ORIGINAL: Sixth Wave and Magnus Mineral Resources (PVT) Ltd Sign USD$50M+ Contract for Implementation of IXOS(R) Mining Technology at the Penhalonga Gold Mine and BeyondUSD$50M+ Contract for Implementation of IXOS(R) Mining Technology at the Penhalonga Gold Mine and Beyond
2022-09-12 10:32 ET - News Release
Halifax, Nova Scotia--(Newsfile Corp. - September 12, 2022) - Sixth Wave Innovations Inc. (CSE: SIXW) (OTCQB: SIXWF) (FSE: AHUH) ("Sixth Wave" or "SIXW" or the "Company") is pleased to announce the signing (Sept. 7, 2022) of a three phase test and implementation contract ("Contract") that will field SIXW's patented IXOS(TM) molecular imprinted polymer for extraction and purification of gold and silver (the "IXOS(TM) Mining Technology") at the Penhalonga Gold Mine, Zimbabwe. Additionally, Magnus Resources plans to build and deploy three smaller processing plants to assist regional artisanal mining groups in Zimbabwe. The goal is to assist and direct artisanal mining operations from dangerous and environmentally destructive practices involving mercury amalgamation. The project will be carried out in three phases.
Phase 1 of the project will commence immediately with Magnus sending ore samples to SIXW's laboratory for extraction and recovery testing. This phase is expected to complete within 6-8 weeks after receipt of samples and will provide the metallurgical information required for Phase 2. The contract specifies USD $49,240 for this phase.
Phase 2 of the project will begin upon completion of the testing and includes a mine site visit to evaluate existing infrastructure. Further, SIXW mining experts will obtain necessary data required for the pilot circuit to include historical metallurgical test data, test results from SIXW's laboratory analysis, geological data, existing infrastructure, and project throughput of 5tph. Phase 2 will focus on pilot-plant process design, engineering, and implementation for gold recovery from oxides at an estimated cost of USD$26.1 million. The contract contemplates expansion of the process capacity and testing and implementation of additional capability to deal with the transitional and refractory ore (not been costed at this time).
In addition to the plant for Penhalonga, Phase 2 activities will include testing, engineering design, and delivery/commissioning of three portable VAT leach adsorption/desorption/recovery plants that are capable of processing 100tpd of ore. The portable plants will be placed in strategic regions of the country to service readily available ore from small and medium sized artisanal miners. It is estimated that each plant will cost between USD$7.8M and USD$11.5M depending on actual configurations, with currently 3 plants planned.
Completion of the initial implementations will launch Phase 3 to address the testing and optimization of extraction for the transitional and refractory ore present at the mine. This work has not yet been costed and scheduled.
Sixth Wave will name Magnus as the exclusive distributor for IXOS(TM)-Au in Africa and the countries that comprise the Gulf Cooperation Council (GCC) as per the initial MOU. Term aspects and finalization will not be addressed until completion of Phase 1.
"We are very excited about this collaboration and bringing our advanced technology to the mining industry on the African continent and beyond with Magnus Mineral Resources (PVT) Limited. I have been involved in several mining operations including design and commissioning on the continent and within the GCC. My prior experience allows the Sixth Wave team to have a foundational understanding of the challenges and requirements so that we can help ensure the success of the Magnus projects," noted Nicol Newton, Vice President, Sixth Wave Mining Division.
"Magnus Mineral Resources (PVT) Limited is extremely satisfied with the technical depth and analysis that has been provided by Sixth Wave to get us to the point that we can launch the project. We are looking forward to the initial testing data and further defining the design and implementation specifications to maximize the profitability of our endeavors," stated Mr. Tanaka Solomon Nyabadza, Managing Director, Magnus Mineral Resources (PVT) Limited.
About Magnus Mineral Resources (PVT) Limited
Magnus Mineral Resources PLC is a Zimbabwean mineral-based company focused on acquisition, exploration, development, mining, processing, refining, metallurgy, and trading, and consultancy with extensive experience in gold, diamonds, lithium, and rare earth minerals.
The Company was established with the objective of acquiring and developing businesses on the African continent to generate development, deliver growth and create high value returns.
ON BEHALF OF THE MANAGEMENT OF MAGNUS MINERAL RESOURCES (PVT) LIMITED
Mr. Tanaka Solomon Nyabadza, Founder & CEO
For information, please contact the Company:
Phone: +263786101899/ +263714546116
E-mail: magnusmineralresources@gmail.com