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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ChemX Granted Australian Patent for HiPurA® HPA
ChemX Materials (ASX:CMX) (ChemX or the Company), an Australian based high purity critical materials developer, has been granted an Australian Patent for its disruptive HPA Processing technology.
- HiPurA® High Purity Alumina (HPA) process granted patent in Australia.
- Following the Australian patent award further jurisdictions are expected to follow in subsequent months for ChemX’s 100%-owned HPA process.
- ChemX’s Australian patent protected HPA process provides for a simplified chemical flowsheet to produce HPA which is scalable, modular and able to be deployed in economically competitive jurisdictions.
- ChemX is advancing a globally disruptive HPA Process for the battery, LED, semiconductor and synthetic sapphire markets.
Commenting on the grant of the Australian Patent, ChemX CEO Peter Lee said:
“ChemX is extremely pleased with the award of the Australian patent on our innovative HPA flowsheet and now provides further formal recognition to the uniqueness of our 100%-owned game-changing technology.
With the increased focus in the development of energy efficient critical materials processes in Australia, this patent now places ChemX in a strongly competitive position with regard to ongoing development and the commercialisation of its high purity group of products including synthetic sapphire markets, LEDs, semi-conductor and optical lenses.”
The Australian patent provides ChemX with exclusive and legally enforceable commercial rights to the HiPurA® HPA process in Australia. The protection provided by the Australian patent system gives ChemX the right to stop others from manufacturing HPA using the disruptive HiPurA ® process.
As announced on 13 November 2023, ChemX’s 100%-owned HiPurA® chemical feedstock process has demonstrated its technical success, achieving an impressive result of 39ppm impurities (99.996% purity) across an impressive 66 element spectrum.
The patent grant will allow ChemX to have commercial discussions with interested parties with protection of its intellectual property as it seeks to commercialise the HPA process by exploiting its scalable and modular system in key global battery, LED and synthetic sapphire markets.
Figure 1 - ChemX 4N HPA Production
ChemX is currently accelerating construction of its 24tpa Pilot Plant which will deliver samples for qualification purposes with strategic customers and is on-track for early- stage commissioning in Q2 CY2024.
About the HiPurA® 100%-owned process
CMX’s HiPurA® process is a disruptive flowsheet which converts aluminous chemical feedstocks through selective refining to HPA. Ultimately, CMX has achieved the delivery of 4N (99.99%) high grade and is working towards 5N (99.999%) HPA products for the electric vehicle battery separator and synthetic sapphire markets, LEDs, semi-conductor and optical lenses.
The HiPurA® process is modular, scalable and independent of direct mine production, which enables ChemX to locate key future production facilities around the world close to customers in a just-in-time customised approach.
Click here for the full ASX Release
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.
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ChemX Materials
Overview
ChemX Materials (ASX:CMX) is a critical materials company developing innovative processing technology to produce high purity alumina for advanced technology and clean energy applications.
ChemX Materials’ 100 percent owned, Australian patented HiPurA® process technology offers a low cost and energy intensity production method to produce high purity alumina (HPA).
HPA is used in advanced technology and clean energy applications including lithium-ion batteries, LEDs, semiconductors and synthetic sapphires. Synthetic sapphires are critical in the production of applications such as smart watches, iPhones and laptop screens.Company Highlights
- ChemX Materials Limited (ChemX Materials) is an Australian company developing an innovative, processing technology to produce high-purity alumina (HPA), this process is called HiPurA®.
- ChemX Materials owns 100 percent of HiPurA® and was granted an Australian patent for this technology in January 2024.
- High purity alumina is used in advanced technology and clean energy applications including lithium-ion batteries, LEDs, semiconductors, smart watches and iPhones.
- The HiPurA® process is modular, scalable and uses a readily available aluminous chemical as its feedstock, therefore is not reliant on mine production offtake, all of which enable the technology to be deployed close to end users' manufacturing operations.
- ChemX Materials has proven HiPurA® can produce above 4N (99.99 percent) high purity alumina at micro plant scale. This testwork indicates HiPurA® is low in cost and energy intensity.
- ChemX Materials is constructing a pilot plant to demonstrate HiPurA® can work at scale, which is the next step towards commercialisation. The pilot plant construction is underway and on track for commissioning in June 2024.
Key Business Segments
High Purity Alumina Processing Technology - HiPurA®
ChemX Materials is developing an innovative processing technology to produce high-purity alumina (HPA). This process is called HiPurA®. ChemX Materials owns 100 percent and holds an Australian patent for HiPurA®. ChemX Materials has proven HiPurA® can produce above 4N (99.99 percent) pure HPA at micro plant scale. This test work has also demonstrated that HiPurA® is superior compared to alternative technologies, offering several advantages, including:
- Lower costs – both capital and operating.
- Independent feedstock - – process is not tied to mine production and uses a readily available aluminous industrial chemical.
- Easily scalable – production output can increase based on demand.
- Modular – can be built near end users’ manufacturing operations.
- Optionality – patented technology can be licenced to end users.
- Lower carbon footprint – technology is not energy intensive.
