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Tocvan Drills 39.7 meters of 0.96 g/t Au including 12.2 meters of 3 g/t Au in Main Zone Step-Out Also Hits at Triple Vein Zone 400 meters to the East, Opens Up New Target Area

 

Calgary, Alberta – TheNewswie – July 29, 2021. Tocvan Ventures Corp. (CSE:TOC) (CNSX:TOC.CN) (“Tocvan” or the “Corporation”) is pleased to…

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Calgary, Alberta – TheNewswieJuly 29, 2021. Tocvan Ventures Corp. (CSE:TOC) (CNSX:TOC.CN) (“Tocvan” or the “Corporation”) is pleased to announce final drill results from its Phase II drill program (the “Program”) at the Pilar Gold-Silver Project in Sonora, Mexico. A Phase II drill program was completed in June with over 3,500 meters of reverse circulation (RC) drilling in twenty (20) drill holes. Final results are included in this release, highlighted by drill hole JES-21-50 which returned 39.7 meters at 0.96 g/t Au in a 50 meter step-out to the Main Zone on trend with drill hole JES-21-47 which intersected 47.3 meters at 0.75 g/t Au. In addition, the first reconnaissance drill hole at the Triple Vein Zone (TVZ) was completed 400 meters to the east (JES-21-56) and was successful in intersecting mineralization at depth, returning 1.5 meters at 0.6 g/t Au and 139 g/t Ag.

 

Tocvan is now preparing plans for the next steps at Pilar which will include continued expansion drilling, exploration drilling at 4-Trench and TVZ and trenching followed by preliminary bulk sampling through key sections of the Main Zone.

  

Drill Result Highlights

 

JES-21-50 (Figure 1)

  • – 39.7 meters at 0.96 g/t Au and 2 g/t Ag from 39.7 to 79.3 meters

    • – Including 12.2 meters at 3.0 g/t Au and 6 g/t Ag from 39.7 to 51.9 meters

      – Including 1.5 meters at 14.6 g/t Au and 11 g/t Ag from 48.8 to 50.3 meters

JES-21-56

  • – 1.5 meters at 0.57 g/t Au and 139 g/t Ag from 216.6 to 218.1 meters

  

“During our Phase I and II drill programs we have been extremely successful in steadily increasing the known size of our Main Zone.”, commented VP Exploration, Brodie Sutherland. “JES-21-50 clearly shows the trend remains open to the southeast and we are excited to drill test this further later in the year. Beyond that we are seeing great indications that the Triple Vein Zone is developing into a new area for drill targeting. Surface sampling, mapping and geophysics are all aligned and with JES-21-56 intersecting mineralization at depth we are excited to see how this new trend can develop. ”

           

Results Discussion

JES-21-50 – The hole was planned to test the continuation of the Main Zone to the southeast, as a 50m step-out to JES-21-47 which intersected 47.7m of 0.75 g/t Au. Drilling in JES-21-50 intersected a broad zone of mineralization in altered andesites over 39.7 meters of 0.96 g/t Au, including a vein zone grading 1.5 meters of 14.6 g/t Au and 11 g/t Ag (see Table 1). The Main Zone continues to extend to the southeast and remains open as an expansion target for the next phase of drilling.

 

JES-21-56 – The hole was planned to test the eastern most extent of the Triple Vein Zone where surface sampling recovered 4.5 g/t Au and 735 g/t Ag from a rock chip along an artisanal working. Drilling intersected a silver rich zone grading 0.57 g/t Au and 139 g/t Ag, 216.6 meters downhole. Hitting mineralization at depth now opens this target area up for further exploration drilling along the 400 meter trend.

  


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Figure 1. Planview Map of Phase II Drill Program Update.

 

Table 1. Summary of Today’s Drill Results


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*Insufficient drilling has been undertaken to determine true widths. All widths reported are core length. Gold equivalent (“AuEq”) is calculated using metal prices of $1,700/oz gold and $18/oz silver.

