Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to comment on the recent increasing interest in uranium as an energy source and also current interest in Ucore's not-often-mentioned Ross-Adams mine property (the "Mine"), a former producing uranium mine located on the Ross-Adams portion of Ucore's Alaskan mineral property (the "Property"). The Property is located on Prince of Wales Island, approximately 38 miles southwest of Ketchikan, Alaska, USA, near the west arm of Kendrick Bay (within the Bokan Mountain Complex). At its closest point, the edge of the former Mine is located more than 500 m from Ucore's Bokan-Dotson Ridge Zone, which is Ucore's rare earth elements ("REEs") advanced property mineral resource as described in the Company's technical report (a preliminary economic assessment[i] ("PEA")) that was filed on SEDAR on March 14, 2013.
Figure 1 - Ucore's Federal & State Mining Claims at the Bokan Mountain Complex
To view an enhanced version of Figure 1, please visit: https://orders.newsfilecorp.com/files/1119/126852_a54972a334497aa2_001full.jpg
Historical uranium production occurred at the Mine from 1957 until 1971, with an estimated total of 1.3 million lbs of U3O8 produced. Although Ucore has performed no work at the Mine to date, the Company believes the Ross-Adams Zone may have the potential for the re-activation of mining production for uranium due to: (i) the recent price increases for uranium; (ii) geopolitical concerns regarding the security of supply chains and an emphasis on US domestic and allied sources of critical materials; and (iii) a recent increase in the public's perception that uranium and nuclear power can represent an excellent strategic choice for energy production in the present and coming decades as compared to fossil fuels. As a result of this recent interest in uranium, Ucore has been fielding unsolicited enquires with respect to the former Ross-Adams Mine.
Nevertheless, Ucore remains committed to its current business plan -- the development of an independent and comprehensive North American REE supply chain. This plan was recently detailed in the Company's press release dated January 20, 2022. The Company's business plan currently prioritizes the commercialization of Innovation Metals Corp.'s ("IMC") RapidSX™ REE separation technology and the development of the first modern commercial-scale rare earth separation plant in North America, the Strategic Metals Complex ("SMC"). The advancement of this REE supply chain remains Ucore's primary objective.
However, due to the recent enquiries about the status and availability of Ucore's uranium asset, the Company is pleased to provide the following information regarding its Ross-Adams property. Although Ucore will continue to consider potential transactions with respect to the former Mine, when Ucore is reviewing such proposals, the Company will be prioritizing: (i) its own REE business plan; (ii) ESG (Environmental, Social, and Governance) objectives; and (iii) the Company's stakeholders, including the United States Forest Service ("USFS"), the State of Alaska, Alaska Natives, Alaska residents, the Alaska Industrial Development and Export Authority ("AIDEA"), and the Company's shareholders.
The Nature of Ucore's Interest in the Property
Ucore acquired the Property pursuant to a series of option and purchase agreements, together with Ucore's own mineral-claim staking activities in 2006 and 2007. Due to recent inbound enquiries, the Company is exploring the possibility of a transaction involving only the Ross-Adams Zone,leaving the Company's Bokan-Dotson Ridge Heavy REE Project intact and the approximately seven other historical mineralization zones unaffected.
The History of the Mine
The Ross-Adams uranium deposit was discovered in 1955 by prospectors Don Ross and Kelly Adams using airborne radiometrics. According to US Bureau of Mines records[ii], a total of 1.3 million pounds of uranium were produced at an average grade of 0.76% U3O8 during three separate production periods between 1957 and 1971 as follows:
Table 1 - Historical Activity at the Former Ross-Adams Uranium Mine
The cut-off grade has been reported at 0.5% U3O8. Production was terminated each time when sales contracts with the US Atomic Energy Commission were fulfilled. Uranium ore from the Mine was mined from a steeply dipping pipe-like body of uranium with a combination of a small open pit mine (which looks like a trench) and an underground mine with two underground levels. While the uranium pipe (or vein) is known to extend below the lowest production level, the pipe has not yet been fully geologically explored in detail. The Ross-Adams deposit is interpreted by Ucore to remain open at depth.
The Property is located adjacent to deep water access. As a result, during the past operation of the Mine, no processing of the uranium ore into U3O8 took place on the Bokan Mountain property. Rather, the uranium ore from the Mine was shipped by barge for beneficiation and processing off-site at several locations in Spokane, Washington and Mexican Hat, Utah, USA. As a result, there is no former tailings facility on the Property.
However, some important environmental reclamation work is required on the Property. This is limited to the consolidation of some mine rock on the surface and any remaining previously mined material that exists in secondary transit areas. The environmental remediation plan involves depositing those materials into an on-site repository in the open pit portion of the Mine. In 2020, an agreement was reached between the United States Forest Service ("USFS"), Newmont USA Limited ("Newmont") and Dawn Mining Company ("Dawn") regarding this required environmental clean-up of the Property. Newmont and Dawn (who had past interests in the Mine) have assumed responsibility for the USD$7-million on-site environmental reclamation project and are currently coordinating this work through the USFS. Other remnants of past mining operations will also be removed by Newmont and Dawn.
