Volt Lithium Corp. (TSX-V: VLT, OTCQB: VLTLF, FSE: I2D)
(“
Volt” or the “
Company”) is very
pleased to announce the results from a successful pilot project to
test its proprietary direct lithium extraction
(“
DLE”) technology in a simulated commercial
environment (the “
Pilot Project”). The Pilot
Project proved the Company’s ability to achieve lithium recoveries
of 90% based on concentrations of only 34 mg/L. The Company also
simulated operating conditions at concentrations of 120mg/L and
achieved recoveries of up to 97% with operating costs under
CAD$4,000 per tonne, assuming sustained average annual production
of 20,000 tonnes (tpa) of lithium hydroxide monohydrate
(“
LHM”). Further, in an unprecedented result, the
Pilot Project proved Volt’s DLE technology can maintain 90% lithium
recoveries in concentrations as low as 34 mg/L, and still maintain
commercial economics, an achievement that has yet to be reported by
other lithium producers.
“Volt has achieved remarkable and
ground-breaking results through the Pilot Project, and achieved an
impressive 97% recovery rate with 120 mg/L concentrations under
simulated operating conditions. I want to thank the entire R&D,
operational and engineering teams for their dedication and hard
work in successfully executing this first phase,” commented Alex
Wylie, President and CEO of Volt. “These results confirm that
Volt's proprietary technology is a true game-changer. With this
accomplishment, we are poised to lead the way in North America as
the first commercial producer of lithium from oilfield brines,
which we are targeting for the second half of next year.”
Volt is pleased to be participating in a webinar
hosted by Energy Prospectus Group later this morning, Wednesday,
May 24 at 11AM ET (9AM MT / 8AM PT) to discuss the Company, the
significance of these results and what lies ahead for Volt and its
stakeholders. All interested parties are encouraged to join the
live webinar by clicking HERE.
PILOT PROJECT PROVES COMMERCIALITY
OF VOLT’S TECHNOLOGY
In March of 2023, Volt commenced its Pilot
Project which was designed to simulate a commercial operating
environment and allow the Company to confirm economic recoveries of
lithium at concentrations of up to 120 mg/L, an equivalent
concentration to that found in the Muskeg aquifer at Volt’s Rainbow
Lake Property as outlined in the Company’s press release issued May
18, 2023. The Pilot Project enables Volt to verify the extraction
capabilities of its IES-300 technology and to determine operating
costs for the DLE process, a key factor in determining viability
for commercial applications and ultimate profitability.
The Company consistently achieved extraction
recoveries up to 90% using IES-300 at low lithium concentrations of
34 mg/L. Volt simulated pilot conditions using brine concentrated
to 120 mg/L and achieved lithium extraction results as high as 97%
with realized operating costs of less than CAD$4,000 per tonne,
assuming sustained average production of 20,000 tpa of LHM. The
Company intends to process brines with lithium concentrations of
120 mg/L through the Pilot Project in the next week to validate in
practice the results Volt realized in its simulated
environment.
As outlined in the Company’s technical
report, Volt has a total inferred mineral resource of 4.3
million tonnes of lithium carbonate equivalent
(“LCE”) (4.9 million tonnes of LHM) at its Rainbow
Lake property, more than 215 times its targeted sustained average
production of 20,000 tpa, with lithium concentrations as high as
121 mg/L. This affords Volt ample brine sources at varying lithium
concentrations in its current asset base to continue advancing
commercial development, including commencing discussions to secure
the required refining infrastructure needed to generate commercial
quantities of LHM.
Volt’s R&D and operational team, led by Dr.
John McEwen, PhD, Chem, believe the operating conditions have been
successfully achieved for lithium extraction culminating in a
successful Pilot Project.
