E3 Lithium Ltd. [TSXV-ETL; OTCQX-EEMMF; FSE-OW3] provided an update on the inaugural inferred mineral resource of approximately 2.5 million tonnes of lithium carbonate equivalent (LCE) contained within the Estevan lithium district located in southeast Saskatchewan.
E3 Lithium acquired its Saskatchewan property in 2021, situated near the city of Estevan. The company’s permit area covers approximately 67,000 hectares of Crown mineral permits within the Estevan Lithium District. Recent lithium exploration near E3 Lithium’s land holdings have shown high lithium concentrations, including up to 259 mg/L in the Duperow Formation.
“The resource over our Saskatchewan Property represents an exciting development prospect for E3 Lithium and reinforces the company’s position for lithium development in Western Canada, adding to our globally significant lithium resources,” said Chris Doornbos, President and CEO of E3 Lithium. “Saskatchewan is still maturing its resources base and this inaugural 2.5 Mt LCE resource adds to this new and developing lithium jurisdiction.”
The elevated lithium concentrations of interest exist within the Duperow Formation, which was broken down into six distinctive zones based on geological characteristics. The resource estimate has been calculated across E3 Lithium’s permits within the Estevan Lithium District and was developed in stages.
First, data complication and review of existing reports within the Estevan 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 maps were generated, and leveraged for reservoir volume calculations.
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 US$1.1 billion with a 32% IRR pre-tax and US$820 Million with a 27% IRR after-tax. E3 Lithium’s goal is to produce high purity, battery grade lithium products to power the growing electrical revolution.
