Elcora Advanced Materials Corp.: NI-43-101 Report - Vanadinite Polymetallic Mineral Deposit
June 14 2022 - 7:00AM
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.
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