E3 Metals Announces Filing of Q1 2019 Financial Statements and MD&A and Energy Excellence Award
TSX VENTURE: ETMC
CALGARY, May 28, 2019 /CNW/ - E3 METALS CORP. (TSXV: ETMC, FSE: OU7A, OTC: EEMMF) (the "Company" or "E3 Metals") announces that it has filed its Q1 2019 Financial Statements for the three months ended March 31, 2019 and accompanying Management Discussion and Analysis on its SEDAR profile at www.sedar.com. The financial statements and MD&A will also be posted on the Company's website at www.e3metalscorp.com.
In addition, the Company is proud to announce that it was recently selected as an Energy Excellence Awards Champion of the Power, Transmission and Storage Category. The Award is an important recognition of the Company's advancement of its lithium extraction technology and signals broad industry support for the growth of Alberta's lithium industry.
The Energy Excellence Awards program recognizes merit with a focus on advancement through collaboration within Canada's energy industry. Following nominations and a competitive review process, E3 Metals was honoured to be selected as a Champion at the Energy Excellence Awards ceremony on May 2, 2019 among energy industry peers. The Energy Excellence Awards are presented by the Daily Oil Bulletin in partnership with the Clean Resource Innovation Network (CRIN).
E3 Metals is a Petro-Lithium company rapidly advancing the development of direct recovery lithium brine projects in Alberta. The Company's immediate goal is to demonstrate commercial production of its Alberta Petro-Lithium brine resource.
About E3 Metals Corp.
E3 Metals is a lithium company developing 6.7 Mt LCE of inferred mineral resources1 in Alberta. Through the commercialization of its proprietary lithium extraction process, E3 plans to quickly move towards the production of high purity, battery grade, lithium 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 million tonnes LCE 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 development.
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 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 lithium extraction process can quickly produce a concentrate with a grade over 5000mg/L. With 99% of the impurities removed at the same time and recoveries averaging 90%2, this produces a concentrate feedstock that is likely to be processed directly by conventional lithium production technology to produce high purity lithium hydroxide (LiOH∙H2O). The Company's plans are to deliver a process facility of 10,000 tonnes LCE/year LiOH by 2022 and continue expansion to an eventual 50,000 tonnes LCE/year.
More information about E3 Metals can be found on our website by visiting: www.e3metalscorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Chris Doornbos, President and CEO, E3 Metals Corp
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 totalling 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)
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.