Medallion Shipping Magnet Metal-Rich Concentrate for Evaluation

Medallion Resources Ltd. (TSXV:MDL, OTCQX:MLLOF) (Frankfurt:MRDN) (“Medallion” or the “Company”), today announced that it is shipping a sample of its magnet metal-rich, rare earth concentrate to Rare Earth Salts Separations & Refining LLC (“RES”), a US-based materials technology company, for evaluation.

Medallion Resources Ltd. (TSXV:MDL, OTCQX:MLLOF) (Frankfurt:MRDN) (“Medallion” or the “Company”), today announced that it is shipping a sample of its magnet metal-rich, rare earth concentrate to Rare Earth Salts Separations & Refining LLC (“RES”), a US-based materials technology company, for evaluation.

In June of 2017, Medallion partnered with RES to jointly produce, market and share revenues from the sale of finished rare earth products to meet the growing global demands as the key input for lightweight and high-powered rare earth magnets. Virtually all current and planned hybrid and electric vehicles require rare earth magnets in the electric traction motors powering the vehicle. The evaluation of this and other concentrate samples provided by Medallion, will help to optimize for production-scale, monazite-derived feedstock for Rare Earth Salts’ facility.

By combining business models and environmentally-friendly technologies, Medallion and RES are working to take the abundant and available by-product rare earth element mineral monazite and processing it through to marketable rare earth oxides in a fashion that is cost-competitive to Chinese production–all within a small footprint in North America with relatively low capital costs.

An image accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/3c704cbd-a72e-4922-b27c-cb9f0d27595b

“We’ve made solid progress on our extraction flowsheet development work in 2018,” said Don Lay, President & CEO of Medallion. “Notably, this April, at a rare earth industry event, Rare Earth Salts announced its plans to dramatically expand commercial production output of rare earth oxides. In response, we’re working to ensure they’re well supplied with a suitable feedstock rich in magnet metals to meet their expected customer demands.”

Medallion produced a mixed rare-earth concentrate sample from by-product monazite sand that was provided by a North American heavy-mineral-sands producer during the Company’s recent bench-scale metallurgical tests. As disclosed in Medallion’s news release of March 22, 2018, the testwork produced a cerium-depleted rare earth concentrate containing 41.6% of the magnet metals neodymium and praseodymium (NdPr) by mass. The contained NdPr represents an estimated 81.6% of the concentrate value, based on current market values of the contained REEs.

Medallion and Rare Earth Salts

Medallion and RES are cooperating on a business model to produce and market rare earth products based in an integrated North American production chain. Medallion’s role is to produce a rare earth concentrate by sourcing and extracting rare earths from the mineral monazite, a by-product of heavy mineral sands mining operations. RES has developed a clean and low-cost separation technology that currently produces rare earth oxides from recycled lamp phosphor feedstock, now employed at RES’ commercial facility in Beatrice, Nebraska. RES will separate and refine commercial quantities of Medallion’s monazite-derived rare earth concentrate into marketable rare earth products.

About Medallion Resources

Medallion Resources is pursuing near-term magnet metal production, firstly in North America, by exploiting by-product monazite. Monazite is a rare earth element (REE) phosphate mineral containing significant amounts of the key magnet metals neodymium and praseodymium (NdPr). NdPr is the key input material for the high-powered permanent rare earth magnets required for growing demands of vehicle electrification, wind power generation and robotics. Monazite is widely available as a by-product from heavy mineral sand mining operations and has a history as a commercial REE resource and well-understood metallurgy. Medallion is committed to following best practices and accepted international standards in all aspects of mineral transportation, processing and the safe management of waste materials. More about Medallion can be found at medallionresources.com.

Donald Lay, President & CEO at +1.604.681.9558 or info@medallionresources.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Medallion management takes full responsibility for content and has prepared this news release. Some of the statements contained in this release are forward-looking statements, such as statements regarding the efficiency of RES and the Company’s REE extraction methods, the continued partnership of Medallion and RES and the establishment of a North American production chain for the extraction of REEs. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties, including the risks related to market conditions and regulatory approval and other risks outlined in the Company’s management discussions and analysis of financial results. Actual results in each case could differ materially from those currently anticipated in these statements. Also, in order to proceed with Medallion’s plans, additional funding will be necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate Medallion’s plans. These forward looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, Medallion disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.