Ucore has performed no exploration or development work at the Ross-Adams Zone. The Company's mineral exploration and development work to date has primarily involved Ucore's Bokan-Dotson Ridge Zone, which comprises the entirety of Ucore's REE mineral resource at the Bokan Mountain Complex. The Company does not have any current mineral resources or mineral reserves regarding uranium at the Ross-Adams Zone. The Company has not published any historical estimates regarding the mineral resources or mineral reserves that may be available at the former Mine.
Ronald James (Jim) Robinson, B.Sc., P.Geo., an independent geologist and General Manager of Aurora Geosciences (Alaska) Ltd. of Juneau, Alaska, has prepared, reviewed and approved the technical data in this news release. He is the qualified person responsible for accurately summarizing this data from historic technical and production reports.
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 an effective 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 control of the US REE supply chain through the near-term development of a heavy and light 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.
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 exploration drilling, exploration activities, mine re-opening, property transactions and 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. The historic mineral production estimates described in this press release do not represent estimates of mineral resources or mineral reserves that may be present at the Property, and there is no assurance that any current uranium resources or reserves may be present at the Property. Uranium prices are subject to fluctuation, and a decrease in the price of uranium could drastically impact the likelihood of the Company entering into any potential transaction with respect to the former Ross-Adams Uranium Mine.
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 Innovation Metals Corp. ("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 offtake 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: 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) accept responsibility for the adequacy or accuracy of this release.
Mark MacDonald Vice President, Investor Relations Ucore Rare Metals Inc. 902.482.5214 mark@ucore.com
[i]A PEA is preliminary in nature; it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.
[ii]Warner, J.D. and Barker, J.C., 1989: Columbium and rare earth-bearing deposits at Bokan Mountain, Southeast Alaska. United States Department of the Interior, Bureau of Mines, Open File Report 33-89
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/126852
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The S&P/TSX Composite Index (INDEXTSI:OSPTX) was trading at 20,631 early last Friday (May 27) morning.
The index was on track for its best week in more than two months following the release of the US Federal Reserve's May meeting minutes earlier in the week, and ultimately closed higher at 20,752.46. The minutes eased fears of higher interest rate hikes, confirming 50 basis point increases in June and July.
"It's all flowed through from the (Federal Open Market Committee) minutes," said Giles Coghlan, chief currency analyst at HYCM. "Investors were relieved there wasn't a 75 basis points hint."
Commodities prices rose on Friday while the US dollar weakened, with gold and silver on track for weekly gains.
Last week, a number of companies saw their share prices increase. The five TSX-listed mining and energy stocks that saw the biggest gains are as follows:
Here’s a look at those companies and the factors that moved their share prices last week.
Platinum Group Metals operates the South Africa-based Waterberg project, a bulk underground palladium-platinum-gold-rhodium deposit. The company also founded Lion Battery Technologies with Anglo American Platinum (OTC Pink:AGPPF,JSE:AMS); its goal is to support the use of palladium and platinum in lithium batteries.
Supply chain disruptions in Russia and South Africa, the top platinum- and palladium-producing countries, have been supporting higher prices for those metals. Last week, the rose 41.67 percent to hit C$2.55.
NioCorp is developing its Nebraska-based Elk Creek project, which it says is the only niobium-scandium-titanium project in North America. It is also looking at the possibility of producing rare earths at the asset.
On May 18, the company published an updated feasibility study that shows Elk Creek is the second largest indicated-or-better rare earths resource in the US; it sits only behind the Mountain Pass deposit held by MP Materials. During the five day period, NioCorp’s share price jumped 24.21 percent to end at C$1.18.
Journey Energy is focused on oil-weighted operations in Western Canada's Sedimentary Basin. Its strategy includes boosting its production base through activities like drilling, and optimizing legacy oil pools on its existing land.
Despite not releasing any news last week, shares of the explorer and producer increased 22.51 percent, and were trading at C$7.13 by the end of the period.
Forsys Metals is focused on developing uranium projects on the African continent. Currently, the explorer owns the Norasa project, which includes the fully permitted Valencia uranium project, and it is also developing the Namibplaas uranium project. Both projects are located in Namibia.
During the five day period, the company’s share price jumped 19.57 percent to end the week at C$0.55.
Founded in 2011, Pieridae Energy is focused on exploring for and extracting natural gas; it also has midstream infrastructure and integration opportunities in liquefied natural gas exports. The Calgary-based company's highest-producing assets are in the southern and central foothills of Alberta’s Rocky Mountains, and between all of its assets it produces around 40,000 barrels of oil equivalent per day.