PROPRIETARY TWO-STAGE DLE TECHNOLOGY
PROCESS
Volt’s proprietary DLE technology involves a
two-stage process to extract lithium from oilfield brine. In Stage
One, the oilfield brine is treated using proven equipment and
established processes, and during the Pilot Project, Volt confirmed
the ability to effectively remove up to 99% of contaminants in the
preparation of clean brine for the DLE process. This is critical as
having contaminants in the brine causes interference during the DLE
process and can lead to uneconomic processes.
Please click here to view image
In Stage Two, Volt uses the Company’s
proprietary IES-300 technology to extract lithium from the brine,
which is concentrated down into a lithium chloride solution that
will ultimately be upgraded to LHM, an essential raw material
required for batteries, and in particular, electric vehicle
batteries. Volt's IES-300 technology reduces the amount of re-agent
required to treat oilfield brine as it enters the extraction
process.
The combination of continued high lithium
extraction levels, a streamlined process and ongoing efficiency
improvements has resulted in lower operating costs for Volt,
demonstrated at less than CAD$4,000 per tonne in the Pilot Project,
driving robust economics that can support sustainability and
anticipated profitability over the long-term.
STRATEGIC IMPORTANCE OF PILOT PROJECT
BREAKTHROUGH
While the Company’s asset base offers
significant development opportunities at the higher lithium
concentration levels, Volt recognized that expanding its asset base
and access to brine necessitates achieving extraction recovery
levels of at least 90% using brine that contains much lower lithium
concentrations.
Through the Pilot Project, the Company simulated
a number of operating conditions and various cycle times for its
proprietary IES-300 technology in order to determine the parameters
for eventual commercial operations and confirm IES-300 was robust
enough to successfully extract lithium from the lowest
concentration brine in oilfields and other reservoirs. Volt
succeeded in achieving recoveries of 90% at concentrations as low
as 34 mg/L, with the operating costs associated with varying
concentration levels under commercial operating assumptions shown
in Figure A. This technological discovery effectively opens up
multiple oilfield reservoirs across North America that can now
offer commercial lithium extraction using Volt’s proprietary DLE
process.
The operating cost estimates presented in Figure
A included reagent, direct and indirect costs for the DLE process,
with approximately 63% of the total operating costs based on usage
of reagent and other consumables that are required to extract
lithium from the brine, as well as conversion to LHM. Since the
Company did not seek to optimize reagent usage during the Pilot
Project, Volt anticipates that future reagent consumption can be
optimized and will be explored once a permanent pilot plant is
commissioned.
NEXT STEPS
Based upon the successful execution of the Pilot
Project, Volt will look to establish a permanent pilot plant in
order to continue refining its IES-300 technology, test the
optimization of reagent usage, and continue to improve operating
conditions with the goal of continually driving down operating
costs to achieve improved economics that underpin commencing
commercial operations.
In addition, Volt will continue to focus on
upgrading its resource estimate and commencing the preparation of a
Preliminary Economic Assessment based on the successful extraction
and operating results of this Pilot Project and the Company’s
recently published NI 43-101 resource report. Volt will also
advance the engineering design phase to determine the optimal
commercial parameters for its DLE process which will ultimately
support the achievement of commercial production by the second half
of 2024.
QUALIFIED PERSON
Scientific and technical information contained
in this press release has been prepared under the supervision of
Doug Ashton, P.Eng, and Meghan Klein, P.Eng of Sproule Associates
Limited, each of whom are qualified persons within the meaning of
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”).
About Volt
Volt is a lithium development and technology
company aiming to be North America’s first commercial producer of
LHM and lithium carbonates from oilfield brine. Our strategy is to
generate value for shareholders by leveraging management’s
hydrocarbon experience and existing infrastructure to extract
lithium deposits from existing wells, thereby reducing capital
costs, lowering risks and supporting the world’s clean energy
transition. With four differentiating pillars, and a proprietary
Direct Lithium Extraction (“DLE”) technology, Volt’s innovative
approach to development is focused on allowing the highest lithium
recoveries with lowest costs, positioning us well for future
commercialization. We are committed to operating efficiently and
with transparency across all areas of the business staying sharply
focused on creating long-term, sustainable shareholder value.
