E3 Metals New Assay Results Outline Lithium Concentration Consistency and the Company Files Clearwater Technical Report
Vancouver, British Columbia (FSCwire) - E3 Metals Corp. (TSX-V: ETMC, FSE: OU7A, OTC: EEMMF) (the “Company”, “E3” or “E3 Metals”) is pleased to announce results from the latest sampling program, ranging from 54.0 mg/L to 77.7 mg/L from the Leduc Reservoir. This latest round of sampling involved a combination of 7 new wells sampled and 13 previously sampled wells. The sampling locations are at actively producing oil and gas wells across a portion of the Company’s Petro-Lithium Project in Alberta. Of the wells that were re-sampled the results were consistent with the previous sampling from each well increasing the confidence in the lithium concentration across the reservoir. Receiving consistent results over time from the same well locations will be an important contribution to the upgrading of NI 43-101 Inferred mineral resources in Rocky and Clearwater to Measured and Indicated.
The Company has filed the NI 43-101 technical report for the Central Clearwater Resource Area. The report is available on SEDAR at www.sedar.com as well as on the Company’s website. Please refer to the Company’s news release of November 15, 2017 for more details. E3 Metals has updated its corporate presentation to include development plans for 2018 – the corporate presentation is also available on our website. Going forward, E3 Metals will focus efforts on developing an extraction process flow sheet by continuing the testing program with a focus on lithium concentration.
Sampling Program
E3 Metals’ ongoing sampling program, now totaling 73 samples (60 individual wells and 13 repeat samples) across the permit area, has been completed without the requirement to drill a well. This has allowed E3 Metals to leverage hundreds of millions of dollars of oilfield investment in E3’s permit areas, and has resulted in a very cost-effective sampling and assay program. E3 Metals is grateful for the strong collaborative support from oil and gas operators working in the permit areas, which has allowed the Company to confirm lithium concentrations across a broad area, some of which has never previously been tested for lithium. The sampling to date has demonstrated that the lithium concentrations are generally consistent across each property throughout the massive Leduc Reservoir.
Of the wells sampled, three were new wells collected from the Leduc Reservoir. Two of these wells were located in the Central Clearwater Resource Area, with results of 73.8 mg/L and 75.0 mg/L. One well was located in the North Rocky Resource Area and with a result of 54.0 mg/L.
In addition, 4 new samples were collected from the Nisku Reservoir in the Exshaw West Area, ranging from 37.4 mg/L to 70.5 mg/L. An overview of new sampling results and all assay results to date is presented in Table 1.
Table 1: New Lithium Assay Results from Additional 7 Wells and Summary of All Results to Date
| New Assay Results | Geologic Formation | All Assay Results | ||||
| E3 Metals Project Area | Min Li (mg/L) | Max Li (mg/L) | Number of Wells Sampled | Total Average (mg/L) | Total by Area Sampled | |
| Clearwater | 73.8 | 75.0 | 2 | Leduc | 77.6 | 8 |
| Exshaw West | 37.4 | 70.5 | 4 | Nisku | 55.5 | 10 |
| Rocky | 54.0 | 54.0 | 1 | Leduc | 54.2 | 14 |
Figure 1: E3 Metals Corp. permit areas (red outline) with new sampling results outlined in blue (Leduc Reservoir) and green (Nisku Reservoir). Grey dots represent previously collected samples.
To view the graphic in its original size, please click here
The remaining 13 wells in this sampling program were re-sampled locations. Previous samples were collected between June and September 2017. A total of four Leduc wells were re-sampled within and nearby the Central Clearwater Resource Area. The re-sampled concentrations ranged from 71.0 mg/L to 77.7 mg/L, and were consistent with previous results. In the Rocky area, four Leduc wells were re-sampled with an average of 54.5 mg/L. In the Exshaw west area, four Leduc wells were re-sampled ranging from 46.7 to 75.5 mg/L. One Nisku well was re-sampled at 69.2 mg/L. An overview of resampling results is outlined in Table 2, and are shown geographically in Figure 1.
