E3 Metals Receives Milestone Funds of $0.5M from Alberta Innovates Grant for Completion of Lab Pilot Prototype
E3 Metals Receives Milestone Funds of $0.5M
from Alberta Innovates Grant for Completion
of Lab Pilot Prototype
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 resources
1
in
Alberta
and an NPV
8%
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-tax
1
. 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)
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.
View original content:
http://www.newswire.ca/en/releases/archive/March2022/22/c6474.html
%SEDAR: 00011471E
For further information:
Chris Doornbos, Phone: (587) 324-2775, [email protected]
CO: e3 Metals Corp.
CNW 03:05e 22-MAR-22