Investors and/or other interested parties may sign up for updates
about the Company’s continued progress on its website:
https://voltlithium.com/.
Contact Information
For Investor Relations inquiries or further
information, please contact:
Alex Wylie, President &
CEO awylie@voltlithium.com M:
+1.403.830.5811
Forward Looking Statements
This news release includes certain
“forward-looking statements” and “forward-looking information”
within the meaning of applicable Canadian securities laws. When
used in this news release, the words “anticipate”, “believe”,
“estimate”, expect”, “target”, “plan”, “forecast”, “may”, “would”,
“could”, “schedule” and similar words or expressions, identify
forward-looking statements or information. Statements, other than
statements of historical fact, may constitute forward looking
information and include, without limitation, statements about
future exploration activities; the preparation and disclosure of a
NI 43-101 technical report; the merits of the Rainbow Lake Project;
the disclosure of additional technical information and recommended
exploration activities for the Rainbow Lake Project; the financial
position, assets, liabilities and loss position of Volt; Volt’s
future financial commitments; Volt’s expected financial position
and financial commitments following completion of the Acquisition;
the satisfaction of closing conditions and completion of the
Acquisition; the merits of the Acquisition; the ownership and
management of the Company upon closing; the minerals targeted by
Volt; that the Acquisition accelerates the execution of the
Company’s strategy; and the expected closing of the Acquisition.
Forward-looking statements and forward-looking information also
include any statements relating to future mineral production,
liquidity, enhanced value and capital markets profile of Volt ,
future growth potential for Volt and its business, and future
exploration plans. With respect to the forward-looking information
contained in this news release, the Company has made numerous
assumptions regarding, among other things, the closing of the
Acquisition; the approval of the TSXV; and the ability of the
parties to complete the Acquisition as contemplated in the
Agreement. Assumptions have also been made regarding, among other
things, the price of copper, lithium and other metals; no
escalation in the severity of the COVID-19 pandemic; costs of
exploration and development; the estimated costs of development of
exploration projects; Volt’s ability to operate in a safe and
effective manner and its ability to obtain financing on reasonable
terms, that the geological, metallurgical, engineering, financial
and economic advice that the Company has received is reliable and
are based upon practices and methodologies which are consistent
with industry standards. While the Company considers these
assumptions to be reasonable, these assumptions are inherently
subject to significant uncertainties and contingencies and may
prove to be incorrect. Additionally, there are known and unknown
risk factors which could cause the Company’s actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking information contained herein. Known risk
factors include, among others: fluctuations in commodity prices and
currency exchange rates; uncertainties relating to interpretation
of well results and the geology, continuity and grade of mineral
deposits; uncertainty of estimates of capital and operating costs,
recovery rates, production estimates and estimated economic return;
inability to obtain TSXV approval on terms acceptable to the
Company and the Vendors; inability to satisfy the closing
conditions of the Agreement; inability to realize the expected
synergies from the Acquisition; the need for cooperation of
government agencies in the exploration and development of
properties and the issuance of required permits; the need to obtain
additional financing to develop properties and uncertainty as to
the availability and terms of future financing; the possibility of
delay in exploration or development programs or in construction
projects and uncertainty of meeting anticipated program milestones;
uncertainty as to timely availability of permits and other
governmental approvals; increased costs and restrictions on
operations due to compliance with environmental and other
requirements; increased costs affecting the metals industry and
increased competition in the metals industry for properties,
qualified personnel, and management. All forward-looking
information herein is qualified in its entirety by this cautionary
statement, and the Company disclaims any obligation to revise or
update any such forward-looking information or to publicly announce
the result of any revisions to any of the forward-looking
information contained herein to reflect future results, events or
developments, except as required by law.
Volt Lithium (TSXV:VLT)
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