Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce that has closed its previously announced non-brokered private placement offering of 4,803,329 units (the "Units") at a price of $0.50 per Unit for gross proceeds of $2,401,665 (the "Offering"). Each Unit consists of one common share in the capital of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share (a "Warrant Share") for a period of 24 months following the date of closing of the Offering (the "Closing Date", being the date hereof) at an exercise price of $0.75.
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Appointment Of Exploration Manager To Advance Gascoyne Projects
Reach Resources Limited (ASX: RR1 & RR1O) (“Reach” or “the Company”) is pleased to announce the successful appointment of highly experienced geologist Steve Vallance to the position of Exploration Manager, effective immediately.
Mr. Vallance’s appointment follows the Company’s acquisition of two highly prospective projects in the emerging critical minerals Gascoyne region of Western Australia, including the successful capital raise of $2.0M from sophisticated and professional investors.
Mr. Vallance has over 35 years’ experience across a range of commodities including nickel, lithium, manganese and gold with a solid track record of building strong and cohesive exploration teams. He will also serve as the Company’s ongoing Competent Person.
Most notably Mr. Vallance was Chief Exploration Geologist with Jubilee Mines for almost 10 years and co-lead the discovery of several major Nickel Sulphide deposits which ultimately led to the $3.3B takeover by Xstrata Nickel. However, it is Mr. Vallance’s most recent work with lithium and manganese exploration that arms the Company with the technical exploration expertise it needs to interrogate its newly acquired Morrisey Hill Lithium and White Castles Manganese projects.
Mr. Vallance's immediate task will be to conduct a detailed review of the Targeting Report from expert geological consultants RSC which is due this week and which will provide the basis for the design and implementation of the optimal exploration programs for each of the Company’s Gascoyne projects.
CEO Jeremy Bower said,
“This appointment represents the next step in our strategic plan for the Company. We have recently completed transformative acquisitions to dramatically increase our land holding in arguably one of the country’s hottest emerging critical minerals regions and with Steve’s appointment we now have a highly experienced geologist to lead our exploration programs. I have no doubt that Steve will be a great fit for Reach and I look forward to working together with him and building a strong and focused team as we move towards our maiden drilling program in the Gascoyne.”
This announcement has been authorised by the Board of Reach Resources Limited
Click here for the full ASX Release
This article includes content from Reach Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Odessa Minerals: Exploring for Lithium and Rare Earths in Western Australia's Resource-rich Gascoyne Region
Quarterly Activities/Appendix 5B Cash Flow Report
Reach Resources Limited (ASX: RR1) (“Reach” or “the Company”) provides its activities report for the quarter ended 30 June 2023.
High-Grade Lithium Results at Yinnetharra (15 May 2023)
- Lithium mineralisation confirmed with rock chip samples reporting highly encouraging assays of up to 2.3% Li2O (lithium oxide); 4295ppm Cs (caesium) and 705.8ppm Ta2O5 (tantalum oxide).
- Multiple large, strike extensive, lithium-bearing pegmatites of the Spodumene-Petalite Subtype (Featherstone, J.M, 2004) confirmed at the Company’s Yinnetharra tenements, directly adjoining Delta Lithium (ASX: DLI) and Minerals 260 (ASX: MI6).
- Results from the Bonzer include:
- 23RRRK0003 - 14,422ppm or 1.4% Li2O, 2873ppm Cs ,714.4ppm Ta2O5 and 4891ppm Rb.
- 23RRRK0002 - 12,832ppm or 1.3% Li2O, 2205ppm Cs, 243.4ppm Ta2O5 and 4108ppm Rb.
- Results from the Bonzer include:
Outcropping Copper Gossan Delivers 33% Cu Assays (18 May 2023)
- High grade copper-oxide mineralisation (malachite) confirmed at the Company’s Morrissey Hill Project, Yinnetharra with rock chip samples reporting highly encouraging assays of up to 33.2% Cu; 0.2 g/t Au and 141.8g/t Ag.
