News out this morning
ORIGINAL: Commencement of Second Phase IXOS Test Work at the Fenix Gold Project
2022-01-11 07:30 ET - News Release
NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES
HALIFAX, Nova Scotia and VANCOUVER, British Columbia, Jan. 11, 2022 (GLOBE NEWSWIRE) -- Rio2 Limited (“Rio2”) (TSXV: RIO) (OTCQX: RIOFF) (BVL: RIO) and Sixth Wave Innovations Inc. (CSE: SIXW) (OTCQB: SIXWF) (FSE: AHUH) (“Sixth Wave”) are pleased to announce the second phase test work of patented IXOS® purification polymer (“IXOS®”) will begin at Rio2’s Fenix Gold Project in Chile in mid-January 2022. The second phase test work at the mine site follows on from the successful completion of ore tests at Sixth Wave’s Salt Lake City Utah facility in August 2021.
Sixth Wave will perform adsorption tests using IXOS® beads with solution from installed heap leach columns to evaluate adsorption kinetics and other parameters. Testing will include operation of the system under a variety of testing scenarios to validate IXOS® performance and refine the cost/benefit analysis. Potential positive environmental, social and governance (ESG) impacts and a reduced carbon footprint (CO2 emissions) using IXOS® instead of activated carbon for the process plant will also be explored during this phase of the project. The IXOS® process operates at a significantly reduced power consumption and with fewer reagents than activated carbon creating opportunities for enhancement of Rio2’s ESG initiatives at its Fenix Gold Mine.
“Sixth Wave is committed to making a positive contribution to the optimisation of the adsorption/desorption process of the planned future expansion of the Fenix Gold Mine from its initial throughput rate of 20,000 TPD,” noted Dr. Jon Gluckman, President and CEO of Sixth Wave Innovations Inc.
Alex Black, President and CEO of Rio2 stated, “The Fenix Gold Mine will initiate operations with a carbon adsorption component of the processing plant but we are hoping that, as a result of this upcoming test work, the IXOS Process can be proven as a more cost-effective, energy-efficient and environmentally friendly solution for the adsorption process when we look to expand mine production in the future.”
Rio2 Limited also announces that it has granted 2,100,000 incentive stock options (the “Stock Options”) to purchase Rio2 common shares to certain officers and employees pursuant to Rio2’s Stock Option Plan.
These Stock Options have an expiry date of January 11, 2027, and will vest as to 1/3 thereof on each of the first, second and third anniversaries of grant. Each Stock Option entitles the holder to purchase one Rio2 common share at a price of $0.65 for a period of five years from the date of grant.
About Rio2 Limited
Rio2 is a mining company with a focus on development and mining operations with a team that has proven technical skills as well as a successful capital markets track record. Rio2 is focused on taking its Fenix Gold Project in Chile to production in the shortest possible timeframe based on a staged development strategy. In addition to the Fenix Gold Project in development in Chile, Rio2 Limited continues to pursue additional strategic acquisitions where it can deploy its operational excellence and responsible mining practices to build a multi-asset, multi-jurisdiction, precious metals company.
To learn more about Rio2 Limited, please visit: www.rio2.com or Rio2's SEDAR profile at www.sedar.com.
ON BEHALF OF THE BOARD OF RIO2 LIMITED
Alex Black
President, CEO & Director
Email: info@rio2.com
Tel: 1 (604) 260-2696