HALIFAX, NOVA SCOTIA — (Globenewswire – January 22, 2024) ELCORA ADVANCED MATERIALS CORP. (TSX.V:ERA | Frankfurt:ELM | OTCQB – ECORF), (the “Company” or “Elcora”), a leading battery metals exploration company, is pleased to announce a major milestone in its commitment to innovation and resource development with the beginning of the metallurgical assessment and pioneering processing test work with Lab 4 Inc. on vanadium extracted from its Morocco Vanadinite Deposit.
Elcora’s Morocco Vanadinite Deposit, known for its rich vanadium resources, has been the focus of intensive research and development efforts. The latest breakthrough comes in the form of innovative processing techniques that promise to redefine the extraction and production of vanadium, a critical component in energy storage, steel manufacturing, and other high-tech applications.
Currently 50-60% of the vanadium is produced from pig iron slags that grades only about 0.25% vanadium. This means that the potential cost of production of Elcora’s Moroccan vanadium, at 8% grade, could be considerably less expensive both in terms of capital and operating costs.
Key Highlights of Elcora’s Processing Test Work:
- Efficient Extraction Process: Elcora,with the help of Lab 4 Inc.’s team, has developed an efficient extraction process that enhances the recovery of vanadium from the Morocco Vanadinite Deposit. This innovative approach not only improves resource utilization, but also contributes to sustainability efforts within the mining industry.
- High Purity Output: The processing test work has yielded high-purity vanadium, meeting and surpassing industry standards. This achievement positions Elcora as a frontrunner in delivering premium-grade vanadium for a wide range of applications, including energy storage solutions and advanced metallurgy.
- Eco-Friendly Practices: Elcora remains committed to environmentally responsible mining practices. The Company’s innovative processing methods incorporate eco-friendly techniques, reducing the environmental footprint associated with traditional extraction processes.
- Market Impact: The successful processing test work is expected to have a significant impact on the vanadium market. Elcora aims to contribute to the growing demand for vanadium, driven by the increasing adoption of renewable energy and the development of advanced technologies.
Mr. Troy Grant, CEO of Elcora, expressed his excitement about the project, stating, “Our team’s dedication to innovation has once again propelled Elcora to the forefront of the mining industry. The processing test work not only showcases the potential of the Morocco Vanadinite Deposit but also underlines our commitment to sustainable resource development.”
Elcora will continue to refine its processing techniques and collaborate with industry partners to bring its high-purity vanadium to market. The Company anticipates that these developments will contribute to the global transition towards cleaner energy and advanced manufacturing.
Lab 4 Inc. brings extensive experience in processing and hydrometallurgy of energy materials to the project. The current work has identified the processes used by historical mining of the vanadinite. This knowledge is being applied to prove the processes and produce sample products for verification.
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 contact: Troy Grant, Director, President & CEO, Elcora Advanced Materials Corp., T: +1 902 802-8847
For further information please visit the company’s website at: http://www.elcoracorp.com
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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.