14.3% Niobium & 70.3% HREO-Rare Earth Element NYF Pegmatite (1 June 2023)
- Sensational high-grade results from surface eluvial samples at Wabli Creek, Yinnetharra
- 14.3 % Nb2O5, 6.7% Ta2O5, 3689 ppm TREO with 70.3% HREO
- Independent geological experts RSC have advised that the consistent high-grade niobium and HREO is associated with a ~2.5km long rare element pegmatite swarm identified from historical records at Wabli Creek
- Importantly the mineralisation likely extends under cover (Jacobson et al, 2007)
- Source of high-grade niobium and heavy rare earth oxide (HREO) results confirmed as a rare element pegmatite swarm with niobium, yttrium, fluorine (NYF) geochemical signature
- Rare element (NYF) pegmatites are characterised by their unusual enrichment of niobium and heavy rare earth elements (HREE), in contrast to clay hosted or carbonatite deposits which predominantly contain light rare earth elements (LREE)
- Confirmation of a rare element pegmatite system increases the likelihood of identifying additional high-grade niobium and HREE which are listed as critical minerals by governments worldwide
Latest Assay Results Return up to 10.3% Niobium (28 June 2023)
- Spectacular assay results received from the latest surface eluvial and rock samples taken at the Wabli Creek rare element (NYF) pegmatite field have returned high grade niobium of 10.3% Nb2O5 (23RRRK243) and 2.6% Nb2O5 (23RRRK244). Additional anomalous rare earth elements (REE) results returned of up to 7082 ppm TREO.
- Importantly, samples from the latest program were taken up to 400m east of the previously mapped north-west pegmatite trend spanning ~1.5km, which returned results up to 14.3% Nb2O5, 6.7% Ta2O5, 3689 ppm TREO
- Latest results indicate a potential stacked pegmatite sequence and/or a new niobium/REE mineralisation source.
Click here for the full ASX Release
This article includes content from Reach Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Outcropping Copper Gossan Delivers 33% Cu Assays At Morrissey Hill Project, Yinnetharra
Reach Resources Limited (ASX: RR1 & RR1O) (“Reach” or “the Company”) is pleased to announce that it has received high grade copper, gold and silver results up to 33% copper, 0.2g/t gold and 142g/t silver from its recently completed rock chip sampling program at the Company’s Morrissey Hill Project, Yinnetharra, W. A (Refer to Figure 4).
HIGHLIGHTS
- High grade copper‐oxide mineralisation (malachite) confirmed at the Company’s Morrissey Hill Project, Yinnetharra with rock chip samples reporting highly encouraging assays of up to 33.2% Cu; 0.2 g/t Au and 141.8g/t Ag. (Figure 1).
- Results follow Morrissey Hill assays of up to 2.3% Li2O (ASX Announcement 15 May 2023).
- Mineralisation at the Swallowtail Copper Prospect was mapped over a strike length of at least 150m and remains open in all directions.
- Significant results include:
- 33.2% Cu, 0.2g/t Au and 141.8g/t Ag (23RRRK0039).
- 14.7% Cu, 0.02g/t Au and 55.6g/t Ag (23RRRK0042).
- 4.2% Cu, 0.3g/t Au and 5.7g/t Ag (23RRRK0041).
- 2.3% Cu, 0. 2g/t Au and 5.0g/t Ag (23RRRK0043).
- Historical sampling 3.0km’s west of Swallowtail could potentially extend the strike with historical results returned:
- 18.5% Cu, 1.1g/t Au and 6.8g/t Ag
- 18.5% Cu, 1.1g/t Au and 6.8g/t Ag
- The rock chip results confirm the Company’s targeting methodology and the potential of the area to host significant mineralisation.
- Morrissey has never been drilled & geochemical surveys planned to commence next week.
