Grounded Lithium Engages Hatch Ltd to Conduct Evaluation of Direct Lithium Extraction Technology Alternatives
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CALGARY, AB, Oct. 19, 2022 /CNW/ - (TSX.V: GRD) - Grounded Lithium Corp. ("GLC" or the "Company") is pleased to announce it executed a Direct Lithium Extraction ("DLE") Testwork Support & Evaluation contract with Hatch Ltd. (the "Hatch Contract"). Working with GLC's in-house expertise, Hatch will advance the Company's strategy to evaluate available DLE alternatives and chose the one that preferentially extracts lithium from the Company's brine resources.
Hatch Ltd. ("Hatch") is an internationally recognized engineering, project management and professional services firm. Hatch has considerable experience in direct lithium extraction starting its engineering services in this area in 2010 completing noteworthy reviews, assessments and project commissioning in over 50 different lithium projects worldwide ranging from unconventional brine resources in legacy oilfields, salars, geothermal, tailings and other lithium resources. In particular, Hatch has relevant experience on other Western Canadian lithium brine projects. GLC's in-house consultant, Wayne Monnery, who holds a PhD. in chemical engineering with experience in DLE technologies, will work closely with Hatch to advance our understanding of a variety of unique technology providers leading to a selection of a preferred vendor.
The Hatch Contract will span four to five months. Initially, this assessment will focus on up to four diverse possible technologies. Following completion of initial reviews, two main technologies will be selected for bench-scale testwork that culminates in one chosen technology to serve two main near-term objectives: (1) provide inputs to a fulsome Preliminary Economic Assessment, and (2) form the basis of the Company's lab pilot leading into a commercial demonstration facility or field pilot. With Hatch's prior experience in this area and specifically on other Western Canadian lithium from brine projects, the Company leverages both time and resources to achieve meaningful results in a timely fashion.
"We are extremely delighted to be working with such an industry recognized expert in this field as we select the most appropriate extraction and processing technology for our Kindersley Lithium Project," commented Gregg Smith, President & CEO. "We have remained steadfast to our core value of being a resource development company first and foremost. The Hatch Contract enables GLC to allocate manpower and capital to activities which prove the extent and deliverability of our resource base and enhancing the corporate profile in the public markets, while at the same time advancing the very important technology assessment with minimal capital. The analysis and future plans benefit from the extensive brine production data collected in the field from GLC's independent operations. Our technical team can work collaboratively with Hatch in this crucial process to select the methodology that moves our project forward and maximizes value creation."
GLC is a publicly traded lithium brine exploration and development company that controls 2.9 million tonnes of lithium carbonate equivalent of inferred resource over our focused land holdings in Southwest Saskatchewan. GLC's multi-faceted business model involves the consolidation, delineation, exploitation and ultimately development of our opportunity base to fulfill our vision to build a best-in-class, environmentally responsible, Canadian lithium producer supporting the global energy transition shift.
This press release may contain forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws. The opinions, forecasts, projections and statements about future events of results, are forward looking information, forward-looking statements or financial outlooks (collectively, "forward-looking statements") under the meaning of applicable Canadian securities laws. These statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by GLC that the Company believes these forward-looking statements continue to be true as of any subsequent date. Although GLC believes that the assumptions underlying, and expectations reflected in, these forward-looking statements are reasonable, it can give no assurance that these assumptions and expectations will prove to be correct. Such statements include, but are not limited to, statements regarding the term of the Hatch Contract, the expected results of the Hatch Contract, working with Hatch to select lithium extraction technologies and lithium extraction technology providers, the assessment of lithium extraction technologies, the ability to allocate capital and manpower to activities which proves the extent and deliverability of the Company's resource base, enhancing the Company's profile in the public markets, advancing the technology assessment with minimal capital,, commercializing GLC's operations, and GLC's vision of becoming a best-in-class, environmentally responsible, Canadian lithium producer supporting the global energy transition
Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: GLC's expectation that its operations will be in Western Canada, unexpected problems can arise due to technical difficulties and operational difficulties which impact the production, transport or sale of our products; lithium extraction technologies and providers may not prove to be successful or may be more costly than anticipated, geographic and weather conditions can impact the production; the risk that current global economic and credit conditions may impact commodity prices and consumption more than GLC currently predicts; the failure to obtain financing on reasonable terms; the risk that unexpected delays and difficulties in developing currently owned properties may occur; the failure of drilling to result in commercial projects; unexpected delays due to the limited availability of drilling equipment and personnel; and the other risk factors detailed from time to time in GLC's periodic reports. GLC's forward-looking statements are expressly qualified in their entirety by this cautionary statement.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
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 news release.
SOURCE Grounded Lithium Corp
Gregg Smith, President & CEO, [email protected]; Greg Phaneuf, VP Finance & CFO, [email protected]; Phone: 587.319.6220
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