HALIFAX, Noca Scotia, Nov. 09, 2022 (GLOBE NEWSWIRE) -- ELCORA ADVANCED MATERIALS CORP. (TSX.V:ERA | Frankfurt:ELM | OTCQB – ECORF), (the "Company" or "Elcora"), is pleased to announce positive lab test results for the first twelve (12) assays from its Ermazon Manganese concession (16 km²) named “Atlas Fox Deposit” in Morocco.
A representative amount of the mineral was sent to the SGS-certified African Laboratory for Mining and Environment (AFRILAB). Manganese (Mn) masses tested between 16% and 50% for an average of 34%. All sample locations are mapped and easily accessible for surface deposit mining.
The Atlas Fox Deposit had been mined until the mid-fifties when the French rule in Morocco came to an end. The neighboring village was built for staff accommodation and administration. The mining methods were basic with a combination of open pit and underground methods.
The Manganese deposit is a vein/lens with two ridges from which ore was extracted, numerous quality stockpiles were found, and the vein is still exposed in many places. The mining area is easily accessible via public road and an inclining mine haul road of 1.5 km length. Elcora will rehabilitate it including the former staging area situated at a road fork.
The mining method will initially be open pit, the production potential run rate at the Atlas Fox Deposit is thought to be approximately 2,500 metric tonnes / month.
In addition to several industrial applications, Manganese is an electric vehicle or EV metal. It is used to produce batteries for electric vehicles and other renewable energy applications such as electricity grid storage for Tesla’s batteries. Its status as a battery metal is expected to propel its demand in the wake of what experts predict will be a widespread transition to EVs driven by lofty climate policy goals and zero-emission targets.
Troy Grant, Elcora’s CEO commented, “The results of these tests are excellent as they exceed the local buyers’ expectations. Elcora’s Morocco mining projects are on track with the objective to start production before the end of 2022. With Manganese Ore trading up to $617 USD / tonne (www.metal.com) as of November 06, 2022, it does confirm the company’s strategy to generate revenue to fund growth and new opportunities in Morocco. Surface deposit mining also represents Elcora’s low risk and minimal capital outlay. We are diligently working on the process requirements set out by the Government of Morocco and our team”.
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
Qualifying Statements: Klaus Leiders P. Eng., a qualified person as defined by National Instrument 43-101, approves the technical information contained in this news release.
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.