                                

About the Pilar Property

The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite rocks. Three zones of mineralization have been identified in the north-west part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4-Trench. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Over 19,200 m of drilling have been completed to date. Significant results are highlighted below:

  • – 2020 Phase I RC Drilling Highlights include (all lengths are drilled thicknesses):

    • – 94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag;

      – 41.2m @ 1.1 g/t Au, including 3.1m @ 6.0g/t Au and 12 g/t Ag ;

      – 24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag

    – 17,700m of Historic Core & RC drilling. Highlights include:

    • – 61.0m @ 0.8 g/t Au

      – 16.5m @ 53.5g/t Au and 53 g/t Ag

      – 13.0m @ 9.6 g/t Au

      – 9.0m @ 10.2 g/t Au and 46 g/t Ag

Soil and Rock sampling results from undrilled areas indicate mineralization extends towards the southeast from the Main Zone and 4-Trench Zone. Recent Surface exploration has defined three new target areas: Triple Vein Zone, SE Vein Zone and 4 Trench Extension.

Brodie A. Sutherland, P.Geo., VP Exploration for Tocvan Ventures Corp. and a qualified person (“QP”) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

 

Quality Assurance / Quality Control

RC chips were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Over limits for gold (>10 g/t), were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion with ICP-AES finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the Company’s robust quality assurance / quality control protocol.

 

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration development company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan currently has approximately 28 million shares outstanding and is earning into two exciting opportunities. The Pilar Gold-Silver project in Sonora, Mexico and the Rogers Creek Copper project in southern British Columbia, management feels both projects represent tremendous opportunity to create shareholder value.

           

FOR FURTHER INFORMATION, PLEASE CONTACT:

TOCVAN VENTURES CORP.

Derek A. Wood, President and CEO

Suite 950

736 – 6th Avenue SW

Calgary, Alberta T2P 3TJ       

Telephone: (403) 668 7855 EXT 101       

Email:  [email protected]

  

Cautionary Statement Regarding Forward Looking Statements

 

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

 

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position.

 

Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

 

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

 

Copyright (c) 2021 TheNewswire – All rights reserved.

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Blue Lagoon Announces Results Of 2021 Soils Sampling Program – Identifies New Zones For Priority Follow Up In 2022

VANCOUVER, BC / ACCESSWIRE / January 20, 2022 / Blue Lagoon Resources Inc. (the "Company") (CSE:BLLG) (FSE:7BL) (OTCQB:BLAGF) is pleased to announce the…

VANCOUVER, BC / ACCESSWIRE / January 20, 2022 / Blue Lagoon Resources Inc. (the “Company“) (CSE:BLLG) (FSE:7BL) (OTCQB:BLAGF) is pleased to announce the results from its 2021 soil sampling program completed on its Dome Mountain Gold Project – an all-year-round accessible property located a short 50-minute drive from Smithers, BC.

The Company’s 2021 soil sampling program has resulted in identification of strong anomalous gold, zinc, and copper-in-soils zones in a number of new zones which warrant follow-up during the Company’s 2022 exploration program.

“The soil sampling program was remarkably successful in that we identified multiple gold-in-soils anomalies as well as strong multi-element associations with the gold. The more anomalous elements (Zn, Cu, As, Mo, Pb etc.) that we see associated with gold, the higher degree of confidence we have of an underlying mineralized system thus, allowing us to immediately prioritize our follow-up program.”, said Bill Cronk, Chief Geologist for Blue Lagoon Resources. “A highly anomalous zinc zone to the northwest of Freegold is especially of interest as values here are very high and dwarf the zinc values seen in soils associated with the known Boulder Vein system where gold in the current resource has a very close correlation with elevated zinc values in core.”

A total of 4216 soils have been collected on the Dome Mountain property since 2020, of which 3167 samples were collected in 2021 (Figure 1).

Anomalous pathfinder elements associated with gold-in-soil anomalies at Freegold (including antimony, copper, molybdenum, zinc, lead, mercury, bismuth, uranium and silver) were drilled in the first part of the 2021 Phase 2 program and high-grade gold was intersected as expected (see press release December 7, 2021). Additional drilling at Freegold is currently on hold awaiting completion of ground based Deep IP and CSAMT, expected to be completed by the middle of February 2022.

