Ucore Rare Metals (TSX VENTURE:UCU)(OTCQX:UURAF) (“Ucore” or the “Company”) is pleased to update on progress made towards monetizing rare earths and other valuable constituent metals from Alberta oil sands process tailings.
In 2016, Ucore announced that it partnered with a Major Alberta Oil Sands Producer (“MOSP”), the identity of which is being held in confidence at the request of the partner. The MOSP has developed a proprietary process for the extraction of a metals-rich mixed concentrate from Alberta oil sands bitumen (the “Bitumen Metals Extraction” process, or “BMX”). BMX has been designed specifically for the benefaction of Athabasca oil sands, with prospective licensing opportunities beyond Alberta with a customized process to treat other species of oil sands at a world level.
The oil sands concentrate (“BMX Concentrate”) is now being advanced by Ucore to generate a Pregnant Leach Solution (“PLS”) suitable for submission to a Molecular Recognition Technology (“MRT”) metals separation circuit.
Jim McKenzie, President and CEO of Ucore, said:
“The potential for MRT to liberate untapped value from oil sands production is significant. The unlocking of previously inaccessible products speaks to increased valuations for each incremental barrel of heavy crude.
High-value commodities such as REE, titanium, scandium, niobium, vanadium, tantalum, and a host of other tech metals are in the offing. The MOSP has already generated a high-quality BMX Concentrate for prospective metals extraction, which in itself is a significant accomplishment. We’re pleased that MRT has been selected as a high potential final-stage separation platform for this important initiative.”