- E3 Lithium (TSXV:ETL) is complementing its robust Alberta-based resources with an initial estimate of approximately 2.5 million tonnes of lithium carbonate equivalent inferred in Saskatchewan’s Estevan lithium district
- Recent lithium exploration near the property yielded high concentrations up to 259 mg/L
- E3 Lithium is focused on producing battery-grade lithium products to power global electrification
- E3 Lithium stock has given back 34.94 per cent year-over-year, but has gained 280.43 per cent since 2019
E3 Lithium (TSXV:ETL) is complementing its robust Alberta-based resources with an initial estimate of approximately 2.5 million tonnes (Mt) of lithium carbonate equivalent (LCE) inferred in Saskatchewan’s Estevan lithium district.
The property, acquired in 2021, covers 67,000 hectares of crown mineral permits near recent lithium exploration showing high concentrations up to 259 mg/L in the Duperow formation.
According to the Canadian Institute of Mining, Metallurgy and Petroleum, an inferred resource is “that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling,” meaning it offers “a lower level of confidence” compared with more established mineralization, such as measured or indicated resources, and probable or proven reserves.
Estevan’s resource adds to the 930,000 tonnes LCE inferred at E3’s Rocky property and its more than 16 Mt of higher-confidence measured and indicated (M&I) resources in Alberta’s Bashaw district, representing the largest M&I lithium resource in Canada according to Natural Resources Canada.
A preliminary economic assessment for E3’s Clearwater lithium project in the Bashaw district boasts an after-tax net present value of US$820 million with a 27 per cent internal rate of return.
Inferred mineral resource estimate for E3 Lithium’s Estevan property
| Interval |
Brine volume(m3) |
AverageLi Grade (mg/L) |
Original lithium in place (t) |
LCE (t) |
| Seward |
898,000,000 |
99 |
89,000 |
473,000 |
| Flat Lake Evaporite |
0 |
N/A |
0 |
0 |
| Upper Wymark |
630,000,000 |
120 |
76,000 |
402,000 |
| Middle Wymark |
2,541,000,000 |
101 |
257,000 |
1,366,000 |
| Lower Wymark |
398,000,000 |
68 |
27,000 |
144,000 |
| Saskatoon |
624,000,000 |
48 |
30,000 |
159,000 |
| Total |
5,091,000,000 |
|
478,000 |
2,545,000 |
Source: E3 Lithium.
Leadership insights
“The resource over our Saskatchewan property represents an exciting development prospect for E3 Lithium and reinforces the company’s position for lithium development in Western Canada, adding to our globally significant lithium resources,” Chris Doornbos, president and chief executive officer of E3 Lithium, said in a statement. “Saskatchewan is still maturing its resource base and this inaugural 2.5 Mt LCE resource adds to this new and developing lithium jurisdiction.”
About E3 Lithium
E3 is focused on producing battery-grade lithium products to power global electrification.
E3 Lithium Ltd. stock (TSXV:ETL) last traded at C$1.75 per share. The stock has given back 34.94 per cent year-over-year, but has gained 280.43 per cent since 2019.
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(Top photo is sourced from E3 Lithium and depicts the company’s lithium extraction pilot plant in Alberta.)