E3 Lithium Reports Concentrations Of 74 mg/L In Second Well At Clearwater Project
E3 Lithium (TSXV: ETL) this morning issued the results of sampling conducted on a second well at the Leduc Reservoir, under the firms Clearwater project. The results follow initial data released back in November for the first well at the project.
The second well reportedly saw concentrations of 74 mg/L of lithium, which came in slightly below the 76.5 mg/L reported for the firms first well within the reservoir. Historically, the reservoir is said to sample in the range of 74 mg/L and 78 mg/L, meaning that this latest result is within the expected parameters.
In terms of location, the well is said to be 20 kilometres south of the first well utilized on the property, demonstrating the scope of the project. Three zones are said to have been encountered within the well, with the reservoir thickness being 182 metres, and concentrations ranging from 73 mg/L through to 82 mg/L. Comparatively, the first well sampled by E3 had a thickness of 211 metres and a total of five zones identified, with concentrations ranging from 74 mg/L to 78 mg/L.
E3 has indicated it has already conducted sampling on one final well at the Clearwater project, which saw an existing oil and gas well repurposed. That program was completed in December, with assay results still pending.
READ: Lithium In Alberta? E3 Lithium Reaches Strategic Deal With Imperial Oil For Pilot Project
The company intends to produce lithium via proprietary tech that has been designed to extract lithium from Alberta brines in the form of Direct Lithium Extraction, or DLE. A current PEA for the project expects to produce 20,000 tonnes per year of lithium hydroxide for a period of 20 years, with the project estimated to have a net present value of $1.1 billion based on an 8% discount. The firm currently envisions entering production in 2026.
E3 Lithium last traded at $1.89 on the TSX Venture.
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