Last week, shares of Pieridae Energy increased 19.47 percent to trade at C$1.35.
Data for 5 Top TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using Trading View's stock screener. Only companies with a market capitalization greater than C$50 million prior to the week’s gains are included. Companies within process industries, energy minerals and non-energy minerals sectors are considered.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
Rare earth metal production was on the rise again in 2021, jumping to 280,000 metric tons (MT) worldwide — that’s up significantly from 190,000 MT in 2018.
Demand for the metals is increasing as renewable energy becomes more important across the globe. Rare earths like neodymium and praseodymium, which are important in clean energy applications and high-tech industries, are in the spotlight, particularly as electric vehicles and hybrid cars gain popularity.
Other factors, like the ongoing tensions between the US and China, are also putting the spotlight on rare earths. Since China is the world’s largest producer of the materials by far, the fraught relationship between the countries is directing attention to supply chain issues in the rare earths industry.
With that in mind, it’s worth being aware of rare earth metal production numbers. Here’s a look at the 10 countries that mined the most rare earths in 2021, as per the latest data from US Geological Survey.
As mentioned, China has dominated rare earths production for a number of years. In 2021, its domestic output of 168,000 MT was up from 140,000 MT the previous year.
Chinese producers must adhere to a quota system for rare earths production. The quota for rare earth smelting and separation in 2021 was set at 162,000 MT (up from 135,000 MT in the previous year). Interestingly, this system led China to become the world’s top importer of rare earths in 2018.
The quota system is a response to China’s longstanding problems with illegal rare earths mining. Over the last decade, the country has taken steps to clean up its act, including shutting illegal or environmentally non-compliant rare earth mines, and limiting production and rare earth exports.
Currently, six state-owned miners are in charge of China’s rare earth industry, in theory allowing China to keep a strong handle on production. However, illegal rare earth extraction remains a challenge, and the Chinese government continues to take steps to curb this activity.
The US produced 43,000 MT of rare earths in 2021, up from 39,000 MT the previous year.
Rare earths supply in the US currently comes only from the Mountain Pass mine in California, which went back into production in Q1 2018 after being put on care and maintenance in Q4 2015. It was run by Molycorp before it went bankrupt and then was bought by MP Mine Operation, now MP Materials (NYSE:MP).
The US is a major importer of rare earth materials, with demand for compounds and metals worth US$160 million in 2021; that’s up from US$109 million in 2020. The country has classified rare earths as critical minerals, a distinction that has come to the fore due to trade issues between the US and China.
Myanmar mined 26,000 MT of rare earths in 2021, down from 31,000 MT the previous year.
Little information is available about the country’s rare earth mineral deposits and mining projects, but the nation does have a close relationship with China. Myanmar provides 60 percent of China’s medium to heavy rare earths feedstock. Myanmar’s military coup in 2021 has raised concerns that those rare earths imports may be cut off, but so far trade disruptions have been minimal.
Rare earths production in Australia has been rising steadily for the last few years. However, in 2021, its output rose slightly to 22,000 MT from 21,000 MT in 2020.
The country holds the sixth largest-known rare earths reserves in the world, and is poised to increase its output. Australia-based Lynas (ASX:LYC,OTC Pink:LYSCF) operates the Mount Weld mine and concentration plant in the country, and in 2019 announced plans to boost production to 10,500 MT per year of neodymium-praseodymium products by 2025.
Northern Minerals (ASX:NTU) opened Australia’s first heavy rare earths mine in 2018. Its main products are terbium and dysprosium, the latter of which is used in technology such as permanent magnets.
Thailand’s rare earths production more than doubled to 8,000 MT in 2021, up from 3,600 MT in 2020. Its rare earths reserves are not currently known, but the country remains a top 10 producer of rare earth metals outside of China.
Madagascar recorded rare earths extraction of 3,200 MT in 2021, up from 2,800 MT the year before. It holds the Tantalus rare earth project, which is said to contain 562,000 MT of rare earth oxides.
India’s 2021 production in India was just 2,900 MT, unchanged from the previous year, representing about 1 percent of global rare earth supplies. India’s rare earths production industry is far below its potential, considering the Asian nation holds almost 35 percent of the world’s total beach sand mineral deposits, which are significant sources of rare earths.
Russia produced 2,700 MT of rare earths in 2021, the same level as the previous three years. Prior to the country’s aggressive war against Ukraine, the Russian government was allegedly “unhappy” with its supply of rare earths. Russia has reportedly reduced mining taxes and offered discounted loans to investors in nearly a dozen projects intended to increase the nation’s share of global rare earths production from the current 1.3 percent to 10 percent by 2030. In terms of global rare earths reserves, Russia is tied for third with Brazil.