Commenting on the results CEO Jeremy Bower said:
“The Morrissey Hill tenement at our Yinnetharra Project continues to deliver. These are outstanding copper results and in conjunction with the 2.3% Li20 announced earlier this week, it is clear how prospective the ground is. We’re focused on sourcing the critical and battery minerals of the future and copper is an important part of our strategy. Despite several world class copper‐gold and polymetallic base metal deposits in the East Capricorn Orogen, the West Capricorn and Gascoyne has been massively under‐ explored. We see this as a huge opportunity.
Importantly, we are fully funded to complete our field programs and drilling campaigns earmarked for this year. Our focus remains on thorough geochemical assessment of each target and getting drill rigs out to Morrissey Hill as soon as possible. This will mean consistent news flow for our shareholders over the coming months.”
FIGURE 3: Morrissey Hill showing location of the Swallowtail Prospect along Stringer Fault line
FIGURE 4: Regional location of Reach Yinnetharra projects
The rock chip results confirm the Company’s targeting methodology and the potential of the area to host significant mineralisation. Systematic surface geochemical surveys including soils, stream sediment and rock chip sampling are planned to commence immediately. Results from this work will guide follow up programs which if warranted may include electromagnetic geophysical surveys and drill testing of priority targets.
The results were reported from an outcropping quartz‐veined gossan, the Swallowtail Prospect, showing visible malachite (copper‐oxide) over a strike length of approximately 150m. The gossan strikes east‐ west, appears to dip steeply towards the south and remains open in both directions. A single historical sample located some 3.0km’s west of Swallowtail, and within the same structural corridor, also reported high grade copper, gold and silver assays indicating a potential strike length of the target zone in excess of 3km’s (Refer to Figure 3).
Click here for the full ASX Release
This article includes content from Reach Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Reach Resources’ Strategic Position Between Two of WA’s Mining Heavyweights
Reach Resources’ (ASX:RR1) strategic position with its Morrissey Hill project has placed the critical mineral explorer on the radar of two of Western Australia’s mining giants Delta Lithium (ASX:DLI) and Minerals 260 (ASX:MI6), according to an article published in The West Australian.
“While Delta and Minerals 260 have between them wrapped up what appears to be the region’s prime ground, both of their maps show a glaring and curious anomaly. Closer inspection reveals that a reasonable chunk of ground, right in the middle of the two bigger players, is held by the $10m market-capped Reach Resources,” the article said.
Reach acquired the Morrissey Hill lithium project in February, at the same time that it acquired the Camel Hill and White Castles tenements prospective for rare earths and manganese, respectively, covering four tenements. Morrissey hosts historical, high-grade lithium, tantalum, rubidium, caesium and niobium, according to Reach.
Click here to connect with Reach Resources’ Limited (ASX:RR1) for an Investor Presentation.
Multiple New Lithium (LCT) Pegmatite Targets Confirmed
Reach Resources Limited (ASX: RR1 & RR1O) (“Reach” or “the Company”) engaged globally renowned geological consultants RSC Consultants Limited (RSC) to assess the potential of the Company’s Gascoyne projects for:
- Lithium (Li): hard rock, high grade LCT Pegmatites
- Rare Earth Elements, Heavy and Light (HREE; LREE): clay/hard rock hosted
- Manganese (Mn): high grade strata bound, supergene, and• Precious and base metals (Au; Ag; Cu-Pb-Zn)
HIGHLIGHTS
- Independent geological experts RSC consultants have identified four priority target areas for Lithium-Caesium-Tantalum (“LCT”) Pegmatites within the Company’s Critical Elements Projects, located in the centre of the rapidly developing Gascoyne “Battery Metals” Province, WA
- Each of the target areas are associated with confirmed fertile parental granites of the Thirty Three and Durlacher Supersuites and contain the same metasedimentary sequences which host Red Dirt Metals (ASX: RDT) Yinnetharra Lithium Project, less than 10 km’s to the NE of Reach Resources’ tenure
- All of the targets are defined by favourable geology, multi-element pathfinder geochemistry and the presence of mapped Geological Society of Western Australia (GSWA) Tin, Tantalum and Lithium pegmatites
- A helicopter supported field reconnaissance program has been initiated to assess the priority areas in more detail
- Drilling of priority targets is scheduled to commence in CY Q3/4 2023 once all regulatory approvals are received
CEO Jeremy Bower commented:
“RSC’s independent expert analysis confirms our belief that our landholding in the Gascoyne has the potential to host significant battery metal deposits.
