' notice. There are no performance factors contained in the agreement and Meadowbank will not receive shares or options as compensation. Meadowbank and E3 Lithium are unrelated and unaffiliated entities and at the time of the agreement, neither Meadowbank nor its principals have an interest, directly or indirectly, in the securities of the Company.
ON BEHALF OF THE BOARD OF DIRECTORS
Chris Doornbos, President & CEO
E3 Lithium Ltd.
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.
1: The Preliminary Economic Assessment (PEA) for the Clearwater Lithium Project NI 43-101 technical report is amended 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 March 21, 2023, identified 16.0Mt LCE (measured & indicated). All reports are available on the E3 Lithium’s website (e3lithium.ca/technical-reports) and SEDAR+ (www.sedarplus.ca).
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.sedarplus.ca. 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.