22:39:17 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



E3 Metals Corp
Symbol ETMC
Shares Issued 59,263,761
Close 2022-06-23 C$ 2.54
Market Cap C$ 150,529,953
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E3 Metals begins drilling first Li evaluation well

2022-06-24 09:24 ET - News Release

Mr. Chris Doornbos reports

E3 LITHIUM BEGINS DRILLING FIRST LITHIUM EVALUATION WELL IN ALBERTA

E3 Metals Corp. 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, Alta. Drilling operations are expected to be completed by mid-July. Following drilling, a service rig will be moved on site 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 support the upgrade of its resource to indicated and measured. This work will support commercial development and the basis for the prefeasibility study (PFS).

"We are very excited about drilling and completing the first well in Alberta specifically targeting lithium," said Chris Doornbos, chief executive officer 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 per cent of the costs will be directly allocated to the cost-per-click impression costs of media placements and distribution and 25 per cent will be allocated for content creation, Web development, advertising creative development, search engine optimization and strategic digital advertising consulting.

About E3 Metals Corp.

E3 Metals is a development company with seven million tonnes of lithium carbonate equivalent (LCE) inferred mineral resources in Alberta and a net present value (8 per cent) on its Clearwater lithium project of $1.1-billion (U.S.) with a 32-per-cent internal rate of return pretax and $820-million (U.S.) with a 27-per-cent IRR after tax. Through the successful scale-up of its DLE technology toward commercialization, E3 Metals' goal is to produce high-purity, battery-grade lithium products. With a significant lithium resource and innovative technology solutions, E3 Metals has the potential to deliver lithium to market from one of the best jurisdictions in the world.

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