Phase 1 of the assessment focused on the lithium potential at our Critical Elements Projects and has not only cemented Morrissey Hill as our primary lithium target but importantly has identified three new lithium target areas. Each of the areas are defined by the presence of a highly fertile parent granite and supported by key multi-element geochemistry including lithium, caesium, tantalum, tin and rubidium which are all well documented associations of lithium bearing “rare metal” LCT pegmatite mineral systems.
This is an exciting time for the Company and our shareholders, and we look forward to delivering updates to the market over the coming months. The Future is within Reach”.
Phase 1 of the assessment focused on the lithium potential of the Company’s Critical Elements Projects which includes the newly acquired Morrissey Hill and Camel Hill projects as well as the Wabli Creek project (Figure 1).
Figure 1: Critical Elements Projects
The assessment included a review of relevant deposit models and mineralisation styles of interest, regional and local geology, local mineral systems, academic papers, open file company and government reports and all available geochemical, geophysical and remote-sensed data sets.
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This article includes content from Reach Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Positive Feasibility Study Demonstrates Profitable Magnet Recycling Business in UK
Landmark Belfast facility backed by UK Government shows strong returns and supply chain engagement
Ionic Rare Earths Limited (“IonicRE” or the “Company”) (ASX: IXR) wholly owned subsidiary Ionic Technologies is on track for the development of a unique commercial REO manufacturing facility in Belfast, UK, following the successful completion of a Feasibility Study that demonstrates both strong financial returns and environmental sustainability. The study positions Ionic Technologies as the ‘first mover’ in the development of a sustainable, traceable and sovereign UK/Europe supply chain, meeting the demands of the net-zero transition, advanced manufacturing and defence.
- Feasibility Study shows strong potential for profitable and unique commercial Rare Earth Oxide (REO) manufacturing facility in Belfast, UK, recycling pre- consumer rare earth magnet scrap and end-of-life (EOL) magnets and delivering sovereign capability to the UK;
- Key study outcomes:
- NPV7.5 (post tax) of US$502m (A$776m, A$ = US$0.65);
- IRR (post tax) of 43.6%;
- Net revenue US$2.12b (A$3.26b);
- EDITDA US$1.78b (A$2.76b);
- Capital payback of 2.4 years, based on throughput of 1,200 tonnes per annum (tpa) of feed with production capacity of 400 tpa of separated magnet rare earth oxides (REO) over 20-year life of operation;
- IonicRE is progressing site permitting, with construction planned to be completed late 2026, delivering sovereign magnet REO for Western customers from early 2027; and
- Ionic Technologies set to submit application for a significant capital grant from the UK Government via the Automotive Transformation Fund (ATF), administered by the Advanced Propulsion Centre (APC), for automotive manufacturing and sovereign rare earth supply chain.
Commenting on the study, IonicRE’s Managing Director, Tim Harrison said: “The completion of this Feasibility Study is a major milestone in our Company’s development of a Western rare earths supply chain, initially centred on Belfast, UK. I congratulate our team at Ionic Technologies and all our partners for these outstanding results.
“The study confirms that the commercial case for magnet recycling is compelling, complementing the clear environmental and sustainability benefits, as well as the imminent need for REE production outside of China. Financially, this represents a low capital risk pathway to sovereign magnet REO production compared to alternative sources, offering strong financial returns based on a ‘circular economy’ model of sustainable production, backed by the UK Government and our project partners.
“Even at today’s REO spot prices, this study indicates a viable, positive NPV business due to our unique low cost, patented recycling process for separating magnet rare earths without requiring mining. Now that we have successfully delivered on this UK-Government supported study, we anticipate significant strategic and investor interest owing to the potential for the development to underpin UK and European net-zero ambitions, create supply certainty, reduce exposure to cost fluctuations and promote regional growth within the UK.