The Russia-Ukraine war has raised concerns over disruptions to the US-Europe rare earth supply chain.
Back in 2012, a US$8.4 billion rare earths deposit was discovered in Brazil. So far, it seems little energy has been put into the discovery, with only 500 MT in 2021.
Vietnam’s rare earths production fell from 700 MT in 2020 to 400 MT in 2021. The country reportedly hosts several rare earth materials deposits with concentrations against its northwestern border with China and along its eastern coastline. Vietnam is interested in building its clean energy capacity, including solar panels, and is said to be looking to produce more rare earths for its supply chain for that reason.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Click here to read the previous top Canadian rare earths stocks article.
Although they usually get less attention than gold, copper and lithium, rare earth elements (REEs) are important metals for the global economy, especially in the 21st century.
The high-strength REE magnets found in much of today’s essential technology, including smartphones, wind turbines and electric vehicles, account for 29 percent of rare earths consumption. Analysts expect that demand for magnet rare earths — neodymium, praseodymium, dysprosium and terbium — will continue to rise alongside demand for these technologies over the next decade and beyond.
Currently, China is home to more than 60 percent of annual global rare earth metal production, which has led western nations to seek to secure alternative rare earths supply chains.
Rare earths companies listed on the TSXV and TSX offer exposure to non-Chinese rare earth resources, and may be a compelling choice for investors who are bullish on the future of this interesting market.
But what are the top Canadian rare earth stocks? Here the Investing News Network looks at the TSXV- and TSX-listed REE companies that have had the biggest gains during 2022. CSE-listed companies were considered but did not make the cut this time around. This top Canadian rare earth stocks list was compiled using TradingView’s stock screener, and data was gathered on May 3, 2022. Read on to learn about the top risers.
Year-to-date gain: 106.67 percent; market cap: C$13.67 million
First on this list of top Canadian rare earth stocks is explorer Marvel Discovery, which holds a diverse property portfolio covering gold, nickel, platinum-group metals, rare earths and uranium. Its assets are located in many of Canada’s prolific mining jurisdictions, including Ontario, Quebec, BC and Saskatchewan.
One of these projects is the Wicheeda North rare earths project, which spans 1,444 hectares of claims in the Cariboo mining division of BC. The claim block adjoins Defense Metals' (TSXV:DEFN,OTCQB:DFMTF) Wicheeda rare earths project, which hosts an indicated rare earths deposit of 4.9 million metric tons.
Shares of Marvel Discovery hit their 2022 peak on April 29, reaching C$0.16 following the company’s completion of a private placement financing for C$400,000.
Year-to-date gain: 45.45 percent; market cap: C$61.32 million
Toronto-based Avalon Advanced Materials has five projects across Canada focused on critical metals, including lithium, rare earths, cesium, tantalum, feldspars, tin and indium. Avalon is currently focusing on its Separation Rapids lithium project near Kenora and its Lilypad cesium-tantalum project near Fort Hope, both in Ontario.
The company also holds the Nechalacho rare earth elements property, located at Thor Lake in the Northwest Territories. According to the company, it has potential for economic recovery of REEs, lithium, zirconium, beryllium, niobium and tantalum. Avalon's share price hit its highest level in 2022 on April 5, reaching C$0.235.
Year-to-date gain: 9.59 percent; Market cap: C$39.27 million
Ucore Rare Metals owns the Bokan-Dotson Ridge REE project in Southeast Alaska, and also has a focus on rare earths extraction, beneficiation and separation technologies. In addition to moving forward at Bokan-Dotson Ridge, the company wants to develop a heavy rare earths processing facility in the same area.
Shares of Ucore reached their highest point for 2022 on January 17, climbing to C$1.24.
More recently, Ucore shared the positive conclusions of a multi-phase independent technical review of the company’s RapidSX technology; it was prepared by Dr. Ahmad Ghahreman of AG Hydrometallurgy Services. The results of the review include three times efficiency versus CSX and an operating cost of 20 percent less than CSX. Ucore plans to commission its RapidSX demonstration-scale plant in mid-2022.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Marvel Discovery is a client of the Investing News Network. This article is not paid-for content.
Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce the planned mobilization of a geological crew to conduct Ucore's Summer 2022 fieldwork program (the "Program") at the Company's Bokan-Dotson Ridge Zone mineral deposit ("Bokan" or "Bokan Project") on Prince of Wales Island, Alaska, USA. The Program is a continuation of Ucore's 2007, 2008, 2009, 2010, 2011 & 2014 Bokan Mountain Complex exploration drill programs and is being undertaken by Aurora Geosciences (Alaska) Ltd. ("AGL" or "Aurora") of Juneau, Alaska. The Program is designed to improve the geological confidence of the mineral deposit in preparation for a forthcoming planned pre-feasibility study ("PFS"), as the rare earth oxide ("REO") market continues its favourable response to the increased electrification demands related to the electric vehicle ("EV") and renewable energy sectors.
