E3 Lithium Outlines an Inaugural Measured and Indicated Mineral Resource Estimate of 5.0 Mt LCE for the Garrington District
BUSINESS WIRE)--E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), 'E3 Lithium' or the 'Company,' a leader in Canadian lithium, is pleased to release an updated mineral resource report for its Garrington District in central Alberta. The NI 43-101 Technical Report for the Garrington District Lithium Resource Estimate (the 'Garrington Report') outlines an updated Measured and Indicated mineral resource estimate of 5.0 million tonnes ('Mt') of lithium carbonate equivalent ('LCE').
Highlights:
The Garrington District includes 273,449 hectares of land
Measured and Indicated mineral resource estimate of 5.0 Mt LCE
Inferred mineral resource estimate of 0.3 Mt LCE
E3 Lithium's total Measured and Indicated mineral resources in Alberta is now 21.2 Mt LCE
The Garrington District is located in south-central Alberta directly southwest of the city of Edmonton at the north end, and it extends southwest of Edmonton to the town of Sundre (Figure 1). Within the Garrington District, the Company's brine-hosted mineral rights cover approximately 155,236 hectares, leased from the crown, with the remaining area being unleased freehold mineral rights. The lithium concentrations on or near E3 Lithium's Land holdings range from 45 mg/L to 61 mg/L, with an average of 54mg/L. The property sits directly to the west of E3 Lithium's Bashaw District where the Company is currently developing its Clearwater Project. Similar to the Bashaw District, the Garrington District lithium brine deposit is hosted in the carbonate reef complex deposits of the Leduc Formation.
'Alberta's lithium resources stand out globally as some of the most significant in size, thanks to the scale of the brine aquifers in the province,' said Chris Doornbos, President and CEO of E3 Lithium. 'The resource update in the Garrington District highlights a separate region containing vast volumes of lithium-enriched brines to the west of our existing Bashaw District resources. E3 Lithium continues to focus our efforts on the development of the Clearwater Project and the additional Garrington resources expand our sizable inventory for long-term value creation.'
The disclosure in this news release of scientific and technical information pertaining to the Garrington District has been reviewed and approved by Meghan Klein, P.Eng., Head of Reservoir Engineering, Americas of Sproule ERCE, and Alexey Romanov, PhD., P.Geo., Principal Geoscientist of Sproule ERCE. Both Ms. Klein, and Mr. Romanov are 'Qualified Person's' as defined under NI 43-101– Standards of Disclosure for Mineral Projects.
The technical report will be available on the Company's website (www.e3lithium.ca/technical-reports/) and SEDAR (www.sedar.com) within 45 days of this announcement.
Garrington District Brine Resource Estimate
The Garrington Report follows from the NI 43-101 Technical Report for the North Rocky Property, effective October 27, 2017, which included a small subsection of the area encompassed in the Garrington Report. The Garrington mineral resource estimate has been calculated across the Garrington Lithium District and was developed as outlined below.
First, data compilation and review of existing reports within the Garrington Lithium District were conducted. Then, a reservoir depositional framework was developed based on core descriptions and lithofacies analysis. Thirdly, petrophysical modeling on geophysical wireline logs, validated against core analysis where possible, was performed. Finally, geological models were generated and leveraged for reservoir volume calculations.
The updated mineral resource estimate for the Garrington District is summarized in the table below. The mineral resource estimate is categorized as Measured, Indicated, and Inferred depending on geological confidence.
1.
The Intervals reported follow the following definitions: Measured - evidence is sufficient to confirm geological, and grade or quality continuity between points of observation; Indicated - evidence is sufficient to assume geological, and grade or quality continuity between points of observation and Inferred - evidence is sufficient to imply but not verify geological, grade or quality continuity.
2.
Based on LCE tonnage.
3.
Brine Resource estimates are inclusive of unleased freehold mineral rights.
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The mineral resource estimate was completed by a multi-disciplinary team led by E3 Lithium and supervised by Meghan Klein and Alexey Romanov of Sproule ERCE, acting as Qualified Persons using volumetric analysis based on geological parameters of reservoir geometry, effective porosity, permeability, and dissolved lithium concentrations. The mineral resource estimate benefited from a considerable amount of data compiled by the oil and gas industry and made public by the Government of Alberta. Key data sets used to determine reservoir brine parameters in the resource area include core plug analyses (porosity and permeability), and wireline logs geological and petrophysical interpretation (stratigraphic tops, lithology, volume of shale, and porosity).
To calculate the brine volume for each zone within the Leduc Formation, the brine volume was exported from the geological model, incorporating three district brine saturations. The brine volume is multiplied by the lithium grade to calculate the Original Lithium in Place (OLIP) in tonnes of elemental lithium and in tonnes of lithium carbonate equivalent.
