Geomega Resources Inc. (“
Geomega” or the
“
Corporation”) (TSX.V: GMA) (OTC: GOMRF) a
developer of clean technologies for the mining, refining and
recycling of rare earths, is pleased to announce that its
wholly-owned subsidiary, Innord, has developed a bench scale
process, based on its environmentally friendly technology, to
process Bauxite Residues (“BR”), a potentially valuable by-product
that is being generated during refining of alumina using the Bayer
process. It has now entered a research agreement with an
international industrial partner to extract rare earth elements
(REE), scandium (Sc) and other critical and potentially valuable
metals from this readily available material.
Geomega believes that BR is a perfect fit to
expand Innord’s extraction technology, which had been originally
developed for rare earths extraction from various feeds including,
but not limited to, recycled magnets and potential ore from
Geomega’s Montviel REE deposit in Quebec. Drawing from the
strengths and versatility of its technology, Innord had been
seeking to identify large industrial and mining waste challenges
with the following characteristics:
- High iron (Fe) content - in BR
>40% Fe2O3
- Loss of critical and strategic
metals in the tailings (rare earth elements, scandium, titanium and
vanadium)
- Need for reagents recycling and
tailings volume reduction
Relative to existing methods (less than 5% of
global BR is being used today) and contrary to previously developed
metallurgical approaches that either only displace the
environmental impact towards effluents and/or other residues,
provide insufficient volume reduction or have limited economic
viability, Innord’s process potentially offers the following
benefits:
- Significant tailings volume
reduction (>80%)
- Minimize effluents by recycling the
main reagents, which would in turn reduce operating costs and avoid
creating other waste streams
- Value maximization of the available
metals, thereby enhancing the economics of the process, which
include:
- Bulk traditional metals such as Al
and Fe
- Strategic metal concentrates (REE,
Sc, Ti, V)
While the main focus of the Company remains on
the engineering studies of the demonstration plant in St-Bruno (See
news release January 12, 2021), Innord has been developing the
flowsheet and conducted bench scale work demonstrating the various
steps of the BR process in the last 12 months. The upcoming work
will continue to test and validate the process at the bench scale
in preparation for potential pilot testing, focus on
characterization of outlet streams and the techno-economical
feasibility study of the technology. The industrial partner will be
contributing material for the testwork and expertise on various
product stream specifications.
Ownership of the Intellectual Property developed
by Innord through this research work will remain with the Company.
With BR representing a global challenge, Innord is developing the
technology with the objective to make it available globally through
a licensing / royalty structure once the technology has
demonstrated its economical and environmental feasibility on a
larger scale.
“We are thrilled to be working on such an
important environmental global challenge. Aluminum, the most
produced non-ferrous metal in the world, is a key material of the
21st century for such major industries as transportation, aviation,
construction and many other sectors. In the environmentally
conscious world we now live in, local environmental regulations and
social acceptability dictate that now is the time to find a
solution to BR storage. There is a tremendous economic potential
benefit as well, as every tonne of BR contains between USD $80 and
USD $120 worth of critical and strategic metals that are becoming
imperative to recover. We believe that Innord’s technology is well
positioned to offer economic and environmentally innovative
solutions to sustainability challenges. We look forward to continue
advancing the technology towards larger scale testing,” commented
Kiril Mugerman, President and CEO of Geomega.
About Geomega
(www.geomega.ca)Geomega
develops innovative technologies for extraction and separation of
rare earth elements and other critical metals essential for a
sustainable future. With a focus on renewable energies, vehicle
electrification, automation and reduction in energy usage, rare
earth magnets or neo-magnets (NdFeB) are at the center of all these
technologies. Geomega’s strategy revolves around gradually
de-risking its innovative technology and delivering cashflow and
return value to shareholders while working directly with the main
players in these industries to recycle the magnets that power all
those technologies.
As its technologies are demonstrated on larger
scales, Geomega is committed to work with major partners to help
extract value from mining feeds, tailings and other industrial
residues which contain rare earths and other critical metals.
Irrespective of the metal or the source, Geomega adopts a
consistent approach to reduce the environmental impact and to
contribute to lowering greenhouse gases emissions through recycling
the major reagents in the process.
Geomega’s core project is based around the ISR
Technology (Innord’s Separation of Rare Earths), a proprietary,
low-cost, environmentally friendly way to tap into a C$1.5 billion
global market to recycle magnet production waste and end of life
magnets profitably & safely.
Geomega also owns the Montviel rare earth
carbonatite deposit, the largest 43-101 bastnaesite resource
estimate in North America and holds over 16.8M shares, representing
approximately 16% of the issued and outstanding shares, of Kintavar
Exploration Inc. (KTR.V), a mineral exploration company that is
exploring for copper projects in Quebec, Canada.
For further information, please
contact:
Kiril Mugerman |
President and CEO |
Geomega |
450-641-5119 ext.5653 |
kmugerman@geomega.caNancy ThompsonVorticom Public
Relations212-532-2208nancyt@vorticom.comTwitter: @Geomega_REE |
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This news release contains statements that may
constitute “forward-looking information” or “forward-looking
statements” within the meaning of applicable Canadian securities
legislation. Forward-looking information and statements may
include, among others, statements regarding future plans, costs,
objectives or performance of the Corporation, or the assumptions
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or by which, such future performance will be achieved. No assurance
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information will transpire or occur, including as regards the
commercialization of any of the technology referred to above, or if
any of them do so, what benefits the Corporation will derive.
Forward-looking statements and information are based on information
available at the time and/or management's good-faith belief with
respect to future events and are subject to known or unknown risks,
uncertainties, assumptions and other unpredictable factors, many of
which are beyond the Corporation’s control. These risks,
uncertainties and assumptions include, but are not limited to,
those described under “Risk Factors” in the Corporation’s annual
management’s discussion and analysis for the fiscal year ended May
31, 2020, which is available on SEDAR at www.sedar.com; they could
cause actual events or results to differ materially from those
projected in any forward-looking statements. The Corporation does
not intend, nor does the Corporation undertake any obligation, to
update or revise any forward-looking information or statements
contained in this news release to reflect subsequent information,
events or circumstances or otherwise, except if required by
applicable laws.
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