E3 Metals Provides Alberta Petro-Lithium Project Update
Vancouver, British Columbia (FSCwire) - E3 Metals Corp. (TSXV: ETMC, FSE: OU7A, OTC: EEMMF) (the “Company” or “E3 Metals”) is pleased to provide a progress update for its Alberta Petro-Lithium Project.
The Company’s low-cost sampling program in 2017 supported the definition of an inferred 2.8Mt LCE1 (lithium carbonate equivalent) resource and has established E3 as having one of world’s largest in situ lithium resources in an area rich in infrastructure. E3’s land position over the world-class Leduc Reservoir is the largest contiguous metallic and industrial mineral (MIM) permit holding in Southern Alberta. As delineation sampling continues over the remaining 84% of the Company’s holdings, E3 is confident that its lithium resource will continue to grow.
With a large potential source of lithium secured, management’s focus has shifted to demonstrating the feasibility of the project. The Company believes the key to the feasibility of the project is the development of an efficient chemical concentration technology due to the relatively lower grade of petro-lithium brines. There are multiple providers of the polishing and production portion of the flow sheet, and as such, achieving sufficient concentration of our brines prior to final treatment to extract the lithium has the potential to unlock E3’s significant lithium resource.
E3 Metals’ lithium concentration technology is in the advanced stages of development through our partnership with University of Alberta. The U of A has developed a chemical process that has a high selectivity of lithium with the goal of achieving at least 10x concentration factor at greater than 90% Li recovery while attracting less than 10% impurities. This low-energy concentration will require no evaporation and provide a concentrate that can be purified by most off the shelf technologies available on the market. E3 Metals is scaling this proprietary technology in partnership with two of Canada’s leading industrial facilities to finalize a commercially viable product. E3 is also in the process of testing concentration technology methods under development by leading third-party technology providers using the Company’s brine. This will identify potential options that may complement the Company’s process or provide an alternate solution.
The next step is to have a lab-scale, full loop extraction process prototype operating in the field by the end of 2018, leading to the design and construction of a demonstration pilot plant in 2019. Meanwhile, the Company will also continue to advance low-cost definition and sampling of its large mineral tenure, working toward an upgrade of the current lithium resource to Measured and Indicated (M+I) in early 2019. All together, this should provide all the elements needed to complete a pre-feasibility study for the project within a relatively short timeframe.
E3 Metals has provided an updated corporate presentation that outlines in more detail the company’s accomplishments to date and development plan for 2018. Please visit E3 Metal’s website at www.e3metalscorp.com and click the link to the corporate presentation.
E3 Metals has retained Renmark Financial Communications Inc. (“Renmark”), a private full-service investor relations firm. Renmark will focus on developing a marketing plan directed at informing the investing public as to the business of the Company and advise and assist the Company with investor relations and corporate communications.
Under the terms of the engagement, subject to regulatory approval, the Company will pay Renmark $5,000 per month and reimburse Renmark for certain pre-approved expenses. The contract term is for 6 months commencing on April 1st, 2018 and ending September 30, 2018 with a monthly extension option. Both parties can cancel by giving a 30 day notice in writing.
Renmark Financial Communications does not have any interest, directly or indirectly, in E3 Metals or its securities, or any right or intent to acquire such an interest.
About E3 Metals Corp
E3 Metals is a Petro-Lithium development company in Alberta advancing unconventional lithium brines. E3 holds one of the world’s largest lithium resources at 2.83Mt1 LCE. The Company offers a compelling competitive advantage having access to significant infrastructure from oil and gas development in Alberta. This has provided E3 Metals with low finding cost for the development of the resource from sampling already producing wells and may provide wells and pipelines for future commercialization of a lithium production operation. The Company’s goal is to complete the commercialization of a chemical concentration process that E3 believes will unlock the value of the resource. Upon achieving that goal, the Company will progress the project towards commercialization and production.
ON BEHALF OF THE BOARD OF DIRECTORS,
Chris Doornbos, President & CEO
1: The October 2017 Technical 43-101 reports for the Clearwater and Rocky inferred mineral resources can be found on E3 Metals website (www.e3metalscorp.com) or SEDAR (www.sedar.com)
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 original release, please click here
Source: E3 Metals Corp. (TSX Venture:ETMC)
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