Anomalous pathfinder elements associated with the high gold values at Boulder Vein include antimony, zinc, lead, and silver. Noranda first drilled the Boulder Vein system at Dome Mountain in 1985 based on zinc-in-soil anomalies. After more than 40,000 meters of core drilling on the Boulder Vein, Zinc is considered the premier pathfinder element at Dome Mountain.

Figure 1 Map showing soil samples collected on the Dome Mountain Project showing samples collected in 2020 (black) and samples collected in 2021 (Yellow).

Figure 2 shows multi-element results for soils collected northwest of the Freegold Showing and along a strong northwest trending mag anomaly. Soil lines are spaced at 400 meters apart and samples collected along the line at 25 or 50 meters spacing. The zinc anomaly is the largest on the property to date with gold and contains anomalous pathfinder elements including copper, molybdenum, arsenic and antimony. Once snow free conditions are met in 2022, this target will be followed up with infill soils and prospecting to advance to the drill target stage.

Figure 2 Map highlighting anomalous zones to the northwest of Freegold. Highest zinc values in soils on the property up to 5610 ppm. 15ppb Au and greater is in the 95th percentile of anomalous values.

Figure 3 shows soils results to the southwest part of the project area. Strong gold in soils have been found and anomalous pathfinder elements associated with the targets (molybdenum, copper, arsenic and antimony) highlight areas for further work to develop near term drill targets.

Figure 3

The planned 2022 soil sampling program will build on the Company’s previous programs and will continue in early summer with a minimum of 2500 samples expected to be collected as the follow-up to the 2020-2021 program and as a first pass exploration on portions of the land package which has yet to be explored.

QUALITY ASSURANCE AND CONTROL

The Company submitted 3167 soil samples for analysis which were collected on the Dome Mountain Gold Project in late 2021. 329 of these samples were QAQC samples inserted into the sample stream to maintain a 10% QAQC program consisting of standards, blanks and field duplicates. Sample lines selected for the survey were based on known locations of underlying gold mineralization and/or based on structural interpretations based on the 2020 airborne survey.

SAMPLE PROTOCOLS

Soil samples were collected using two-man teams equipped with Geotool and shovel. Samples were collected from the B-horizon at a depth ranging from 10 cm to 90 cm. Average depth of sample collected was 32 cm. Sample spacing along the lines varied from 25 meters to 50 meters depending upon location and target with line spacing varying from 200 meters to 400 meters.

Sample data collected at the sample locations included UTM location, depth of sample, color, moisture content, texture (sand, silt, clay), and percentage, angularity and lithology of pebbles and or cobbles. Samples collected amounted to approximately 1 kilogram of material and placed in a white soil sample bag. Wet samples were additionally placed into a 1000 ml plastic zip loc bags to prevent contamination. At the end of the day all samples were placed inside the Company’s shop facility on a rack and allowed to dry for at least one week before shipping to ALS in North Vancouver, BC. Samples remained in secure storage until shipped to Vancouver.

Sample preparation at ALS utilized Prep 41 method (dry and sieve to -80 mesh) and followed up analysis for gold by method Au-AA24 (by fire assay) and 48-elements by method ME-MS61, (four acid digestion with ICP-MS finish).

The scientific and technical data contained in this news release was approved by William Cronk, P.Geo., a qualified person as defined in NI 43-101 and a consultant to the Company.

Forfurther information, pleasecontact:

Rana Vig
President and Chief Executive
Officer Telephone: 604-218-4766
Email: [email protected]

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Statement Regarding Forward-Looking Information: This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that Blue Lagoon Resources Inc. (the “Company”) expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include results of exploration activities may not show quality and quantity necessary for further exploration or future exploitation of minerals deposits, volatility of gold and silver prices, and continued availability of capital and financing, permitting and other approvals, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

SOURCE: Blue Lagoon Resources Inc.

