E3 Lithium (TSXV: ETMC) continues to perform this week, announcing this morning that the company has begun drilling for lithium in Alberta. The development follows the company yesterday announcing a strategic deal with Imperial Oil.
Drilling of the first lithium evaluation well in Alberta is now underway, which is being conducted as part of the firms Clearwater project. The evaluation well is being drilled as a means of testing brine chemistry and potential flow rates, which will be used for its direct lithium extraction tech.
“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,” said CEO Chris Doornbos.
The well is currently expected to support a pre feasibility study to be conducted on the property, with the data also to be used to upgrade the projects current resource estimate. The project currently has an inferred mineral resource estimate of 7.0 million tonnes of lithium carbonate equivalent. The current program is looking to upgrade that resource to the indicated and measured categories.
Current drill operations are slated to be completed by mid-July, after which testing will ensue.
E3 Lithium last traded at $2.54 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