Resource categorization reflects the confidence in both the data sets and the interpretations. Measured resources exist within the conceptual development area and are restricted to volumes exceeding a 6% porosity cut-off within a single connected geobody volume with lithium grade measurements. Indicated resources exist across the Garrington District and are restricted to volumes exceeding a 2% porosity cut-off within a single connected geobody with lithium grade measurements. Inferred resources make up all geobody volumes above the 2% porosity cut-off.
With the updated Garrington Resource Estimate, E3 Lithium's total Measured and Indicated lithium resources in Western Canada are now in excess of 21 Mt LCE with an additional 2.9 Mt of Inferred resources. Included in this number is approximately 1.13 Mt of Proven and Probable mineral reserves in the Bashaw District that provide the basis for the Clearwater Project currently under development and outlined in the Pre-Feasibility Study published in July 2024.
1. Brine Resources are reported using the 2014 CIM definition standards, and are inclusive of those Brine Resources converted to Brine Reserves. Brine Resource estimates are inclusive of unleased freehold mineral rights.
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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 21.2 million tonnes of lithium carbonate equivalent (LCE) Measured and Indicated 1 as well as 0.3 Mt LCE Inferred mineral resources 2 in Alberta and 2.5 Mt LCE Inferred mineral resources 3 in Saskatchewan. The Clearwater Pre-Feasibility Study outlined a 1.13 Mt LCE proven and probable mineral reserve with a pre-tax NPV8% of USD 5.2 Billion with a 29.2% IRR and an after-tax NPV8% of USD 3.7 Billion with a 24.6% IRR 1.
1: The Clearwater Project NI 43-101 Pre-Feasibility Study, effective June 20, 2024, is available on the E3 Lithium's website (www.e3lithium.ca/technical-reports/) and SEDAR+ (www.sedarplus.ca).
2: The mineral resource NI 43-101 Technical Report for the Garrington District Lithium Resource Estimate, effective June 25, 2025, identified 5.0 Mt LCE (measured and indicated) and 0.3 Mt LCE (inferred) and will be available on the E3 Lithium's website (www.e3lithium.ca/technical-reports/) and SEDAR+ (www.sedarplus.ca) within 45 days of this news release.
3: The mineral resource NI 43-101 Technical Report for the Estevan Lithium District, effective May 23, 2024, identified 2.5 Mt LCE (inferred) and is available on the E3 Lithium's website (www.e3lithium.ca/technical-reports/) and SEDAR+ (www.sedarplus.ca).
Kevin Carroll, P. Eng., Chief Development Officer and a Qualified Person under National Instrument 43-101, has reviewed and approved the technical information contained on this news release.
Forward-Looking and Cautionary Statements
This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions or forward-looking information within the meaning of applicable securities laws. Forward-looking statements are frequently identified by such words as 'believe', 'may', 'will', 'plan', 'expect', 'anticipate', 'estimate', 'intend', 'project', 'potential', 'possible', 'could' and similar words referring to future events and results. Forward-looking statements are based on the current opinions, expectations, estimates and assumptions of management in light of its experience, perception of historical trends, and results of the Garrington Report, but such statements are not guarantees of future performance. In particular, this news release contains forward-looking information relating to: the mineral resource estimate at the Garrington District; timing of the availability and filing of the Garrington Report; the potential for future development and inventory expansion of the Clearwater Project and value creation; and the anticipated benefits of the foregoing. In preparing the forward-looking information in this news release, the Company has applied several material assumptions, including, but not limited to, the assumption that the Garrington Report will be delivered on the expected timeline and will not contain any material variations to the information contained in this news release; that activities relating to the Garrison District and the Company's other projects will not be adversely disrupted or impeded by regulatory, political, community, economic, environmental and/or healthy and safety risks; ; that the current price and demand for lithium will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner and that all necessary governmental approvals for the planned activities on the Garrington District will be obtained in a timely manner and on acceptable terms; the continuity of the price of lithium; that the results of the mineral resource estimate will be delivered in a timely manner consistent with the Company's projected timelines; and that the results will be in line with management's expectations.
All forward-looking information (including future-orientated financial 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, risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in estimated mineral reserves or mineral resources; future prices of lithium and other metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; the Company's lack of operating revenues; currency fluctuations; risks related to dependence on key personnel; estimates used in financial statements proving to be incorrect; risks related to the results of the testing program not being in delivered in a timely manner and/or not being in line with management's expectations; competitive risks and the availability of financing, as described in more
detail in our recent securities filings available under the Company's profile on SEDAR+ 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.
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