The barrage of negative readings on the markets made the search for positive news all that much more of a challenge Tuesday, capturing one firm with vaulting prices.
E3 Metals Corp. (TSX-Venture: ETMC) proved one of the few companies – large- or small-cap – with favourable news. The Calgary-based lithium developer and leading lithium extraction technology innovator announced the receipt of a government grant totaling $98,798 from Alberta Innovates that will assist in funding a project to determine the development plan and costs of brine production from the Leduc Reservoir in Alberta.
Alberta has abundant lithium resources that have not been produced commercially to date. E3 Metals has developed the key to unlocking this brine resource, allowing ETMC to extract lithium from its lithium brine resource at faster production and higher recovery rates than others in the industry.
The company says it will be integrating its DLE technology with traditional oilfield methods. Using the drilling, reservoir and facilities expertise based in Alberta, this project aims to optimize and deliver project solutions along with capital expenditure estimates for lithium brine production and brine pre-treatment.
EMTC shares eased their way toward noon Eastern on the first day after a long weekend, gathering 2.5 cents, or 8.9%, to 30.5 cents, though on an underwhelming volume of just over 2,000 shares.