HPA has several applications, the most important being lithium-ion batteries used in electric vehicles (EVs) and energy storage applications. HPA is used in the coating of the battery separator to enhance safety and performance. The outlook for EVs is very promising. With the adoption of EVs growing rapidly year on year as governments across the globe deploy domestic incentives and regulations to reduce the use of internal combustion engines to meet net zero targets.
HPA is also a key in the production of synthetic sapphire, which is used in LEDs, semiconductors, lasers, optical lenses and medical devices.
ChemX Materials has proven its HiPurA® technology can achieve above 99.99 percent (4N) HPA purity at micro plant scale. Following the technical success of the micro plant, ChemX Materials is constructing a 24 tpa pilot plant in Western Australia. The pilot plant is expected to be operational in June 2024.
In January 2024, ChemX Materials was granted an Australian Patent for its innovative HiPurA® technology. Based on the success of the Australian patent, it is anticipated that ChemX Materials will be afforded similar protections in other international jurisdictions. The patent is important as it provides intellectual property protection as ChemX Materials seeks to commercialise the technology globally.
HPA production from the pilot plant will be used for customer qualification and marketing purposes. ChemX Materials is actively pursuing commercial opportunities globally. Commercialisation options include:
- Build, own, operate a commercial scale plant to sell high purity alumina to end users.
- Licence the HiPurA® technology for deployment at end users’ manufacturing locations.
High Purity Manganese Project
ChemX Materials is developing a high purity manganese project. The Jamieson Tank project is located on two exploration tenements, EL 5920 and EL 6634 in the Eyre Peninsula in South Australia. These tenements collectively cover an area of 718 km2.
ChemX Materials completed a 94-hole drill program at the Jamieson Tank project, totaling 6,164 metres and released its maiden Mineral Resource Estimate in September 2023. The Mineral Resource Estimate reported 13.1 Mt at 5.7 percent manganese, with 21 percent classified as Indicated and 79 percent classified as Inferred.
High purity manganese has essential applications in lithium-ion batteries as a cathode material. Manganese provides energy density, stability and lower costs and is a critical material for modern battery chemistries. As the world pursues decarbonisation it is forecasted that the demand for manganese will grow.
With the objective of the United States Inflation Reduction Act (IRA) to reduce its reliance on Chinese sources of critical minerals, by 2025, the Jamieson Tank project is an important prospect. China currently supplies around 95 percent of the global manganese sulphate.
The South Australian jurisdiction offers excellent infrastructure. The Jamieson Tank project is in a province that is characterised by rapidly growing renewable energy infrastructure (wind, solar and hydrogen) and access to a local skilled workforce. The Jamieson Tank project is accessible by road, approximately 160 kms from the port of Whyalla and near a major regional airport.
The tenements in which the Jamieson Tank project is located also host kaolin and rare earth elements (REE) deposits. The area has historically been well known and explored for its potential for kaolin. The Kelly Tank exploration target is estimated to be 55 - 130 Mt of extractable kaolin.
In 2022, ChemX Materials undertook a drilling program and identified REE hosted within the kaolin throughout the tenements. The drilling program intersected high-grade REE mineralisation with intervals of up to 5 metres @2,468 parts per million total rare earth oxides from 7 metres. Importantly, it remains open in various directions, providing potential exploration upside for future drill programs.
Management Team
Peter Lee – Chief Executive Officer
20+ years’ experience across mining, metals processing and chemical industries within Canada and Australia. Lee has held technical leadership roles with companies including Rio Tinto, BHP, Roy Hill and WSPGolder. He is an expert in refining and electrochemical processes and a registered P. Eng Engineers and Geoscientists of British Columbia, Canada, and a member of AusIMM and AICD.
Warrick Hazeldine – Non-executive Chair
Warrick Haseldine has more than 20 years of experience across capital markets and strategic communications with a focus on battery materials. He is the co-founder of advisory firm Cannings Purple, and former chair and non-executive director of Global Lithium Resources Ltd (ASX:GL1). Hazeldine is currently a director of Surfing WA, advisory board member of Curtin University, and a non-executive director of Purple.
Stephen Strubel – Non-executive Director and Company Secretary
Stephen Strubel is the company founder with 20 years’ experience in finance and corporate governance. Struber held a senior leadership role with Patersons Securities and has been a director and company secretary for ASX-listed companies. He holds a bachelor’s degree in banking and international trade from Victoria University and an MBA from the Australian Institute of Business.
Alwyn Vorster – Non-executive Director
Alwyn Vorster has 30+ years’ experience in the resources industry, spanning several commodities including rare earths, iron ore, bauxite, potash and salt. Vorster has several senior leadership positions including chief executive officer of Hastings (ASX:HAS) and managing director of BCI Minerals (ASX:BCI) and Iron Ore Holdings (ASX:IOH). Vorster is currently non-executive director of Lindian Resources (ASX:LIN) and Arrow Minerals (ASX:AMD).
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
News Provided by Newsfile via QuoteMedia
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
Click here for the full ASX Release
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.
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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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