Click here to connect with Medallion Resources Ltd. (TSXV:MDL, OTCQX:MLLOF) for an Investor Presentation.

Source: globenewswire.ca

Featured
Ucore conducted Bokan field mapping work in September 2021Ucore to conduct the Bokan channel and bulk sampling program during the Summer 2022 field seasonAll required state and federal permits are now in hand for the Summer 2022 field seasonUcore Rare Metals Inc. is pleased to announce that on November 10, 2021, the United States Department of Agriculture's Forest Service issued a 1-year authorization for Ucore to ...
  • Ucore conducted Bokan field mapping work in September 2021
  • Ucore to conduct the Bokan channel and bulk sampling program during the Summer 2022 field season
  • All required state and federal permits are now in hand for the Summer 2022 field season

Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce that on November 10, 2021, the United States Department of Agriculture's Forest Service (the "USFS") issued a 1-year authorization for Ucore to commence with the Dotson Ridge 2021 Surface Exploration Project Plan of Operations (the "Project"). The Company has elected to conduct the sampling work during next summer's field season and now has all required state and federal Project permits for this work.

On May 12, 2021, Ucore announced the Project to upgrade its Bokan-Dotson Ridge heavy rare earth element ("HREE") mineral resource, disclosed in accordance with National Instrument 43-101 ("NI 43-101"), with a budget of approximately $400,000. The Project is expected to result in converting approximately 17-20% of the mineral resource to a new Measured mineral resource category; with over 90% of the new Measured material being drawn from currently Indicated mineral resource material and 10% from currently Inferred mineral resource material. This will be accomplished through the execution of approximately 50 additional channel samplings along the ≈2 km of exposed vein outcroppings of the Dotson Ridge Zone. Secondly, the Company will conduct bulk sampling activities to obtain ≈50 tonnes of additional mineralized material to facilitate prospective pilot-scale testing of its metallurgical recovery methods currently under laboratory-scale finalization at SGS Canada's Lakefield facility.

In September 2021, Ucore's COO, Mike Schrider, and Aurora Geosciences' General Manager, Alaska, Jim Robinson, P.Geo., conducted field mapping work to physically identify the two bulk sample areas and to coordinate next summer's field activities. Both of these activities are to ready the Company to conduct a Pre-Feasibility Study ("PFS") and/or a Feasibility Study ("FS") in the near future as the REO market continues to indicate a steady increase in response to the advent of the global adoption of electric vehicles ("EVs").

The Bokan Mountain Complex has approximately nine different historical REE mineralization zones[i] but only one of these, the Bokan-Dotson Ridge Zone, has been the focus of Ucore's rare earth mineral resource development. The Bokan-Dotson Ridge mineral resource remains open down-dip and along strike. After the Summer 2022 fieldwork is completed, the Company intends to conduct any additional exploration activities concurrently with prospective mine development activities.

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Figure 1- Bulk Sampling Marking of REE Vein Outcroppings at Bokan-Dotson Ridge, September 22, 2021

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1119/103904_d3bee94b542a380e_001full.jpg

"The long-term development of Bokan is a fundamental tenet of our Alaska 2023 Plan, and Ucore is committed to the establishment of a heavy rare earth element mineral reserve and eventual mine at the Bokan-Dotson Ridge project," said Ucore VP & COO, Mike Schrider, P.E. "While we have the long-term development of the Bokan Mountain Complex in our sights, we are also committed to the near-term development of a comprehensive US-centric rare earth element supply chain. In our view, this starts with the development of the environmentally sound and technologically efficient Alaska Strategic Metals Complex ["SMC"] rare earth processing facility based on RapidSX™ separation technology. And the concurrent development of the accompanying infrastructure required to support the upstream and downstream elements of this emerging supply chain through the association of key industry suppliers, partners, and customers."

The advancements at Bokan are just one of many steps in the development of the ALASKA2023 Plan that Ucore is currently progressing, including:

  • Through its wholly owned subsidiary Innovation Metals Corp. ("IMC"), commercial demonstration and deployment of the RapidSX™ separation technology platform
  • Securing third-party allied-sourced feedstock for the Alaska SMC (see Ucore's October 19, 2021, news release regarding the MOU with Vital Metals)
  • Engineering planning for the Alaska SMC REE separation & purification plant founded on modern RapidSX™ technology
  • Securing offtake agreements for the sale of rare earth oxides
  • Forming strategic alliances for the production of rare earth metals and oxides
  • Working with prospective partners for various sources of project funding:
  • Engineering and testing for the Bokan-Dotson Ridge Zone mill flowsheet
  • Community and stakeholder engagement to ensure prudent environmental, social and corporate governance ("ESG") activities

###

About Ucore Rare Metals Inc.