“The Company also intends to utilise this study to progress further opportunities in target markets – the US, Europe, Brazil and Asia – where we expect further improvement on the economics.
“We are now moving to secure feedstock and offtake agreements, enabling Ionic Technologies to capitalise on its leading market position and technical capability to deliver benefits for all stakeholders. With more than 50% of the global production of NdFeB magnets consumed for decades in the West, a sizeable inventory of material is available to recycle back into new supply chains now.”
Table 1 below highlights the Belfast facility’s positive projected financial returns.
Table 1: Summary of financial metricsExchange Rates used, 1 GBP = 1.28 US$, 1 A$ = 0.65 US$.
Designed for a brownfield site located in Belfast Harbour, the planned commercial-scale plant would represent a 40-fold increase in production capacity (400 tpa) from the Demonstration Plant (10 tpa). The process design is modular, with the plant comprising of two 200 tpa production lines, allowing for scale-up flexibility and parallel REO separation activity.
The completion of the Feasibility Study, and ongoing completion of the FEED Study allows prioritisation of commercial offtake agreements for high purity, separated magnet REO products – didymium oxide ((NdPr)2O3), dysprosium oxide (Dy2O3) and terbium oxide (Tb4O7). Additionally, functionality for separated neodymium oxide (Nd2O3) and praseodymium oxide (Pr6O11) is also under further investigation driven by appetite in several industries beyond the magnet supply chain.
Given the nature of the design, and the potential to quickly replicate capacity in other target markets, a bare module cost has been developed independent of additional site-specific costs in Belfast. The study reflects a 20-year operational life for the Belfast magnet recycling facility.
Click here for the full ASX Release
This article includes content from Ionic Rare Earths, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Sale of Crossroads Gold Royalty for A$4 Million Cash
CuFe Ltd (ASX: CUF) (CuFe or the Company) is pleased to announce that its wholly owned subsidiary Jackson Minerals Pty Ltd (Jackson) has entered into a binding sale and purchase agreement with Northern Star (Saracen Kalgoorlie) Pty Ltd and Northern Star (KLV) Pty Ltd (collectively Northern Star) for the sale of Jackson’s 2% Net Smelter Royalty over Northern Star’s Crossroads gold project.
HIGHLIGHTS
- Sale of Crossroads gold royalty to project owner Northern Star for $4m cash.
- Deal fast tracks receipt of funds and offers a certain outcome rather than waiting for royalty payments to commence after mine development occurs and ore processing commences.
- Funds to be used to progress works on CuFe’s prospective suite of exploration and development assets, including at its advanced 55% owned Tennant Creek Copper / Gold project, which hosts an existing JORC resource of 7.3MT of Copper at 1.7% and 0.6g/t Gold (refer to ASX announcement 3 April 2023).
- The Tennant Creek region has been the focus of considerable activity recently. In addition to CuFe’s collaboration agreement with Emmerson Resources and Tennant Mining (refer ASX announcement 28 October 2024), AIM and JSE listed gold miner Pan African Resources has announced an agreement to purchase private Tennant Creek focused gold developer Tennant Creek Mining Group (TCMG) for US$54 million plus debt assumed, demonstrating its faith in the region.
Jackson was granted the royalty over Crossroads as part of the consideration for the sale of M24/462 (which hosts the deposit) to Barrick Gold in 2013 and following various assignments Northern Star is the current owner of that mining licence. As announced by CuFe on 31 May 2024 Northern Star received approval from the regulator DEMIRS for their mining proposal at Crossroads earlier this year which facilitates development of the project.
The sale and purchase agreement is expected to complete within 5 business days of signing unless otherwise agreed by the parties.
The Company intends to use the sale proceeds to progress its suite of exploration and development projects. This will focus on Tennant Creek but will include allocations to our other projects such as the prospective West Arunta region where a heritage agreement was recently signed to facilitate exploration and approvals for its Yarram iron ore project near Darwin.
