- E3 Lithium (ETL) has increased its inferred mineral resource to 23.4 million tonnes of lithium carbonate equivalent for the Bashaw District
- The increase may be due to recent work completed to improve E3’s understanding of the highly saline Leduc Aquifer within the Bashaw District
- The resource area has now been defined as a combination of the Clearwater and Exshaw Resource areas including the additional area of the Bashaw reef trend
- An estimated 59 billion square metres of brine formation water at an average grade of 74.5 milligram per litre lithium for the areas has been reported
- E3 Lithium (ETL) is up 8.33 per cent and is trading at $2.60 per share as of 3:30 p.m. ET
E3 Lithium (ETL) has increased its inferred mineral resource to 23.4 million tonnes of lithium carbonate equivalent for the new Bashaw District.
The company believes the increase is because of work completed by its team to improve E3’s understanding of the highly saline Leduc Aquifer within the Bashaw District.
E3 stated that based on its recent analysis, the resource area has now been defined as the combination of the Clearwater and Exshaw Resource areas including the additional area of the Bashaw reef trend for a new total of 5,931 kilometres.
The Bashaw District combines and expands the Clearwater Resource and Exshaw Resource areas into a consolidated resource that contains an estimated total of 59 billion square metres of brine formation water at an average grade of 74.5 milligrams per litre lithium.
“With E3’s significant resource, established social licence to operate, supportive government policy, low-risk and transparent regulatory processes, and stable tax and royalty systems, E3 is well-situated to realize commercial production of battery-grade lithium,” Chris Doornbos, E3’s CEO, said.
The company shared that data collected from its ongoing drill program will be incorporated into a potential upgrade of a portion of the Bashaw District Resource from inferred to measured and indicated. The upgrade will focus on the Clearwater Project area, which is the target location of E3 Lithium’s initial commercial production facility.
E3 Lithium (ETL) is up 8.33 per cent and is trading at $2.60 per share as of 3:30 p.m. ET.