The Company has successfully built its first lab scale lithium extraction flow system
The first step towards a pilot scale flow system, this lab scale unit will be operated to rapidly test and improve performance of our proprietary Ion Exchange Technology in continuous flow
E3 Metals has applied to amend Warrant terms
CALGARY, July 31, 2019 /CNW/ - E3 METALS CORP. (TSXV: ETMC) (FSE: OU7A) (OTC:EEMMF) (the "Company" or "E3" or "E3 Metals") is pleased to announce the successful design and assembly of a lab scale ion exchange flow system. The unit was commissioned by E3 Metals, in collaboration with GreenCentre Canada and Kingston Process Metallurgy (KPM), with support from Alberta Innovates. Operation of the flow system will advance our proprietary Direct Lithium Extraction Ion Exchange Technology ("Ion Exchange Technology") under more commercially applicable continuous flow conditions.
As outlined in previous news releases, E3 has achieved lithium recoveries greater than 99%, averaging 90% with volume reductions up to 100 times while consistently removing 99% of critical metal impurities in batch sorbent tests2. Building upon these positive results, continuous flow system testing will allow E3 to increase the speed and efficiency of extraction testing and analyze performance over multiple ion exchange cycles. The system is designed to enhance process flow conditions to maximize recovery and stability. This will provide important insights to optimize the Ion Exchange Technology and support continued advancement in scaling towards a field pilot plant.
"I am very proud of our technical team at E3 Metals, GreenCentre and KPM for achieving this important milestone," stated E3's President and CEO, Chris Doornbos, "This flow system will assist in improving technology performance and progress the Company in further refining our Ion Exchange process towards commercial viability".
E3 Metals' objective is to maximize the performance of each process stage to demonstrate a commercially viable direct lithium extraction process in Alberta. While the completion of this flow system does not guarantee that E3 Metals will achieve an economic lithium extraction process, the Company believes that continued advancements such as this will move it closer towards its stated production goals.
Click Here for more information on E3 Metals lithium production flow sheet and the Company's development plans.
E3 Metals also announces that it has applied to the TSX Venture Exchange for approval of an amendment to a total of 3,232,500 share purchase warrants (the "Warrants)" issued pursuant to a private placement offering completed on August 20, 2018.
The Warrants were first issued with an expiry date of August 20, 2019 being exercisable at a price of $0.40 per Warrant up to December 20, 2018, and at a price of $0.60 per Warrant from December 21, 2018 to August 20, 2019. Pursuant to the proposed amendment, the Company wishes to extend the Warrants' expiry date by 30 days (the "Extension Term") to September 19, 2019, and to increase the exercise price of the Warrants during the Extension Term to $0.70.
If you are a holder of Warrants and have any questions about the proposed amendments, please contact Chris Doornbos, President, CEO and Director of the Company at 1 (587) 324-2775 or by email at [email protected].
The proposed Warrant amendments are subject to the approval of the TSX Venture Exchange.
About E3 Metals Corp.
E3 Metals is a lithium development company with 6.7 Mt LCE (million tonnes lithium carbonate equivalent) of inferred mineral resources1 in Alberta. Through the commercialization of its proprietary Ion Exchange Technology, E3 plans to quickly move towards the production of high purity, battery grade, lithium carbonate or hydroxide.
E3 Metals Corp. combines a significant resource with the right technology solutions that have the potential to deliver lithium to market in one of the best jurisdictions in the world. Our prolific Leduc Reservoir hosts lithium enriched brine with 6.7 Mt LCE of inferred mineral resource1 delineated to date. The development of this resource through brine production is a well understood venture in Alberta, where this brine is currently being produced to surface through extensive oil and gas infrastructure.
While the lithium brine and hydrocarbons are mutually exclusive, the Leduc Reservoir can support the production of brine few others can boast, with one well having the ability to bring up to 10,000 m3/day (115 L/s) to surface. With an average and consistent grade of 77.4 mg/L in the Clearwater Resource Area1, E3 Metals' proprietary ion exchange technology can quickly produce a concentrate with a grade over 5000 mg/L. With 99% of the impurities removed at the same time and recoveries averaging 90%2, this produces a concentrate feedstock that can likely be processed directly by existing conventional lithium production technology to produce high purity lithium products. The Company's stated goals are to deliver a process facility of at least 10,000 tonnes LCE by 2022 and continue expansion to an eventual 50,000 tonnes/year.
Chris Doornbos (P.Geo), CEO and Director of E3 Metals Corp., is a Qualified Person as defined by NI 43-101 and has read and approved the technical information contained in this announcement.
1: E3 Metals has released information on three 43-101 Technical Reports totaling a resource of 6.7 Mt LCE. The Central Clearwater Resource Area (CCRA) Technical Report, identifying 1.9Mt LCE (inferred), is dated effective October 27, 2017, and the North Rocky Resource Area (NRRA) Technical Report was dated effective October 27, 2017, identifies 0.9Mt LCE (inferred). A third report for the Exshaw West Resource Area (EWRA), identifies 3.9Mt LCE (inferred) and was filed on June 15th 2018, effective June 4th 2018. All reports are available on SEDAR (www.sedar.com)
2: E3 Metals News Release, December 4, 2018: Development of E3 Metals' Extraction Technology Improves Lithium Concentration and Recovery. Available on www.e3metalscorp.com and SEDAR (www.sedar.com).
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 the potential of the Company's projects and technology, 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.
SOURCE E3 Metals Corp.
For further information: 205 - 227 10th St NW, Calgary, AB T2N 1V5, +1 (587) 324-2775, [email protected], e3metalscorp.com