CuFe Executive Director Mark Hancock commented“We are pleased to have been able to engage with Northern Star on their plans for Crossroads and this has assisted us in understanding the timing and tonnage potential of the royalty stream.
Having considered the pros and cons of holding the royalty through to commencement of mining operations and possibility receiving additional funds over a longer period of time, we believe the certainty of knowing what we will receive from the deal and being able to plan our work programs accordingly offers the best option for us.
The value of royalty streams is always uncertain when they form part of the consideration for a tenement sale so to receive $4m cash for an asset that was sold more than 10 years ago is a great result for CuFe and its shareholders.
The Tennant Creek area is hot right now and these funds will enable us to increase our focus there as well as on our other prospective projects.”
Click here for the full ASX Release
This article includes content from CUFE LTD, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Ucore Closes Private Placement Financing
Proceeds from the Offering are expected to be used for: (i) the finalization of upstream mixed-rare-earth feedstock agreements and also downstream customer offtake agreements for the Company's planned Strategic Metals Complex (Louisiana, USA) (the "SMC"); (ii) progressing engineering drawings and plans (currently ongoing) for the Company's planned SMC; (iii) debt servicing; and (iv) general corporate working capital purposes.
In connection with the Offering, the Company will issue a total of 21,000 Common Shares (the "Finder's Shares") to John Wilson, an arms-length finder. Pursuant to National Instrument 45-102 - Resale of Securities, the Common Shares and Warrants comprising the Units, including the Insider Units (as defined below), as well as any underlying Warrant Shares to be issued upon exercise of Warrants, are subject to a four-month and one-day hold period commencing on the Closing Date. The Finder's Shares will also be subject to a four-month and one-day hold period commencing on the date of issuance. Additional hold periods and/or trading or resale restrictions may also apply in the United States.
Pursuant to the Offering, certain insiders of the Company - being Pat Ryan (the Company's Chairman and CEO) and Orca Holdings, LLC ("Orca"), which is wholly owned by Randy Johnson (a director of the Company) - purchased a total of 2,856,330 Units (the "Insider Units") for gross proceeds to the Company of $1,428,165. As such, the Offering is considered a related party transaction within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Full details of the above-described transactions with Mr. Ryan and Orca will be disclosed on the System for Electronic Disclosure by Insiders (SEDI) at www.sedi.ca and, in the case of Orca, in an early warning press release and an early warning report available on the System for Electronic Document Analysis and Retrieval+ (SEDAR+) at www.sedarplus.ca. The Company anticipates that the Offering will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the subject matter of the Offering, nor the consideration to be paid, exceeded 25% of the Company's market capitalization. No new insiders and no control persons were created in connection with the closing of the Offering.
The Offering remains subject to the final approval of the TSX Venture Exchange (the "TSXV").
# # #
About Ucore Rare Metals Inc.
Ucore is focused on rare- and critical-metal resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore's vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.
Through strategic partnerships, this plan includes disrupting the People's Republic of China's control of the North American REE supply chain through the near-term establishment of a heavy and light rare-earth processing facility in the U.S. State of Louisiana, subsequent Strategic Metal Complexes in Canada and Alaska and the longer-term development of Ucore's 100% controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska, USA.
Ucore is listed on the TSXV under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX® Best Market under the ticker symbol "UURAF."
For further information, please visit www.ucore.com.
Forward-Looking Statements
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, events, or developments that the Company is pursuing are forward-looking statements, including without limitation, statements regarding the Company's use of proceeds of the Offering and expectations regarding the receipt of the necessary regulatory approvals for the Offering. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements.
For additional risks and uncertainties regarding the Company, the CDF, the Demo Plant and ongoing Programs (generally), see the risk disclosure in the Company's MD&A for Q2-2024 (filed on SEDAR+ on August 27, 2024) (www.sedarplus.ca) as well as the risks described below.
