E3 Lithium Ltd. V.ETL

Red Cloud update

[GMon]

https://cdn-ceo-ca.s3.amazonaws.com/1hdaq8j-20220718-ETL-Site-Visit-1.pdf

Update from Red Cloud's site visit.

[Yajne]

Excellent in-depth update from Red Cloud!! Thanks GMon for the link

[Yajne]

Further to this, after reviewing the Red Cloud update closer, it appears that drilling is complete on the initial well. The report included this line on top page 3 "The well was drilled to a ~2,600m depth using a traditional oil rig" Not sure why E3 chose to wait to NR that drilling complete, except possibly to review the well logs that were likely run after the well reached TD (total

[Bookworm28]

Judging from the pre-market open, the answer to your question appears to be a bit bearish, but, they're going to drill a 2nd well starting next week, with results in August. So we'll have to wait and see what those results are like before we get too excited either way. Probably a good idea to get a couple of data points before announcing any results.

[Beaubie]

Not too bad. I think it is just a few people trying to pick up a few shares on fear.

[Bookworm28]

I don't see any fear with respect to ETL. With IOL, that's highly unlikely at this time since IOL's involvement. I anything, I think any cheap shares that come out will be the result of impatience, or,  sometimes people just need the cash. Slow and steady will win the race. That's exactly what Chris and crew are doing. They're doing it the right way IMO. GLTA.

[Yajne]

Agreed, it will take data from a few wells to update the reserves from "inferred" to "Measured and Indicated". Drilling of first well took 2 weeks (June 24 to July 7) so fairly quick for wells 2, 3, etc and we could see some of the new reserve data before end of Q3, not sure how long before the formal reserve update to M&I. 

[jcw604]

I think it might take longer than a few months to reach that mile stone. Not so quick.

[Yajne]

You're probably right jcw604, their corp deck says 2023, but IMO they should start to accelerate things a bit with Imperial now on board. JMHO

[jcw604]

It certainly should expedite it, if Chris managed to tap into their resources, since they are experts in oil drilling, which to a certain extent similar. Maybe we can setup some discord call with him, because it is about time.

[Beaubie]

I think anothe thing to look at is acces to leases. Whitecap and ARC are big players in the area.

[jcw604]

For those who want to see the details: https://cdn-ceo-ca.s3.amazonaws.com/1hdaq8j-20220718-ETL-Site-Visit-1.pdf

[jcw604]

This 2022 catalyst to the SP will be successful presentation of samples to potential off-takers and securing of their commitment. 

[vladpanka]

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