CALGARY, AB, March 9, 2021 /CNW/ - E3 METALS CORP. (TSXV:
ETMC) (FSE: OU7A) (OTC: EEMMF) (the "Company" or "E3 Metals"), an
emerging lithium developer and leading direct lithium extraction
("DLE") technology innovator, is pleased to provide a corporate
update.
Over the past four months, E3 Metals has seen significant
progress toward its goal of becoming a lithium producer including
an aggregate total funding of $14.3
Million CAD through three capital raises. In November, E3
Metals released its first Preliminary Economic Assessment outlining
that an initial production of 20,000 tonnes LiOH/year has the
potential value of $1.1 Billion USD
(NPV8%, pre-tax) and $820 Million USD
(NPV8%, after-tax), including one of the lowest operating costs for
battery quality LiOH of $3,656
USD/tonne. Also in November, John
Pantazopoulos joined E3 Metals' board of directors and
assumed the position as CFO this January. This past month, E3
Metals welcomed seasoned oil and gas executive, Kevin Stashin to the board of directors and
former Premier of Saskatchewan,
Brad Wall as an advisor.
E3 Metals is actively advancing its DLE lithium project located
in south-central Alberta. The
primary focus for the Company is to demonstrate the continual
scale-up of its proprietary DLE technology as it drives towards
commercial production. In parallel, the Company is advancing its
Aquifer Management Plan, aiming for an upgrade of its lithium
resources to Measured and Indicated while working towards its
Pre-Feasibility Study.
Staffing:
In addition to the new board and advisory members, E3 Metals also
welcomes several new management and staff appointments. Within the
DLE department, these positions include a Manager of Process
Development, who will be leading our piloting activities, and a
Senior Laboratory Technician to support our continued technology
development. A Senior Production Engineer and Senior
Geologist have also been added to the team to continue developing
the Company's Aquifer Management Plan. With the new additions to
the team and board, the Company is well-positioned to complete the
objectives outlined below.
Aquifer Management Plan:
E3 Metals' Aquifer Management Plan (AMP) is an essential step to
ensuring its resource longevity. Starting with an understanding of
the aquifer's natural geological characteristics, the long-term
behaviour and movement of the brine in the subsurface is modelled
while leveraging the aquifer's key advantages. This will allow the
Company to select an optimal well network location.
E3 Metals' newly expanded Subsurface Team is focused on further
developing its Aquifer Management Plan, including brine production.
The team will conduct advanced geoscience and engineering analysis,
capitalizing on the available data from the oil and gas industry,
to complete the detailed lithium-enriched brine delivery plan. The
Company will also be engaging with local industry professionals and
regulators to conduct aquifer flow tests and confirm brine
deliverability and lithium concentrations in areas not yet
tested.
Calgary Testing Facility:
After opening the newly commissioned testing facility in
Calgary earlier this year, the
Company has initiated its process design and development work in
the facility to demonstrate the effectiveness of its Direct Lithium
Extraction ("DLE") technology by progressively scaling it up from a
lab prototype operating within the testing facility, to a pilot
plant operating continuously on a site within E3 Metals' resource
area in Alberta. The purpose of
the lab prototype is to refine the DLE process through continuous
testing to define the process design basis for the field pilot
plant. In addition, the Company plans to use the testing facility
to accelerate the development of the lithium hydroxide production
flow sheet downstream of the DLE process.
Zero Carbon Emissions and ESG:
A very important part of E3 Metals' development is doing so with an
eye on its impact in this world, especially locally in Alberta. E3 Metals is establishing corporate
guidance on its Environment, Social and Governance (ESG) policies.
Inherent to how the Company will operate and the DLE process, E3
Metals will use only about 3% of the land that conventional mining
and salars-style projects do. The Company will also not generate
tailings ponds or impact freshwater aquifers. E3 Metals is also
evaluating opportunities to deploy carbon capture technology and
the use of non-emitting power sources to help reduce, and
potentially completely eliminate, carbon emissions. The Company
will be working on this initiative throughout 2021. To stand out as
a leader in this space, E3 Metals will be completing a third
party and independent life-cycle analysis (LCA) in 2022.
Projected Milestones for 2021:
E3 Metals is actively advancing its Alberta Lithium Project towards
commercial operations. The two broad goals that the Company is
currently fully funded to complete are the operations of a
field-based pilot plant and the completion of a Pre-Feasibility
Study, which will include an LCA. Over the course of 2021, E3
Metals anticipates completing several major milestones on the path
to completing these broader goals:
- Completion of a pilot prototype
- Initiate construction of field pilot
- Initiate aquifer production testing
- Initiate measured and indicated upgrade
- Complete the initial production of lithium products
- Initiate the scale-up of the production of lithium
products
- Outline a corporate ESG plan for the sustainable production of
lithium in Alberta
"2021 will be a very exciting year for E3 Metals," commented E3
Metals' CEO, Chris Doornbos. "We are
fully funded and have the team and facilities in place to complete
our milestones for 2021 as we work towards our Pre-Feasibility
Study. We've been developing the technology for four years; we have
proof of concept, we are now working on proof of scale. Our focus
and development path are clear as we move to become a leader in the
electrical revolution in Canada."
About E3 Metals Corp.
E3 Metals is a lithium development Company with 7.0 million
tonnes of lithium carbonate equivalent (LCE) inferred mineral
resources1 in Alberta
and an NPV8% on its Clearwater Lithium Project of
USD 1.1 Billion with a 32% IRR
pre-tax and USD 820 Million with a
27% IRR after-tax1. Through the successful scale up its
DLE technology towards commercialization, E3 Metals' goal is to
produce high purity, battery grade, lithium products. With a
significant lithium resource and innovative technology solutions,
E3 Metals has the potential to deliver lithium to market from one
of the best jurisdictions in the world. E3 Metals also continues to
work with partners at the University of
Alberta and at GreenCentre Canada.
For more information about E3 Metals, visit
http://www.e3metalscorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS,
Chris Doornbos, President &
CEO
E3 METALS CORP.
1: The Preliminary
Economic Assessment (PEA) of the Clearwater Lithium Project NI
43-101 technical report is effective Dec 21, 2020. E3 Metals has
also released three NI 43-101 Technical Reports providing a total
resource of 7.0Mt LCE. The Clearwater Lithium Project PEA resource
estimate, identifying 2.2Mt LCE (inferred) effective December 21,
2020; the North Rocky Resource Area (NRRA) Technical Report
effective October 27, 2017 identifying 0.9Mt LCE (inferred); and
the Exshaw West Resource Area (EWRA) identifying 3.9Mt LCE
(inferred) dated June 4, 2018. All reports are available on the
Company's website (e3metalscorp.com/technical-reports) and SEDAR
(www.sedar.com)
|
Forward-Looking and Cautionary Statements
This news release includes certain forward-looking statements 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, the effectiveness and feasibility of emerging
lithium extraction technologies which have not yet been tested or
proven on a commercial scale or on the Company's brine, 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.
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.
SOURCE e3 Metals Corp.