Table 2: Comparison of Repeated Lithium Assay Results from E3 Metals’ Latest Sampling Round and Previous Results
| E3 Metals Project Area | # of Samples | Geologic Formation | Initial Collection Date | Initial Result (mg/L) | Repeat Collection Date | Repeat Result (mg/L) |
| Clearwater | 4 | Leduc | Aug-Sept, 2017 | 76.2-77.8 | Nov, 2017 | 71.0-77.7 |
| Rocky | 4 | Leduc | Aug, 2017 | 54.7-56.7 | Nov, 2017 | 53.8-56.0 |
| Exshaw West | 4 | Leduc | June-July, 2017 | 46.7-75.5 | Nov, 2017 | 44.4-72.4 |
| Exshaw West | 1 | Nisku | July, 2017 | 67.0 | Nov, 2017 | 67.0 |
Variances in results over the 2-5 month period in between sampling were minimal, averaging 5.6% across all the wells re-sampled. This indicates that lithium concentrations remain consistent over time. In addition, new results were found to be consistent with the previously collected measurements in the surrounding area, further demonstrating spatial consistency of lithium enrichment in the Leduc.
E3 Metals will continue to collect samples across its Metallic and Industrial Mineral Permit area throughout 2018. These new samples are comprised of a mixture of new wells and previously sampled wells. Continued sampling adds confidence to the Resource areas and allows for the progression of Resources to Measured & Indicated, and ultimately towards a Reserve.
Of the 20 samples collected during the Company’s latest sampling program, 15 were located within the Leduc Formation (Woodbend Group) and 5 from within the Nisku Formation (Winterburn Group). Both the Nisku and Leduc Formations are Devonian-aged, with the Nisku occurring between 10-200 metres stratigraphically above the Leduc across the sampling area. Devonian Formation stratigraphy for the area can be found in E3 Metals’ Technical Report dated May 18, 2017 Geological Introduction to E3 Metals Corp. Clearwater and Exshaw Lithium-Brine Properties in South Central Alberta, authored by Apex Geoscience Ltd., page 30 (available on SEDAR and on the Company’s website at e3metalscorp.com).
Annual General Meeting
The Company held its Annual General Meeting on December 5th, 2017 (the “AGM”). At the AGM, one of the Company’s directors, Jeremy Read, determined not to stand for re-election, and accordingly the Company elected four directors: Chris Doornbos, Paul Reinhart, Mike O’Hara and Peeyush Varshney. Jeremy has taken on the role of Managing Director of Pursuit Minerals and we wish him the best in this new endeavor. All other resolutions brought before the AGM were passed by the Company’s shareholders.
About E3 Metals
E3 Metals is a publically listed company in the emerging Petro-Lithium space (TSXV: ETMC). E3 has brought together an experienced team that has secured the lithium (and other mineral) rights to over 570,000 hectares (~1.4 million acres) in Alberta covering the prolific Leduc Reservoir. Over 60 years of reservoir data from the oil and gas operators is readily available, and E3 has acquired this data to target its own sampling of the brines from existing wells. With the development of a sizable lithium resource that can be potentially exploited by direct lithium extraction technologies currently under development by industry leaders. More information about E3 Metals can be found our website by visiting: www.e3metalscorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS,
Chris Doornbos, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Chris Doornbos (P.Geo), CEO and Director of E3 Metals Corp., is a Qualified Person a as defined by National Instrument 43-101 and has read and approved the technical information contained in this announcement
This news release includes certain forward-looking statements concerning the development of the Company’s Alberta Petro-Lithium Project, the Company’s intention to establish a mineral resource estimate in respect of its Alberta Petro-Lithium Project and the results thereof, the reliability or accuracy of sampling results, the anticipated results of future sampling programs, the future performance of our business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, results of current and future testing, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward looking statements except as required by applicable law.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/E3Metals12152017.pdf
Source: E3 Metals Corp. (TSX Venture:ETMC)
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