Figure 1 - Ucore's Vision of a North American REE Supply Chain: Bokan Mountain, RapidSX™ Technology, Alaska SMC & North American Manufactured EVs
To view an enhanced version of Figure 1, please visit: https://orders.newsfilecorp.com/files/1119/123292_f64b38cb54d66b1a_001full.jpg
The approximately 5-week Program consists of two primary planned objectives:
"Aurora Geosciences has been involved in exploration work at Bokan Mountain for over a decade," stated Ucore Vice President and COO Mike Schrider, P.E. "Jim Robinson and his team have put together a Mineral Resource upgrade program for 2022 that will enable us to finalize our exploration efforts towards developing the Bokan Project as we respond to Western electrification demands and the associated need for rare earth critical metals.
"Continued execution of the Company's long-term Bokan Mountain development plans, coupled with our near-term plan to construct the Alaska SMC 35-miles to the northeast of Bokan in Ketchikan, represents a unique opportunity for Ucore, the communities of Southeast Alaska and the State of Alaska. Working together as a team and with our stakeholders, we can help lead the United States' concerted effort to establish an independent REE supply chain to support the transformation to EVs and renewable energy sources and ensure that high-paying family-wage jobs are generated and maintained in Southeast Alaska for decades to come."
The Bokan-Dotson Ridge Zone is amongst the highest grade heavy rare earth element ("HREE") Mineral Resources in the United States[2]. The Bokan Project includes terbium (Tb) and dysprosium (Dy) oxides, the two HREEs oxides associated with EV permanent magnet synchronous motors. As shown in Table 1, the spot market price[3] of Tb and Dy oxides - HREEs used in most permanent magnet synchronous motors ("PMSM") - have dramatically increased since 2020. And most importantly, the forecasted demand for PMSM's REOs is expected to remain strong well into the next decade[4].
Table 1 - Tb & Dy Prices & % Change from 2020 to 2022
"As automakers shift to electrification, a totally new metallic supply chain must be created," commented Ucore Chairman and CEO Pat Ryan, P.Eng. "The historical automotive business was vertically integrated with rubber plants in South America to an array of steel manufacturing plants as a key part of their production strategy. Today automakers from Ford to GM to VW realize that controlling source raw materials right back to the mine could determine how many electric vehicles they will be able to make and at what cost. The further development of the Bokan Mountain Complex for long term security of rare earth oxides used in powerful electric motors presents an opportunity for deep integration of Western supply chains."
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 an effective 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 control of the US REE supply chain through the near-term development of a heavy and light 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.
Ronald James (Jim) Robinson, B.Sc., P.Geo., an independent geologist and General Manager of Aurora Geosciences (Alaska) Ltd. of Juneau, Alaska, has prepared, reviewed and approved the technical data regarding the Bokan-Dotson Ridge Mineral Resource provided in this news release and is the qualified person responsible for its accuracy.
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, 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 offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue 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) accept responsibility for the adequacy or accuracy of this release.
Mark MacDonald Vice President, Investor Relations Ucore Rare Metals Inc. 902.482.5214 mark@ucore.com
[1] The deposit model was established and has been maintained by AGL since 2008.
[2] Disclosed pursuant to a technical report prepared in accordance with National Instrument 43-101.
[3] Source: daily spot market pricing provided by the Association of China Rare Earth Industry and compiled and calculated by Ucore.
[4] Source: ADAMAS Intelligence's Rare Earth Magnet Market Outlook to 2035.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/123292
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Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (" Search " or the " Company "), is pleased to report 2021 channel assay results from FOX MEADOW a major mineralized zone in the Port Hope Simpson St. Lewis Critical Rare Earth Element (CREE) District. Mapping, prospecting, trenching, channeling, and geophysical surveys confirm the current known extent of two mineralized zones at FOX MEADOW : the NW zone is up to 175m wide and the SE zone is up to 154m wide . Combined, known mineralization is at least 790m long and is open to the NW and SE. FOX MEADOW is currently drill program ready; Search plans to commence a 6,000 m drill program this fall.
HIGHLIGHTS – FOX MEADOW 2021 CHANNEL PROGRAM
Greg Andrews, President/CEO states; "We are very excited about the potential of the Fox Meadow project. By comparison, Fox Meadow's surficial extent is much wider and longer than that of either Deep Fox or Foxtrot . The Fox Meadow project could prove to be very significant for our development of a safe and secure generational source of rare earth elements for the North American rare earth element supply chain."
Andrews added; "The Fox Meadow Project is "drill ready" - we plan a 6000m drill program that has been permitted and is expected to commence late 2022. The recent Federal Budget proposes up to $3.8 billion in support over eight years to implement Canada's first Critical Minerals Strategy. The Fox Meadow Project funding could benefit from the new 30% Critical Mineral Exploration Tax Credit which was introduced. We look forward to learning more details as our goals align nicely with the Federal government's Critical Minerals Strategy."