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https://www.accesswire.com/684823/Blue-Lagoon-Announces-Results-Of-2021-Soils-Sampling-Program–Identifies-New-Zones-For-Priority-Follow-Up-In-2022





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Aston Bay Holdings Announces Extension of Private Placement

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIESTORONTO, ON / ACCESSWIRE / January 20, 2022 / Aston Bay Holdings…

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

TORONTO, ON / ACCESSWIRE / January 20, 2022 / Aston Bay Holdings Ltd. (TSX-V:BAY; OTCQB:ATBHF) (“Aston Bay” or the “Company”) announces that the Company has been granted an extension by the TSX Venture Exchange (“TSX-V”) to complete the previously announced non-brokered private placement (the “Offering”) of aggregate gross proceeds of up to $2,000,000 by no later than February 11, 2022.

The Offering consists of Units at a price of $0.06 per Unit, as announced in the Company’s news release dated November 29, 2021. Each Unit will consist of one common share of the Company and one full warrant (a “Warrant”) entitling the holder thereof to acquire an additional common share (the “Warrant Share”) at an exercise price of $0.12 per Warrant Share for a period of 24 months from the date of issuance. The Warrants will be subject to acceleration provisions when the volume weighted average trading price is greater than $0.25 for 10 consecutive trading days.

As announced in its news release dated December 21, 2021, the Company closed the first tranche of the Offering, issuing 13,473,500 Units for aggregate gross proceeds of $808,410. There can be no assurances that the Company will be able to complete the Offering. The Offering is subject to the final approval of the TSX-V and all regulatory approvals.

About Aston Bay Holdings

Aston Bay is a publicly traded mineral exploration company exploring for gold and base metal deposits in Virginia, USA, and Nunavut, Canada. The Company is led by CEO Thomas Ullrich with exploration in Virginia directed by the Company’s advisor, Don Taylor, the 2018 Thayer Lindsley Award winner for his discovery of the Taylor Pb-Zn-Ag Deposit in Arizona.

The Company has the exclusive option to lease the mineral rights to over 10,000 acres of prospective private land located in central Virginia. These lands are located within a gold-copper-lead-zinc mineralized belt prospective for mesothermal gold deposits and Virginia gold-pyrite belt deposits, as well as sedimentary exhalative (SEDEX), Broken Hill (BHT) and volcanogenic massive sulfide (VMS) type base metal deposits. Don Taylor, who led the predecessor company to Blue Ridge and assembled the dataset, has joined the Company’s Advisory Board and will be directing the Company’s exploration activities for the Blue Ridge Project. The Company is actively exploring the Mountain Base Metals Project Buckingham Gold Project in Virginia and is in advanced stages of negotiation on other lands in the area.

The Company is also 100% owner of the property Storm Project, which hosts the Storm Copper Project and the Seal Zinc Deposit and has been optioned to American West Metals Limited.

The Company’s public disclosure documents are available on www.sedar.com.

FORWARD-LOOKING STATEMENTS

Statements made in this press release, including those regarding the closing and the use of proceeds of the private placement, management objectives, forecasts, estimates, expectations, or predictions of the future may constitute “forward-looking statement”, which can be identified by the use of conditional or future tenses or by the use of such verbs as “believe”, “expect”, “may”, “will”, “should”, “estimate”, “anticipate”, “project”, “plan”, and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Aston Bay’s expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Aston Bay believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Aston Bay disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation. We seek safe harbour.

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 news release.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

FOR ADDITIONAL INFORMATION CONTACT:
Thomas Ullrich, Chief Executive Officer
[email protected]
(416) 456-3516

SOURCE: Aston Bay Holdings Ltd

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Ucore Recaps its 2021 Rare Earth Supply Chain Groundwork Accomplishments and Outlines Direction for 2022

Halifax, Nova Scotia–(Newsfile Corp. – January 20, 2022) – Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to…

Halifax, Nova Scotia–(Newsfile Corp. – January 20, 2022) – Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (“Ucore” or the “Company”) is pleased to provide the following overview of its 2021 North American rare earth element (“REE“) supply chain groundwork activities, accomplishments and continuing planned direction for 2022.

“Ucore has a very definitive vision and plan for an independent and comprehensive North American rare earth element supply chain,” stated Pat Ryan, P.Eng., Ucore Chairman and CEO. “To accomplish this, the fundamental component is the ability to have, first and foremost, operating commercial-scale rare earth separation plants. The ability to separate rare earth elements into oxides does not exist in North America today and is, therefore, the central objective of Ucore.”