Regarding the disclosure above in the "About Ucore Rare Metals Inc." section, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future SMSs. Ucore has also assumed that sufficient external funding will be found to complete the Demo Plant demonstration schedule and also later prepare a new National Instrument 43-101 ("NI 43-101") technical report that demonstrates that the Bokan Mountain Rare Earth Element project ("Bokan") is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMCs and their construction. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSX™; RapidSX™ failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the SMCs; Ucore not being able to raise sufficient funds to fund the specific design and construction of the SMCs and/or the continued development of RapidSX™; adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Louisiana or Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority ("AIDEA") regarding the development of Bokan; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions.
Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of the content of this release.
CONTACTS
For additional information, please contact:
Mark MacDonald
Vice President, Investor Relations
Ucore Rare Metals Inc.
1.902.482.5214
mark@ucore.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230033
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ChemX Receives $661,890 R&D Refund
ChemX Materials Limited (ASX:CMX) (ChemX or the Company), an Australian high purity critical materials company and 100%-owner of the HiPurA® patented process to produce High Purity Alumina (HPA) in O’Connor, Western Australia is pleased to advise it has received its FY24 R&D Refund from the ATO.
- ChemX Receives $661,890 R&D Refund
- Radium Capital Facility Repaid
As announced to ASX on 6th September 2024, the Company obtained an advance against its expected R&D Return. The refund received extinguishes the facility taken out with Radium Capital for $442,000. After repayment of fees and charges for the facility the Company has received a surplus of $207,381. The surplus will be used towards working capital for the Company.
Figure 1 – ChemX HiPurA® Solvent Extraction (SX) module completed, pending energisation infrastructure installation
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This article includes content from ChemX Materials, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.Viridion Joint Venture Signs MOU for Rare Earth Magnet Supply in Brazil
Viridion, a joint venture between Ionic Rare Earths (ASX:IXR,OTC Pink:IXRRF) and Viridis Mining and Minerals (ASX:VMM), has signed a five year memorandum of understanding (MOU) with the owner of Lab Fab.
Lab Fab, which is owned by SENAI FIEMG Innovation and Technology Centre, is South America's first rare earth magnet laboratory. The facility is located in Brazil, which is looking to boost its rare earths presence.
The MOU will target the joint development and production of rare earth magnets at Lab Fab.
Under the agreement, the companies will look to pursue common areas of interest, including the supply of raw materials from Viridion to Lab Fab for pilot production of rare earth magnets.
“The production of magnet REOs within Brazil will enable the ramp up of magnet production capability at (Lab Fab), which is targeting a ramp up in NdFeB production to 100 tonnes per annum by the end of 2026,” said Ionic Managing Director Tim Harrison in the company's press release, shared with investors on November 6.
“We see the (joint venture) as the natural partner to help deliver this within the timeframe via recycling.”
He added that working with Lab Fab will also enable the recycling of waste streams produced as activities ramp up, allowing for the development of a secure neodymium magnet supply chain in Brazil.
Ionic and Viridis announced their intention to form the 50/50 Viridion joint venture this past April, saying that the goal was to advance rare earths separation, refining and recycling in Brazil. Their intent is to commercialise and implement separation and recycling technology developed by a subsidiary of Ionic at a separation plant in Brazil.
Ionic Executive Chair Brett Lynch said in last week's release that the company's magnet recycling technology based in Belfast, Ireland, is currently being fast tracked to commercialisation in UK and European markets.
"It is the potential replication of this technology into new markets in South America, North America and Asia that is extremely exciting for shareholders as we execute our global growth strategy, hyper-scaling this closed loop technology for the circular economy of the 21st century," he explained.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Up to 18% REE & 24% Copper PXRF Analyses in REE Line, Sweden - Coinciding with High Magnetic Responses
Bastion Minerals Ltd (ASX:BMO or the Company) is pleased to provide an update on its activities in Sweden, where the Company holds the highly prospective high-grade copper (Cu) and Rare Earth Elements (REE) Gyttorp area no. 100 property (Gyttorp Project or Gyttorp) and eight additional properties along the REE line (Figures 1 and 2, Table 1).