FIGURE 1. FOX MEADOW CHANNEL LOCATIONS is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7b0491ea-903f-4993-bf31-43e6ac3f5dd7
The 2021 trenching and channeling program at FOX MEADOW extended three previous channel sections (see Search News Releases: April 6, 2020; October 28, 2020) southwards and completed three new sections through the mineralized zones (see Figure 1). All channel work required excavation of trenches in treed areas, with significant overburden cover, to expose bedrock. The ten longest sections, from all channel programs, sample a mineralized zone that is between 123m and 175m wide and 425m long in the westerly part of the zone (NW zone) and between 122m and 154m wide and 365m long in the easterly part (SE zone). The successful 2021 trenching and channeling program indicates that an extensive 2022 program is required to determine the surficial extent of the two mineralized zones that are open to the NW and SE; a Phase 1 drill program to explore for mineralization at depth is also planned for fall 2022.
Assays from the 2021 channeling program (highlights in Table 1) return similar results to channels from 2020 and earlier programs. Two channel sections, FMC-21-05/FMC-18-03 and FMC-18-01/FMC-21-06, form connected sections that sample the NW zone. Three new channels (FMC-21-02, FMC-21-03 and FMC-21-04) and one channel extension (FMC-20-03/FMC-20-01) produce four sections through the SE zone.
Channel FMC-21-02B contains 47.56m of high-grade mineralization (aggregate of over 3m wide >190 ppm Dy intervals) and 13.77m of medium-grade mineralization (aggregate of over 3m wide and 150-190 ppm Dy intervals) over 112.34m of channel; lower grade mineralization and mafic units forming the remainder in all channels. FMC-21-03 contains 12.63m of high-grade mineralization (>190 ppm Dy) and 15.14m of medium-grade mineralization (150-190 ppm Dy) over 139.88m of channel. Section FMC-21-04 contains 20.65m of high-grade mineralization (>190 ppm Dy) and 24.37m of medium-grade mineralization (150-190 ppm Dy) over 154.51m of channel. Figure 1 illustrates that a portion of both magnetic anomalies, the NW and SE zones, has not been sampled/channeled to date.
TABLE 1 - WEIGHTED AVERAGE OF SOME CREE MINERALIZED INTERVALS AT FOX MEADOW PROJECT
The FOX MEADOW project occurs approximately 11 km west of Port Hope Simpson and 1 km from a gravel-covered, three-season forest access road. Port Hope Simpson is approximately 40 km northwest of FOXTROT and 50 km from DEEP FOX on paved and all-season gravelled roads.
Quality Assurance / Quality Control (QA/QC): Channel samples, 10cm deep and 8cm wide, are cut by gas-powered diamond-bladed saw from cleaned outcrops to provide samples for assay and logging/reference. Each channel is cut into two vertical sections, similar to drill core, with a 6 cm thick section (weathering removed) being sent for assay to Activation Laboratories Ltd (ActLabs). A 2 cm thick section is stored in channel boxes for reference and to provide due diligence/verification samples. The channels are cut perpendicular to strike, pieced together, logged and photographed to produce geological and geochemical sections. These channel samples, or horizontal drill holes, produce the same data as vertical diamond drill holes, except the data is from horizontal geological sections and the collected sample is 6 to 8 times bigger than NQ drill core. Additional 8 cm wide cuts from a channel interval make excellent preliminary metallurgical samples (1m of channel yields approximately 30kg of sample).
Litho-geochemistry samples (drill core or channel), all from bedrock, are collected by Company personnel, bagged and described. Reference samples are also collected for each grab, litho-geochemistry and channel sample. The samples are shipped to Activation Laboratories Ltd. (ActLabs) sample prep facility in Ancaster, Ontario, where they are crushed to 80% -10 mesh and riffled to produce a representative sample. This sample is then pulverized to 95% -200 mesh with the pulverizing mills being cleaned between each sample with cleaning sand. A representative sample is treated by a lithium metaborate/tetraborate fusion and then analyzed by ICP and ICP/MS techniques. Mass balance is required as an additional quality control technique and elemental totals of the oxides should be between 98% and 101%. For QA/QC purposes Search requires one pulp duplicate and Search reproducibility standard inserted at the 15 th sample, and each 20 samples after, and a coarse reject duplicate every 20 samples. In addition, pulp standards are inserted at random by Search Minerals personnel. ActLabs analyzes duplicates and splits approximately every 15 samples and also analyses 29 measured standards for QA/QC. To further enhance our QA/QC procedures Search has a program of checking analytical results with other labs to confirm the ActLabs results. ActLabs is an ISO/IEC 17025 accredited laboratory.
