AB, Feb. 2, 2023 /CNW/ - E3 LITHIUM LTD.
(TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), Alberta's leading lithium developer and
extraction technology innovator, is pleased to provide an update on
its Lithium Ion-Exchange (Li-IX) pilot plant to be constructed and
operated in the Clearwater Project Area this year.
Significant progress was made in 2022 and as a result, E3
Lithium (E3) is on track to start operations of the pilot plant in
Q3 2023. E3 is in the process of completing the final
engineering, design and construction plans for the plant with a
goal of commissioning equipment on site this summer.
The pilot plant will test Li-IX technology for direct lithium
extraction at a larger scale under real-world operating conditions.
At pilot scale, demonstrating Li-IX technology enables significant
de-risking of the commercial design and is a crucial step in
unlocking the value of E3's 24.3 million tonnes of inferred lithium
Pilot Plant Updates
- Preliminary engineering complete: E3 has completed
Front-End Engineering and Design (FEED) for the pilot plant, which
outlines technical requirements and preliminary cost estimates and
forms the initial design basis.
- Location selected: Based on its 2022 drill program, and
the consistent lithium concentration results produced by its first
three wells, E3 plans to locate its pilot plant at its first well
location and has submitted the required licence documentation to
the Alberta Energy Regulator, which is under review.
- Final engineering and design commissioned: E3 has
awarded the Detailed Engineering and Design for the pilot plant to
Scovan Engineering and expects to move promptly into construction
once complete; details of the pilot will be provided upon
completion of the detailed engineering.
- Funding in place: Construction costs for the plant are
estimated to be between $4M and
$6M CAD, with the final cost estimate
to be completed during the detailed design. E3 has the funds in
place to construct and operate its pilot plant in 2023. Included in
this is the non-dilutive support from Alberta Innovates
($1.8M grant) and the Government of
Canada's Strategic Innovation Fund
(SIF) (up to 34% of pilot costs are reimbursable).
"The pilot plant is a major milestone for the company, and we
are extremely excited about the progress we've made towards
constructing and operating it this year," said Chris Doornbos, President and CEO of E3 Lithium.
"Demonstrating the Li-IX extraction technology in the field
advances the company significantly towards delivering battery grade
lithium to market; it's the paradigm shift needed for E3 to move
towards our lithium plant design and eventual production."
Pilot Plant Design
The pilot plant will consist of two main parts. The first part
is the ancillary equipment to move the Leduc brine water from the aquifer and perform
the necessary pre-treatment required for the Li-IX extraction
process. The second part is the process equipment that houses the
ion-exchange medium that manages the extraction of the lithium from
the Leduc brine and generates the
concentrated lithium fluid. As outlined in previous announcements,
E3 has been developing multiple potential flow sheets and the pilot
is designed to be able to test several lithium extraction systems
to define the optimal commercial design.
E3 will continue to provide updates on its field pilot
Join us for our Webinar
Join Chris Doornbos to learn more
about E3's pilot plant update and what's in store for 2023 at our
Date: Thursday, February 2,
Time: 12 p.m. MST / 2 p.m. EST / 11 a.m.
About E3 Lithium
E3 Lithium is a development company with total of 24.3 million
tonnes of lithium carbonate equivalent (LCE) inferred mineral
resources1 in Alberta.
As outlined in E3's Preliminary Economic Assessment, the Clearwater
Lithium Project has an NPV8% 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 Lithium's goal is to
produce high purity, battery grade lithium products. With a
significant lithium resource and innovative technology solutions,
E3 Lithium has the potential to deliver lithium to market from one
of the best jurisdictions in the world.
ON BEHALF OF THE BOARD OF DIRECTORS
Chris Doornbos, President &
E3 Lithium Ltd.
1: The Preliminary
Economic Assessment (PEA) for the Clearwater Lithium Project NI
43-101 technical report is effective Sept 17, 2021. The mineral
resource NI 43-101 Technical Report for the North Rocky Property,
effective October 27, 2017, identified 0.9Mt LCE (inferred). The
mineral resource NI 43-101 Technical Report for the Bashaw District
Project, effective July 11, 2022, identified 23.4Mt LCE (inferred).
All reports are available on the E3 Lithium's website
(e3lithium.ca/technical-reports) and SEDAR
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
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 Lithium