HALIFAX, Nova Scotia, June 14, 2022 (GLOBE NEWSWIRE) -- ELCORA ADVANCED MATERIALS CORP. (TSX.V:ERA | Frankfurt:ELM | OTCQB – ECORF), (the "Company" or "Elcora"), is pleased to announce that the NI 43-101 Technical Report and First Resource Report for the Atlas Lion Vanadinite Polymetallic Deposit of Ermazon SARL, a wholly owned subsidiary of Elcora Advanced Materials Inc, is available.
Elcora has purchased Ermazon with the intention to develop the Vanadinite polymetallic deposit to a fully operating mining, processing and refining operation which will produce high-grade Vanadium and Lead concentrates.
The mineralogical Interpretations on the first Research license indicate that there are at least 3 main Vanadinite veins in a 40m thick rock formation. Interpolating these findings with the typical Vanadinite formations at Mibladen and Zaida strongly indicates that more veins may be found at depth.
The three structures were identified over a length of 2.5km representing a total of 772.000 tonnes of Mineral of which 463.000 tonnes account as indicated resources and 309.000 tonnes of inferred resources according to National Instrument 43-101. The fourteen (14) tested samples results averaged 36,52% Lead (Pb) and 4,125% Vanadium (V) with a maximum of 50,76% Pb and 6,66% V.
As of June 10, Lead was trading at about $2150 USD / tonne on the London Metal Exchange (LME) and Ferro Vanadium 80% at $36.75 USD / kg (Europe Price, vanadiumprice.com) therefore creating a significant revenue opportunity for Elcora.
The First Resource Estimate was calculated utilizing the length of the mineralized structures, average thickness of the Vanadinite seam and the width of exposed Vanadinite mineral structures. Elcora owns sixteen other (16) Polymetallic/Vanadium Licenses, which include a former Vanadium mine, that have the potential to add significant mineral reserves to Elcora’s asset base in Morocco.
The main objective of this NI 43-101 Tech Report and First Resource Report is to prove the existence of sufficient amounts of indicated resources to start a test raw-ore production over a limited time until the first exploration campaign with Elcora’s core drill will have produced substantial amounts of measured resources to justify the construction of a concentrator and then consequentially a Lead/Vanadium separator.
Main conclusion of the described ore findings is that this vast deposit shows large potential and justifies a comprehensive exploration program while allowing to start ore production in this or other areas of exposed mineral.
Elcora’s in-country projects are moving ahead with the objective to start production during the year 2022.
Troy Grant, Elcora’s CEO commented «the NI 43-101 Technical Report and First Resource Report for the Atlas Lion Vanadinite Polymetallic Deposit shows very promising opportunities for Elcora in Morocco. Our local team is very active on the ground to identify and add ore reserves as we are moving ahead with our plan to setup on-site production once all requirements set out by the Government of Morocco are satisfied.».
About Elcora Advanced Materials Corp.
Elcora was founded in 2011 and has been structured to become a vertically integrated battery material company. Elcora can process, refine, and produce battery related minerals and metals. As part of the vertical integration strategy Elcora has developed a cost-effective process to purify high-quality battery metals and minerals that are commercially scalable. This combination means that Elcora has the tools and resources for vertical integration of the battery minerals and metals industry.
For further information please visit the company's website at:
http://www.elcoracorp.com
For further information please contact: Troy Grant, Director, President & CEO, Elcora Advanced Materials Corp., T: +1 902 802-8847
CAUTIONARY STATEMENT:
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock Exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain “forward-looking statements”. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Elcora, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Elcora’s expectations are exploration risks detailed herein and from time to time in the filings made by Elcora with securities regulators.
Investors are cautioned that, except as disclosed in the filing statement prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon.