HIGHLIGHTS:
- Significant results returned with double digit percentage (%) REE and Copper, following Bastion’s recently completed reconnaissance mapping and pXRF sampling program across new properties along the REE Line granted earlier this year.
- Up to 18.5% Total Rare Earth Elements plus Yttrium (TREE+Y) and up to 24% copper in pXRF analyses associated with magnetite skarns, similar to Gyttorp1 (which are indicative of mineralisation, but represent analysis of only small volumes of rock). Results include:
- 18.56% REE (Striberg STRR001); 24.91% Cu (Striberg STRR002);
- 16.93% REE (Karlberg KARR001); 21.18% Cu (Karlberg KARR002);
- 11.2% REE (Karlberg KARR016); 19.93% Cu (Karlberg KARR037);
- 9.02% REE (Karlberg KARR010A); 13.32% Cu (Striberg STRR009);
- 6.97% REE (Striberg STRR012); 9.5% Cu (Karlberg KARR004);
- 6.25% REE (Karlberg KARR003); 8.01% Cu (Karlberg KARR021);
- 6.22% REE (Karlberg KARR010); 7.82% Cu (Nyberget NYRB004); and
- 5.66% REE (Striberg STRR011); 6.02% Cu (Karlberg KARR009).
- Properties host magnetite skarns, with widespread copper in the magnetite and REE mineralisation in the surrounding tremolite-actinolite alteration in multiple locations.
- The Company is currently analysing the distribution of associated base metals discovered during exploration and will report on these when lab results are received.
- The high magnetic response in the government magnetic data sets represents the presence of extensive mapped historical magnetite mines, which has provided a means of rapidly focusing into the areas of highest potential.
- Additional sampling planned to allow ranking of mineralised zones and selection of drill targets for shallow REE and copper mineralisation. Laboratory assay results expected late November.
Bastion is using the same approach on the newly granted properties located further north along the REE line. These properties contain similar style REE and copper mineralisation to that at Gyttorp. Reconnaissance sampling was completed in October using a portable XRF. Assay results are expected during November from this initial rock chip sampling and mapping.
Commenting on the recently completed reconnaissance mapping and pXRF sampling program across new properties, Executive Chairman, Mr Ross Landles, said:
“The REE mineralisation in the newly granted properties is of the same skarn style as at Gyttorp, with similar high grade results. Given the extensive property holding along the REE Line, we will continue to conduct sampling and mapping across the properties, in order to establish the areas with the highest REE and Cu grades and the greatest thickness and length of mineralisation. This will allow us to rank the project areas and decide which is the highest priority for drilling.”
“These properties have been prospected using a pXRF and assay results from these samples will be reported when received from the laboratory later this month.”
REE-Line Field Activities
Initial prospecting, mapping and sampling has been completed in three of the eight new properties granted along the REE line. Work has been undertaken in the Striberg property, adjoining the north side of the Gyttorp area; the Nyberg property 20 km to the north and the Karlsberg property, the most northern of the eight properties.
Exploration results from evaluation of samples using a portable XRF to evaluate the presence of REE elements, copper and other base metals, showed that the while the Nyberget property contained some samples with elevated copper (to 7.8%) the samples in that project area had a maximum of 1.2% TREE + Y.
Samples from the Karlberg property have TREE + Y samples of up to 17% (Figures 4), with local pXRF analyses of up to 21% copper. Samples in the Striberg property, directly north of Gyttorp, had TREE + Y values to 18.6% and copper to 24.9% (Figure 3), with multiple samples containing > 1% copper. Results are presented in Table 2.
Figure 1: Location of the Gyttorp property (red cross), with new properties within the black square.
The same samples analysed with pXRF have been sent to ALS laboratories for analysis of the REE and sulphide suite of minerals with results expected in late November.
Historical drill core from the Nyberget (Figure 2) project (historical Scartbergsgruvan prospect), where copper mineralisation was historically intersected, will be reviewed to evaluate whether there is associated REE mineralisation.
Click here for the full ASX Release
This article includes content from Bastion Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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