E3 Metals Corp. Received TSX Approval for the Acquisition of a Highly Prospective New Land Position Strategic to Developing Mineral Resources in the Exshaw Project Area
Vancouver, British Columbia (FSCwire) - E3 Metals Corp. (TSX-V: ETMC, FSE: OU7A, OTC: EEMMF) (the “Company” or “E3 Metals”) is pleased to announce that it has received TSX approval to acquire three additional Metallic and Industrial Minerals (“MIM”) Permits (the “Fathom Ground”) from Fathom Minerals Ltd. (“Fathom”), a private exploration company, in the Exshaw Project area. Pursuant to the terms of the Term Sheet, E3 Metals will acquire (i) a 100% interest in the Permits and (ii) all technical data and reports related to the Permits in Fathom’s possession, in consideration of CAD$35,000 and 350,000 common shares of the Company on closing, 150,000 of which will be subject to a voluntary one-year escrow restriction.
E3 Metals has delineated the Exshaw Resource Area (Map 1), with an approximate areal extent of 2,106 km2. The Company has completed several rounds of sampling from within the Leduc Reservior, across the Exshaw Resource Area, including within the Fathom Ground. A total of 23 samples have been collected and range in concentration from 41.4 mg/l to 84.8 mg/L. Of the 23 samples, 11 have been collected from within the Fathom Ground, and range from 72.5 to 84.8 mg/L. The Leduc Reservoir in this area has thicknesses over 250 m. The Central Clearwater Resource Area (the “CCRA”), by comparison, has a total areal extent of 943 km2 and has thicknesses in excess of 220 m. E3 Metals recently released a total of 1.9 Mt of LCE in the CCRA, outlined in the Central Clearwater Resource 43-101 Technical Report dated October 27, 2017. The Technical Report has been posted and is available on SEDAR (www.sedar.com) and on our website (www.e3metalscorp.com/documents).
The Leduc Reservoir is currently producing large volumes of lithium enriched brine to the surface through the production of oil and gas. The properties of the Leduc Reservoir allow for both large volumes of fluid to be trapped in the rock, and the ability to move large volumes of fluid easily to surface. Evaluation of the Leduc Reservoir has shown that a single vertical well has the ability to produce as much as 20,500 m3/day of water when completed to the bottom of the reservoir. The combination of anomalous lithium concentrations and the potential high production rates of Petro-Lithium brines, suggests the Leduc Reservoir has the potential to be a large-scale producer of lithium-brine.
Map 1: E3 Metals Corp. existing Metallic and Industrial Minerals Permits (red) with the upcoming Bashaw Minerals Resource development area (green). (To view the graphic in its original size, please click here)
About E3 Metals Corp
E3 Metals is a publicly listed mineral exploration and development company (TSXV: ETMC, FSE: OU7A, OTC: EEMMF). The Company’s focus is on exploring for and ultimately developing lithium in an efficient and environmentally responsible manner. This includes the development and potential repurposing of oil and gas infrastructure in Alberta to produce lithium from Leduc formation water. 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
Chris Doornbos (P.Geo), President, CEO and a Director of E3 Metals Corp. is a Qualified Person as defined by National Instrument 43-101 and has read and approved the technical information contained in this news release.
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.
This news release includes certain forward-looking statements concerning domestic and global demand for lithium, lithium use by the automotive industry, lithium ion battery use by the consumer electronics industry, lithium ion battery use by municipalities, lithium use by the battery industry and demand for lithium in high-efficiency batteries, the exploration and development activities proposed to be undertaken by the Company, 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, , new technology or mineral extraction processes, competitive risks and the availability of financing, as described in more detail in our recent 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 the associated document to this release, please click on the following link:
public://news_release_pdf/E3Metals02282018.pdf
To view the original release (with media), please click here
Source: E3 Metals Corp. (TSX Venture:ETMC)
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