E3 Lithium (TSXV: ETL) has a new mineral resource estimate in hand for its Bashaw District lithium brine asset. The estimate was established following drilling conducted last year coupled with “ongoing reviews and analyses of core samples.”
At a high level, the revised estimate consisted of 6.6 million tonnes of lithium carbonate equivalent (LCE) in the measured category, and 9.4 million tonnes of LCE in the indicated category, resulting in a total of 16.0 million tonnes of measured and indicated lithium carbonate equivalent.
The resource was further broken down into two zones, including the Clearwater Area, which is said to feature 4.3 million tonnes of LCE on a measured and indicated basis at 74.5 mg/L, and the remaining Bashaw District, which contains 11.7 million tonnes of LCE on a measured and indicated basis, also at 74.5 mg/L.
The revised resource is said to make the project one of the largest direct lithium extraction brine projects globally, with hard rock deposits in Canada currently amounting to 3.2 million tonnes of measured and indicated resources on a combined basis.
“This resource upgrade is the largest of its kind in Canada and is significant on a global scale. The amount of data and geological work required to upgrade resources of this magnitude is significant and further increases our understanding of the Leduc Aquifer and as a result, our technical confidence in our commercialization plans,” commented CEO Chris Doornbos on the results.
E3 Lithium last traded at $2.30 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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.