External Hard Drive won't mount after reformat attempt

I just bought a new external hard drive and was attempting to reformat it from ExFAT to APFS encrypted. The operation failed and now the disk won't mount (thought it still appears in Disk Utility). I have tried to reformat and use first aid but neither will work. Any help or suggestions are appreciated. There is not data on the drive so recovery of files is not an issue.

This is what it says when attempting first aid:

First Aid process has failed. If possible back up the data on this volume. Click Done to continue.

Details

Repairing file system.

Volume is already unmounted.

Performing fsck_hfs -fy -x /dev/rdisk3s1

File system check exit code is 8.

Restoring the original state found as unmounted.

File system verify or repair failed.

Operation failed…

This is what it says when attempting to reformat:

Erase process has failed. Click Done to continue.

Details

Unmounting disk

MediaKit reports not enough space on device for requested operation.

Operation failed…