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Elcora Advanced Materials NI-43-101 Report - Vanadinite Polymetallic Mineral Deposit
HALIFAX, Nova Scotia, June 14, 2022 (GLOBE NEWSWIRE) -- ELCORA ADVANCED MATERIALS CORP. (TSX.V:ERA | Frankfurt:ELM | OTCQB – ECORF), (the "Company" or "Elcora")
About this update from Elcora Advanced Materials Corp.
[{"type":"text","content":" HALIFAX, Nova Scotia, June 14, 2022 (GLOBE NEWSWIRE) -- 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 o...