“This advancing capacity plan will then support the various downstream relationships that have been cultivated over this past year with prospective offtake OEMs and emerging ex-China metal, alloy, and magnet producers.”

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Figure 1 – Ucore’s Vision and Plan of a North American REE Supply Chain

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1119/110974_174f398f046ebb72_001full.jpg.

With this primary purpose (as also outlined in Ucore’s 12 May 2021 news release), the Ucore Team aggressively progressed its corporate goals towards establishing this supply chain groundwork (see Figure 1) comprised of four all-important business objectives, namely:

A. Commercializing Innovation Metal Corp.’s (“IMC“) RapidSX™ technology for commercial deployment into the Company’s planned SMCs. Conducting Alaska SMC financing, engineering, permitting and community/stakeholder engagement activities for the near-term implementation of critical midstream processing of REOs as outlined in its ALASKA2023 plan and the Company’s broader international ambitions:

1) Continuing financial and strategic support to IMC for their commercial development of the RapidSX™ technology platform as outlined in Ucore’s 29 December 2021 news release and summarized as follows:

a) Independent third-party expert evaluation testing of RapidSX™ technology is complete, and the independent report describing the findings is expected in January 2022.

b) RapidSX™ hardware design and the commercial demonstration plant engineering layout are complete.

c) Procurement of components and construction of the commercial demonstration plant (“Demo Plant“) are well underway.

d) The current target for the Demo Plant completion is the end of Q1-2022, with commissioning and operation during an initial test campaign to commence shortly after that.

e) IMC is performing early-stage RapidSX™ integration engineering for the Alaska SMC Project: 

i) Including the inclusion of prospective Alaska SMC mixed REE chemical concentrate (“MREC”) feedstocks into the planned Demo Plant testing schedule.

2) Continuing the development of the Alaska SMC Project, including but not limited to:

a) Financing Initiatives:

i) Establishing a Memorandum of Agreement (“MOA“) with Alaska’s Southeast Conference (“SEC“) to establish a joint enterprise (known as the Natural Resource Development Complex (“NRDC“)) facility in Ketchikan, Alaska, to house Ucore’s Alaska SMC plant under a long-term lease arrangement:

(1) Up to 80% of the initial development funds for this facility (i.e. land and building) may be available through access to SEC’s existing state and federal grant economic development funding programs.

ii) Completing a 2021 Alaska Industrial Development and Export Authority (“AIDEA“) due diligence process and continuing towards approval of a $3.5M financing package – expected in Q1-2022. Including stakeholder engagement and community consultation with:

(1) Ketchikan Gateway Borough

(2) Southeast Conference

(3) Alaska Senator Burt Stedman

(4) Alaska Representative Dan Ortiz

iii) A May 2021 pre-application meeting with the Department of Energy’s (“DOE“) Loan Programs Office (“LPO“) Advanced Technology Vehicles Manufacturing Loan Program with formal submission of application expected in H1-2022.

iv) Continuing to work with J.A. Green & Company and the Alaska federal congressional delegation on various US government critical metals development opportunities.

b) Engineering Initiatives:

i) In 2021 Ucore continued its ongoing engagement with Mech-Chem Associates, Inc. to commence the specific engineering requirements for the Alaska SMC in conjunction with IMC’s engineering personnel. This work will continue throughout 2022 and will ultimately conclude with the development of a contract design package suitable to execute a design/build construction contract.

c) Permitting Initiatives:

i) The retention of a permitting consultant in September 2021 to develop an initial permitting scope for the Alaska SMC.

d) Community/Stakeholder Engagement Initiatives:

i) A September 2021 partnering with the University of Alaska Fairbanks (“UAF“) and the Alaska Department of Natural Resources Division of Geological & Geophysical Surveys (“DGGS“) to join their recently awarded DOE project and efforts towards Bringing Alaska’s Carbon Ore, Rare Earth and Critical Minerals Potential into Perspective.

ii) October 2021 discussions with the University of Alaska Southeast campuses regarding the potential development of a specific workforce development training curriculum to support Ucore’s employment needs in Ketchikan, Alaska. Further discussions are scheduled for March 2022.

iii) Various consultations throughout 2021 with the Ketchikan Gateway Borough Mayor, Manager, Planner and certain Assembly members with planned continued interaction as engineering and planning efforts materialize.

