Elcora Advanced Materials Corp.: Successful Ore Samples Tests in Morocco
HALIFAX, Nova Scotia, June 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 fifteen (15) assays from one of the seventeen (17) Polymetallic Vanadinite Research Licenses (16 km² each) in Morocco.
The South-Eastern part of the explored Research license area is a typical Horst type formation in which the mineral crops out at more than a dozen locations and is covered between a few deca-centimeters up to a maximum of 12m to 15m of overburden. Three structures were identified over a length of 2.5 km and it was decided to sample from the outcrops which showed even mineralization and low carbonate interference. Hand-held Screw type drilling and Pick & Shovel down to the bedrock of the ore layer was the applied sampling method.
Due to the easy access and the evenness of the mineralization, in the first stage, all samples were piled and then mixed to form a uniform mass. All sample locations are mapped and easily accessible. A representative amount of the mineral then was sent to the SGS-certified African Laboratory for Mining and Environment (AFRILAB). Lead (Pb) and Vanadium (V) masses tested at 45,1% and 6,14% respectively.
In a second exploration campaign, fourteen (14) trench samples were taken by the local team and then analyzed by the SGS-certified AFRILAB. The masses results averaged 36,52% Pb and 4,125% V with a maximum of 50,76% Pb and 6,66% V.
The results of these tests are excellent and Elcora’s in-country projects are on track, a Resource NI 43-101 report will soon be disclosed with the objective to start production during the year 2022.
Troy Grant, Elcora’s CEO commented «the AFRILAB test results show very high-quality Polymetallic Vanadinite ore that are superior to our initial projections. With Lead trading at about $2168 USD / tonne on the London Metal Exchange (LME) and Ferro Vanadium 80% at $36.75 USD / kg (Europe Price, vanadiumprice.com) as of June 07, 2022, it does confirm the company’s strategy to increasing its revenue and new growth from opportunities in Morocco. Surface deposit mining also represents for Elcora 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:
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.
