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EMP Metals Corp. (CSE: EMPS) (OTC: EMPPF) ("EMP" or the "Company ") is pleased to provide an update to investors on its plans for 2022 and to recap its 2022 accomplishments to-date.
Key Accomplishments from 2022:
- On the back of impressive concentration (up to 96.3 mg/l) and flow results from its first test well at its Mansur Permit Area, the Company acquired a second wellbore for lithium testing from Epping Energy Inc. (Epping) at its Tyan Permit Area.
- Launched technical analysis to identify both primary exploration targets and potential additional wellbores for acquisition.
- Stringent workup and due diligence process resulted in a high priority target location for a test well at the Company's Viewfield Permit Area.
- Signed agreement with LI Extraction Technologies for testing lithium extraction using samples from Mansur and other wells.
- Secured nearly 100% participation in warrant exercise, raising ~$2.5 million to continue aggressive exploration and development of the Company's lithium brine properties which span 212,633 acres (86,050 hectares).
- Commenced re-entry of the Epping wellbore for testing.
- Increasing EMP Metals' interest in subsidiary company Hub City Lithium Corp. (HCL) to 75% from 50.25% for the lithium brine properties joint venture
Key Objectives for 2022:
- Lithium concentration results from the Epping test well
- Acquire 2 newly identified high priority wellbores for testing at the Company's Mansur Permit Area.
- Spud, case and conduct concentration and flow testing of the Company's first well at its Viewfield Permit Area.
- Re-enter and flow test additional well at the Mansur Permit Area to provide sufficient resources information towards building a defendable Preliminary Economic Assessment (PEA).
- Engage well-established and reliable third-party experts to complete PEA based on data collected from at least 2 test wells completed combined with extraction results from both/either LI Extraction Tech or another technology partner
- Enter into a formal develop plan with a lithium extraction technology partner to develop a commercial processing facility.
"We have clear strategy and work plan designed to build upon the robust results from our Mansur Permit Area in order to accelerate completion of a PEA," said Rob Gamley , CEO of EMP. "We anticipate being very active for the remainder of 2022 and firmly believe that exploration and development of our Direct Lithium Extraction (DLE) amenable assets in mining and business friendly Saskatchewan allows for significant value generative opportunities for the Company and its stakeholders." Mr. Gamley added, "Our confidence in the long-term outlook for developing the domestic lithium supply chain remains intact, most recently with agreements from two German automakers supporting significant potential for Canada's battery minerals sector. 1 EMP aims to play a key role in managing supply chain risks for lithium thereby facilitating the clean energy transition."
1 Source, Online: https://www.cbc.ca/news/canada/sudbury/deal-volkswagen-mercedes-mining-1.6559971
Qualified Person
The technical content of this news release has been reviewed and approved by Greg Bronson , P. Geo., a qualified person for the purpose of National Instrument 43-101.
About EMP Metals
EMP Metals is a Canadian-based exploration company focused on the acquisition and exploration of mineral projects with significant development potential. Its current portfolio of lithium brine properties consists of 37 permits totaling 212,633 acres (86,050 hectares) of Subsurface Crown Mineral Dispositions in the Williston basin of Southern Saskatchewan . Brine sampling of a vertical wellbore located on one of the properties returned lithium concentrations in the Duperow formation up to 96.3 mg/l. For more information, please go to the Company's website at www.empmetals.com .
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. EMP Metals cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond EMP Metals' control. Such factors include, among other things: risks and uncertainties relating to EMPÂ Metals' limited operating history, ability to obtain sufficient financing to carry out its exploration and development objectives on its mineral properties, obtaining the necessary permits to carry out its activities and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, EMP Metals undertakes no obligation to publicly update or revise forward-looking information.
Neither the Canadian Securities Exchange ("CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE EMP Metals Corp.
View original content: https://www.newswire.ca/en/releases/archive/September2022/13/c5162.html
