Business
Gold Lion Resources Announces LOI with Elcora Advanced Materials to begin Exploration of a Manganese Mining License in Morocco
Vancouver, British Columbia / TheNewswire / August 18, 2022 – Gold Lion Resources Inc. (“Gold Lion” or the “Company”) (CSE:GL) (OTC:GLIOF) (FWB:2BC) is pleased
About this update from Panther Minerals Inc.
[{"type":"text","content":" Vancouver, British Columbia / TheNewswire / August 18, 2022 – Gold Lion Resources Inc. (“Gold Lion” or the “Company”) (CSE:GL) (OTC:GLIOF) (FWB:2BC) is pleased to announce the development and exploration of a manganese mine in Morocco by signing a letter of intent dated August 10, 2022 (the “LOI”) to acquire a 50% interest in a mining license (the “License”) from Ermazon SARL (“Ermazon”), a wholly owned subsidiary of Elcora Advanced Materials Corp. (“Elcora”). Ermazon has applied for the exploitation license of the manganese concession which will fortify ongoing strategies to supply battery and electric vehicle end-users. The manganese site was a former French mine that was in operation for decades that Ermazon and Elcora intend to leverage on-site infrastructure and facilities. Up to 600 tonnes of raw ore from the mine is ready for processing; this development and exploration project will determine whether an open pit or underground mining operation is launched. Manganese is an electric vehicle or “EV” metal used to produce batteries for electric vehicles and other renewable energy applications such as electricity grid storage for Tesla’s Powerwall batteries. Its status as a battery metal is expected to propel its demand in the wake of what experts predict will be a widespread transition to electric vehicle’s driven by global climate change policy goals and zero-emission targets. Manganese represents a critical link in the lithium-ion battery supply chain. Electrolytic manganese dioxide (EMD) is an upgraded form of manganese that serves as a key ingredient of lithium-ion, alkaline and zinc-manganese batteries. Manganese sulfate prices have risen by 30% from $867 per tonne in January 2021 to $1,128 in June 2021 and are expected to continue to strengthen over the next decade. “Prices are likely to keep rising in the second half of the year as demand for batteries is projected to grow. With the manganese sulphate market currently projected to be in a deficit, prices are likely to rise to support new refinery projects in order to meet demand by 2024.” (BloombergNEF). The global manganese alloy market size was USD 25,615.7 million in 2019 and is projected to reach USD 42,004.4 million by 2027, exhibiting a CAGR of 7.4% during the forecast period. Manganese (Mn) alloys are mixtures of metals and metalloids a...