3) Exploring the potential of developing an SMC in Canada:

a) November 2021 and January 2022 meetings with the Canadian government to examine the expansion of the SMC concept into Canada. Further discussions are planned as Ucore envisions a greater need for REO production in North America.

B. Identifying and securing multiple upstream sources of US-allied chemical concentrate feedstocks (both light REE (“LREE“) and heavy REE (“HREE“)) to provide inputs for processing at the Alaska SMC and other potential SMCs:

1) Pursuing relationships and agreements with existing and/or near-term producers of MRECs, consisting of:

a) Executing a Memorandum of Understanding (“MOU“) with Vital Metals in October 2021 for the supply of MREC, including product testing in December 2021 & January 2022. A definitive agreement is expected to be agreed upon in H1-2022.

b) Engaging in active discussions with several other sources of feedstocks; conversations are at various stages from early-stage to executed non-binding letters of intent (“LOI“) and/or MOUs.

C. Developing downstream customers, including those in the emerging North American automotive electric vehicle market, that have defined REO specifications with pre-defined quantities to support targeted production plans. Together with Ucore’s cultivation of relationships with emerging rare earth metal/alloy suppliers outside of China necessary to support permanent magnet manufacturers.

1) Pre-purchase & supply agreements for Alaska SMC REO products:

a) Under a confidentiality agreement, a 2021 engagement with an international automotive OEM and their engineering consultant to conduct a due diligence review of the Alaska SMC development plan. The due diligence was successfully concluded, and discussions continue.

b) Engaging in active offtake (for REOs and/or metals/alloys) pre-purchase & supply agreement discussions with several international companies; conversations are at various stages from early-stage to executed non-binding LOIs and/or MOUs.

2) Expanding and cultivating the market for the “other” REOs:

a) A 2022 Company objective with UAF is to explore alternative uses for some of the “other” REOs (specifically lanthanum, cerium, and yttrium), which make up a significant percentage of worldwide MREC feedstocks.

3) Metals/Alloys and Magnet making initiatives with prospective partners:

a) A 2022 objective for the Company is to expand current relationships to explore North American metal/alloy and magnet-making opportunities with the offtake of REOs from Ucore SMCs – this is necessary to ensure a truly domestic rare earth supply chain.

D. Accelerating the development of the Bokan Project as a vital US supply chain component to provide a long-term secure source of HREEs; the most expensive and scarce inputs of the permanent magnet metals.

1) Continuing to progress the development of Bokan consisting of:

a) An April 2021 commencement of the mill flowsheet design development at SGS Canada Inc. (Lakefield) (“SGS“) to include the potential recovery of the co-products beryllium, zirconium, niobium and hafnium along with an optimized REE recovery. This test work is approximately two-thirds complete and will ultimately lead to:

i) a finalized flow sheet design to allow the commencement of pilot-scale testing from Bokan mineralized material (obtained previously and in Summer 2022) to generate an optimized mineral concentrate;

ii) followed by the generation of an MREC for testing at IMC’s Commercialization and Development Facility (“CDF“) in Kingston, Ontario, Canada, as part of a planned pre-feasibility study (“PFS“) and/or feasibility study (“FS).

b) A Spring 2021 initiation of additional fieldwork exploration at Bokan to further upgrade the National Instrument 43-101 (“NI 43-101“) HREE mineral resource. The work is designed to convert a significant percentage of the currently ‘indicated’ resource to ‘measured.’ Secondly, the Company will obtain ≈50 tonnes of additional mineralized material to facilitate the above-noted testing at SGS.

i) In September 2021, Ucore and Aurora Geosciences conducted field mapping in preparation for the planned work.

ii) The State of Alaska issued a 5-year land use permit for the commercial moorage of a marine vessel in September 2021.

iii) The USFS issued a 1-year permit for the Surface Exploration Project Plan of Operations in November 2021, and the work is expected to commence in May 2022.

c) The retention of a permitting consultant in September 2021 to develop an updated scope of required permits for Bokan.