Ucore is focused on rare- and critical-metals resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore has a 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Element Project in Southeast Alaska, USA. 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, Ucore's vision includes disrupting the People's Republic of China's ("PRC") control of the US REE supply chain through the development of a heavy rare-earth processing facility - the Alaska Strategic Metals Complex in Southeast Alaska and the long-term development of Ucore's heavy rare earth element mineral resource property located at Bokan Mountain on Prince of Wales Island, Alaska.

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.

Qualified Person

Ronald James (Jim) Robinson, B.Sc., P.Geo., an independent geologist and General Manager of Aurora Geosciences (Alaska) Ltd. of Juneau, Alaska, has prepared the technical data provided in this news release and is the qualified person responsible for its accuracy.

Forward-Looking Statements

This press release includes certain statements that may be deemed "forward-looking statements" regarding, among other things, the Company's ALASKA2023 Business Plan as well as the upcoming prospective financing activities involving the Company and AIDEA. 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, litigation outcomes, events, or developments that the Company expects, are forward-looking statements. 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. In regard to the disclosure in the "About Ucore Rare Metals Inc." section above, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to IMC, as suppliers for Ucore's expected future Alaska Strategic Metals Complex ("Alaska SMC"). Ucore has also assumed that sufficient external funding will be found to prepare a new National Instrument 43-101 ("NI 43-101") technical report that demonstrates that the Bokan Mountain Rare Earth Elements 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 off-take agreements. Ucore has also assumed that sufficient external funding will be secured to develop the specific engineering plans for the Alaska SMC and its construction. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: Innovation Metals Corp. ("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 Alaska SMC; Ucore not being able to raise sufficient funds to fund the specific design and construction of the Alaska SMC 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 Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority ("AIDEA") regarding the development of Bokan and/or the Alaska SMC; 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) accepts responsibility for the adequacy or accuracy of this release.

CONTACT

Mark MacDonald
Vice President, Investor Relations
Ucore Rare Metals Inc.
902.482.5214
mark@ucore.com

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Trading resumes in: Company: Ucore Rare Metals Inc. TSX-Venture Symbol: UCU All Issues: Yes Resumption : 10:00 AM IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and ...

Trading resumes in:

Company: Ucore Rare Metals Inc.

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HighlightsUcore is developing the Alaska SMC for the processing of rare earth elements in Southeast AlaskaVital Metals is producing rare earth concentrate from its Nechalacho rare earth project in NWT, CanadaVital Metals is constructing a Rare Earth Extraction Plant to produce a mixed rare earth chemical concentrate in Saskatoon, Saskatchewan from the Nechalacho depositThe Alaska SMC is planned to commence ...

Highlights

  • Ucore is developing the Alaska SMC for the processing of rare earth elements in Southeast Alaska
  • Vital Metals is producing rare earth concentrate from its Nechalacho rare earth project in NWT, Canada
  • Vital Metals is constructing a Rare Earth Extraction Plant to produce a mixed rare earth chemical concentrate in Saskatoon, Saskatchewan from the Nechalacho deposit
  • The Alaska SMC is planned to commence production of up to 2000 tonnes per annum (tpa) of individual rare earth oxides from US-allied feedstock by H1-2024
  • Vital Metals is expected to commence the supply of a minimum of 500 tpa of a cerium depleted concentrate to Ucore in 2024; expandable to over 2,500 tpa by 2026

Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce the execution of a Memorandum Of Understanding ("MOU") setting forth certain nonbinding understandings and binding agreements between Ucore and Vital Metals Limited (ASX: VML) ("Vital Metals" or "Vital") (collectively the "Parties"). The MOU is the first step towards the establishment of a long-term supply agreement for the delivery of mixed rare earth chemical concentrate ("MREC") from Vital Metals' Nechalacho project to Ucore's planned Alaska Strategic Metals Complex ("Alasks SMC") in Ketchikan, Alaska. The MREC will be shipped from Vital's Saskatoon, Saskatchewan, Rare Earth Extraction Plant which is expected to enter into production in 2022.

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