Qualified Person: Dr. Randy Miller, Ph.D., P.Geo, is the Company's Vice President, Exploration, and is a "qualified person" (as defined by NI 43-101) and has supervised the preparation of and approved all scientific and technical information herein and has conducted appropriate verification on the underlying data. The Company will endeavor to meet high standards of integrity, transparency, and consistency in reporting technical content, including geological and assay (e.g., REE) data.
Led by a proven management team and board of directors, Search is focused on finding and developing Critical Rare Earths Elements (CREE), Zirconium (Zr) and Hafnium (Hf) resources within the emerging Port Hope Simpson – St. Lewis CREE District of southeast Labrador. The Company controls a belt 63 km long and 2 km wide and is road accessible, on tidewater, and located within 3 local communities. Search has completed a preliminary economic assessment report for FOXTROT , and a resource estimate for DEEP FOX . Search is also working on three exploration prospects along the belt which include: FOX MEADOW, SILVER FOX and AWESOME FOX .
Search has continued to optimize our patented Direct Extraction Process technology with the support from the Department of Industry, Energy and Technology, Government of Newfoundland and Labrador, and from the Atlantic Canada Opportunity Agency. We have completed two pilot plant operations and produced highly purified mixed rare earth carbonate concentrate and mixed REO concentrate for separation and refining. We also recognize the continued support by the Government of Newfoundland and Labrador for its Junior Exploration Program.
Search Minerals was selected to participate in the Government of Canada Accelerated Growth Service ("AGS") initiative, which supports high growth companies. AGS, as a ‘one-stop shop' model, provides Search with coordinated access to Government of Canada resources as Search continues to move quickly to production and contribute to the establishment of a stable and secure rare earth element North American and European supply chain.
For further information, please contact:
Greg Andrews President and CEO Tel: 604-998-3432 E-mail: info@searchminerals.ca
Neither the 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.
Cautionary Statement Regarding "Forward-Looking" Statements:
This news release contains "forward-looking information "and "forward looking statements" within the meaning of applicable Canadian securities laws. Such forward-looking statements include, without limitation: statements with respect to anticipated advancement of the Company's exploration, production and processing plans. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of Mineral Resources, the realization of resource estimates, change in market prices, the availability of necessary financing, the timing and amount of future exploration and development expenditures, the, the progress of exploration and development activities, the receipt of necessary regulatory approvals, and assumptions with respect to environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. 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 and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: changes in market conditions, unsuccessful exploration results, unanticipated costs and expenses, inaccurate resource estimates, changes in the price of minerals, unanticipated changes in key management personnel and general economic conditions. In addition, mining exploration and development is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. Reference should be made to the Company's public filings available under its profile on www.sedar.com for further risk factors. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
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Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to report the positive conclusions of a multi-phase, independent, third-party technical review of RapidSX™ technology (the "Independent Evaluation" or the "Evaluation") prepared by Dr. Ahmad Ghahreman of AG Hydrometallurgy Services Inc. ("AGHS") as a noted subject-matter-expert1. With a focus on the technical assuredness, benefits, and scalability of the RapidSX™ technology specifically for the separation of rare earth elements ("REEs") for the production of commercial-grade rare earth oxides ("REOs"), the Independent Evaluation concludes the following:
AGHS was engaged by the Alaska Industrial Development and Export Authority ("AIDEA") to undertake a technical review of the RapidSX™ technology and to provide an opinion concerning the technical and economic feasibility and scalability of RapidSX™, specifically for the separation of REEs for the production of commercial-grade REOs in Ucore's planned Alaska Strategic Metals Complex ("SMC"). "After completing our extensive technical review of the RapidSX™ technology, its commercialization development process and its planned installation in the Alaska SMC, it is my opinion that Ucore can credibly and effectively execute its unique business strategy," noted Dr. Ghahreman.
Figure 1 - RapidSX™ Testing on the CDF's Research Apparatus To view an enhanced version of Figure 1, please visit: https://orders.newsfilecorp.com/files/1119/121814_1abe1c4454ba19cd_001full.jpg
"We're extremely pleased with the independent expert evaluation of the RapidSX technology, as it continues to support our commercial deployment plans that center on being very competitive for the production of REOs to be delivered to downstream EV and renewable energy manufacturers," stated Ucore Chairman and CEO Pat Ryan, P.Eng. "The Evaluation's technically based alignment with our economic premise that there is a reduction in capital cost required to build a North American SMC for REE separation versus CSX, the increased throughput using the proprietary column-based technology and thus lower working capital, supports our business planning. This includes self-use to begin (i.e., the Alaska SMC), the ability to scale appropriately as the market dictates, potential JV opportunities and eventual US-allied licensing."