“There is currently no commercial rare earth element processing to oxides, no conversion of oxides to metals/alloys, and no fabrication of rare earth permanent magnets derived from neodymium [NdFeB magnets] in North America,” stated Mike Schrider, P.E., Ucore VP & COO. “Ucore is diligently racing to change this narrative and has been fortunate to collaborate with other potential partners with a similar vision of a post internal combustion engine world and the importance of the supply of these critical metals to this new EV economy.

“An independent North American rare earth element supply chain is essential to ensuring a robust economy founded on manufacturing. Ucore and its prospective Alaska SMC partners are determined to achieve this with the production of rare earth oxides in 2024 through the plan presented in this news release.

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 About Ucore Rare Metals Inc.

Ucore is focused on rare- and critical-metals resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore has a 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Element Project in Southeast Alaska, USA. Ucore’s vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.

Through strategic partnerships, Ucore’s vision includes disrupting the People’s Republic of China’s control of the US REE supply chain through the development of a heavy-rare-earth processing facility – the Alaska Strategic Metals Complex in Southeast Alaska and the long-term development of Ucore’s heavy-rare-earth-element mineral-resource property located at Bokan Mountain on Prince of Wales Island, Alaska.

Ucore is listed on the TSXV under the trading symbol “UCU” and in the United States on the OTC Markets’ OTCQX® Best Market under the ticker symbol “UURAF.”

For further information, please visit www.ucore.com.

About Innovation Metals Corp.

IMC has developed the proprietary RapidSX™ process, for the low-cost separation and purification of rare-earth elements, Ni, Co, Li and other technology metals, via an accelerated form of solvent extraction. IMC is commercializing this approach for a number of metals to help enable mining and metal-recycling companies to compete in today’s global marketplace. IMC is a wholly owned subsidiary of Ucore Rare Metals Inc.

For more information, please visit www.innovationmetals.com.

About the RapidSX™ Technology

IMC developed the RapidSX separation technology with early-stage assistance from the United States Department of Defense (“US DoD“), later resulting in the production of commercial-grade, separated rare-earth oxides at the pilot scale. RapidSX combines the time-proven chemistry of conventional solvent extraction (“SX“) with a new column-based platform, which significantly reduces time to completion and plant footprint, as well as potentially lowering capital and operating costs. SX is the international rare-earth-element (“REE“) industry’s standard commercial separation technology and is currently used by 100% of all REE producers worldwide for bulk commercial separation of both heavy and light REEs. Utilizing similar chemistry to conventional SX, RapidSX is not a “new” technology but represents a significant improvement on the well-established, well-understood, proven conventional SX separation technology preferred by REE producers.

Forward-Looking Statements

This press release includes certain statements that may be deemed “forward-looking statements” regarding, among other things, the Company’s ALASKA2023 Business Plan as well as the upcoming prospective financing activities involving the Company and AIDEA. All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, litigation outcomes, events, or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements. In regard to the disclosure in the “About Ucore Rare Metals Inc.” section above, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to IMC, as suppliers for Ucore’s expected future Alaska Strategic Metals Complex (“Alaska SMC”). Ucore has also assumed that sufficient external funding will be found to prepare a new National Instrument 43-101 (“NI 43-101”) technical report that demonstrates that the Bokan Mountain Rare Earth Elements project (“Bokan”) is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to develop the specific engineering plans for the Alaska SMC and its construction. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: Innovation Metals Corp. (“IMC”) failing to protect its intellectual property rights in RapidSX™; RapidSX failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the Alaska SMC; Ucore not being able to raise sufficient funds to fund the specific design and construction of the Alaska SMC and/or the continued development of RapidSX; adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority (“AIDEA”) regarding the development of Bokan and/or the Alaska SMC; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions.

Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release.

CONTACT

Mark MacDonald
Vice President, Investor Relations
Ucore Rare Metals Inc.
902.482.5214
[email protected]

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/110974






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