CALGARY, AB, March 22, 2022 /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 announce the receipt of
$0.5 million from Alberta Innovates
as a result of completion of the Company's lab pilot prototype
development.
The Company announced the successful progressive scale-up of its
DLE technology earlier in October
2021 and the results of the first round of tests in
January 2022. To receive this
funding, Alberta Innovates reviews the development and progress
report on Milestone 1; the successful construction and operation of
a lab-based pilot prototype.
Including this tranche, E3 Metals has received $1.1 million to date of the $1.8 million grant. The final milestone payment
for the Company is to design, construct, commission and operate a
field pilot plant and is subject to approval by Alberta Innovates.
The field pilot will operate continuously within the Clearwater resource area designed to extract
lithium directly from the brine produced from the Leduc Aquifer. By
demonstrating the process in the field at a near commercial scale
over an extended period, the Company plans to significantly de-risk
its ion-exchange technology and Clearwater project prior to scaling up to the
anticipated commercial scale of 20,000 tonnes/year lithium
hydroxide monohydrate. A commercial operation has the potential to
employ many highly skilled workers and generate royalty and tax
revenue for Alberta and
Canada.
"We are very excited about this development." commented
Chris Doornbos, CEO of E3 Metals
Corp. "The support from Alberta Innovates has been fundamental in
moving this new, Alberta based
technology, towards commercialization. The team at E3 Metals has
been working diligently to advance this technology towards a field
pilot and we look forward to further developments this year on that
path."
About Alberta Innovates
Alberta Innovates (AI) is the province's largest and
Canada's first provincial research
and innovation agency. For a century AI has worked closely with
researchers, companies, and entrepreneurs – trailblazers who built
industries and strengthened communities. Today AI is pivoting to
the next frontier of opportunity in Alberta and worldwide by driving emerging
technologies across sectors. AI is a provincial corporation
delivering seed funding, business advice, applied research and
technical services, and avenues for partnership and
collaboration.
Learn how albertainnovates.ca
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.
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)
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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.