As part of its confidential work, in Phase I (Expert Opinion; Technical Review of the IMC RapidSX™ Separation Technology for Rare-Earth Separation, March 26, 2021), AGHS conducted a literature/data/conversational review of all past and current work associated with the development and commercialization efforts of the RapidSX technology. And in Phase II (Expert Opinion; Technical Review of the IMC RapidSX™ Separation Technology for Rare-Earth Separation - Phase II, January 17, 2022), they observed two rounds of testing carried out at Innovation Metals Corp.'s ("IMC") RapidSX Commercialization and Development Facility ("CDF") in Q4-2021 and conducted by IMC's laboratory partner Kingston Process Metallurgy Inc. ("KPM"). The first test was performed on a synthetic REE solution (a dilute solution consisting of Pr, Nd, Sm, and Gd), and the second test was conducted on a commercial mixed heavy REO sourced from an operating rare earth mine (the source of which remains commercially confidential). All testing was performed by KPM's personnel under the observation of Dr. Ghahreman, with AGHS receiving the test data/results directly from KPM and evaluating the RapidSX technology based on this data.
The two sets of solutions were tested utilizing both RapidSX and conventional solvent extraction processes, primarily exploring the kinetics of the two processes for separating the rare earth elements. RapidSX testing was undertaken on the CDF's Research Apparatus with a variety of flow rates and contactor lengths, as shown in Figure 1. Phase separator sizes and contactor diameter were kept consistent for all tests. CSX testing was conducted using mixer settlers, as shown in Figure 2.
Figure 2 - Conventional Solvent Extraction Testing at the CDF To view an enhanced version of Figure 2, please visit: https://orders.newsfilecorp.com/files/1119/121814_1abe1c4454ba19cd_002full.jpg
From the tests on the synthetic samples, it was clear that the equilibrium time with the CSX process was reached in approximately 120 seconds or more. In contrast, the RapidSX process achieved a higher separation factor of the REEs within 40 seconds. The results of the CSX tests on the commercial mixed rare earth concentrate showed that the equilibrium time shifted to over 300 seconds. However, RapidSX test results were consistently better than the CSX results, with a higher separation factor reached within less than 100 seconds. These results confirm that RapidSX can be 3 times as efficient as CSX, which, among other advantages, could result in a RapidSX plant having a footprint 1/3 the size of a CSX plant. Operating costs of RapidSX could be expected to be more than 20% less than those of CSX for the same throughput.
During the last week of March and the second week of April 2022, the expanded commercialization team of management, engineers and scientist (from Ucore, IMC and KPM) held numerous meetings at the RapidSX CDF to review and update all past and planned activities and schedules. Additionally, the team took the opportunity to review and discuss the Independent Evaluation's findings which Ucore received in March 2022.
Based on vast experiences with process optimization from all involved team members, design decisions confirmed that the Company would continue to aggressively advance the construction of its RapidSX Demonstration-scale Plant ("DEMO Plant") within the CDF - the DEMO Plant is now scheduled for commissioning in mid-2022. The Company shared more intricate long-range planning (under an NDA) with a potential multi-national SMC partner that also visited the CDF in April 2022, wanting to see the technology development first-hand and to discuss their upstream and downstream requirements.
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 control of the US REE supply chain through the development of a heavy and light 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.
The Company's wholly owned subsidiary, Innovation Metals Corp., developed the RapidSX separation technology with early-stage assistance from the United States Department of Defense ("US DoD"), later resulting in the production of commercial-grade, separated rare-earth oxides at the pilot scale. RapidSX combines the time-proven chemistry of conventional solvent extraction ("SX") with a new column-based platform, which significantly reduces time to completion and plant footprint, as well as potentially lowering capital and operating costs. SX is the international rare-earth-element ("REE") industry's standard commercial separation technology and is currently used by 100% of all REE producers worldwide for bulk commercial separation of both heavy and light REEs. Utilizing similar chemistry to conventional SX, RapidSX is not a "new" technology but represents a significant improvement on the well-established, well-understood, proven conventional SX separation technology preferred by REE producers.
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, 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 offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue 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) accept responsibility for the adequacy or accuracy of this release.
Mark MacDonald Vice President, Investor Relations Ucore Rare Metals Inc. 902.482.5214 mark@ucore.com
1 Dr. Ahmad Ghahreman is the CEO and President of AGHS, whose clients include many senior and junior mining companies. He has invented / co-invented 15 patents and has co-authored more than 100 journal and conference papers on the topics of metals extraction and hydrometallurgy. Dr. Ghahreman has been a consultant to the Government of Canada to (1) review the status and likelihood of success of all the active rare earth mining projects in Canada in 2015-2016, (2) to review the hydrometallurgical processing of REE ores and concentrates in 2016-2017, and (3) review acid baking and REE solutions purification for 2 of the most prominent REE mining projects in Canada.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/121814
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