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Clean Energy Metals – Dealing with the Supply Squeeze
#TM1- Technology Minerals
Clean Energy Metals – Dealing with the Supply Squeeze
Critical window of opportunity to create a circular ecosystem for battery metals
The failure of national governments to reach a major agreement at the COP27 Summit this year underlined the difficulty and urgency in reaching net zero. The lack of progress from the governmental side means that it falls to the private sector to provide meaningful solutions. Resource efficiency, energy, and mobility transition are crucial strategies to mitigate climate change. The focus is on reducing the consumption of resources, especially energy and raw materials.
While raw materials are the basis of our material world, their excessive consumption over recent decades has also contributed significantly to climate change. However, raw materials, and, in this case, especially metals, play a key enabling role for climate protection technologies, such as electro mobility, the hydrogen economy, and solar and wind power plants, and also for digitalisation. It is now vital to make the use of raw materials much more resource-efficient and to use them as purposefully as possible.
Source: https://link.springer.com/article/10.1007/s13563-022-00319-1
Source: https://www.alliedmarketresearch.com/battery-recycling-market
There is overwhelming evidence to show that advanced circular economy systems and sophisticated recycling technologies can build the backbone for the development of a resource efficient and sustainable society. Closed metal cycles are a key part of this equation, securing relevant parts of the raw material supply for high-tech products and reducing CO2 emissions in their production at the same time.
Many mineral-producing countries that supply critical minerals are politically unstable, making them risky to invest in and to rely on as a source. This underscores the importance of developing sources of domestic supply, which offers greater political stability, greater safety for workers, and can provide a pipeline of young talent. These provide a foundation for the sector to build innovative solutions in response to the demands of the green transition. 
The sources of many critical minerals for energy use are much less diversified than for hydrocarbons and sometimes concentrated in geographies that are highly problematic from an environmental and social perspective, such the Congo. The Congo accounts for almost 80% of the global supply of cobalt, much of which comes from so called ‘artisanal mining’ with its attendant exploitative labour conditions and environmental degradation.
The Delivery Challenge
To deliver on the green revolution and minimise emissions that contribute to climate change, industries will need access to significant quantities of critical minerals.
If you can’t make it or grow it, you have to mine it, so there will be an inevitable growth in the mining of critical raw materials, such as lithium-containing minerals. Source: https://britishlithium.co.uk/lithium-market/
Source: https://www.alliedmarketresearch.com/battery-recycling-market
The production of lithium in 2030 will need to be 60 times the market size of 2015, if production of the internal combustion engine becomes a reality within the 2030 to 2035 timescale. Electric vehicles are the primary driver of lithium demand and given lithium’s unique properties of light weight and high energy storage potential, it is highly likely to remain the material of choice in non-stationary batteries, whether in wet electrolyte or solid-state form.
The sustainable supply of the battery metals cobalt, nickel, lithium, manganese, and copper is a decisive factor for the success of electro mobility. Given the current global availability of resources and the imminent tsunamic surge in demand to sustain surging production levels recycling and reuse of batteries represents an increasingly important component of the future raw material supply. An effective circular economy for batteries can only be achieved if—in contrast to the current situation with many consumer goods — spent batteries can be fed into a comprehensive, technically advanced recycling network to re-enter the supply chain.
Source: https://www.alliedmarketresearch.com/battery-recycling-market
A London listed company Technology Minerals (LON: TM1) is seeking to meet these challenges head on. Billed as the UK’s first stock market listed ‘circular economy’ company, Technology Minerals combines a fast-growing lead acid and lithium-ion battery recycling network through its wholly owned subsidiary Recyclus Group with a series of battery metal mining projects sited strategically around the globe. Technology Minerals Chairman Robin Brundle explains: “The strategy of Technology Minerals is to build out its IP protected battery processing capacity in Europe while evaluating its portfolio of early-stage critical minerals projects. The current European market for Li-ion and lead-acid batteries totals 1.2mte pa of which some 72% are lead-acid and of which the automotive market consumes 70%. Within automotive, Li-ion currently accounts for just 10% but that is set to grow exponentially in line with increased EV penetration.”
The global recycling batteries market size was valued at $11.1 billion in 2020 and is expected to reach to $66.6 billion by 2030.
While EVs don’t emit CO2, lithium-ion batteries are made from raw materials, including lithium, cobalt, and nickel. With the coming supply squeeze, the mining of many of these materials can also raise ethical and environmental concerns.
Currently, there are very few lithium-ion battery recycling centres, due in part to lithium-ion batteries being both costly and difficult to recycle. According to some estimates, the current recycle rate is less than 5%. According to a recent Wired article, “While you can re-use most parts in EVs, the batteries aren’t designed to be recycled or reused.” And if the batteries are disposed into landfill sites, the battery metals can contaminate both water and soil.
Source: https://www.alliedmarketresearch.com/battery-recycling-market
The Size of the Problem
- Global stock of electric vehicles (EVs) could reach 245 million units by 2030, according to the International Energy Agency.
- While EVs emit less CO2, their batteries are tough to recycle.
- Ming cobalt, lithium, and nickel can raise ethical and environmental concerns.
- Creating a circular supply chain by recycling the batteries’ raw materials will be vital in reducing their environmental impact.
Source: https://www.weforum.org/agenda/2021/05/electric-vehicle-battery-recycling-circular-economy/
Lithium-ion batteries are also used for 90% of grid energy storage around the world, especially for wind and solar energy. Initiatives such as the EU’s plan to reduce its dependence on Russian natural gas by two-thirds, which relies in part on accelerated generation of renewable energy, will significantly increase demand for battery storage.
Source: https://www.bcg.com/publications/2022/the-lithium-supply-crunch-doesnt-have-to-stall-electric-cars
The sustainable supply of battery metals such as lithium, cobalt, nickel, manganese, and copper is a decisive factor for the success of electro mobility and clean technologies. The current targets set by governments at home and abroad for the switch to EVs and clean technology leaves recycling and reuse of batteries as the only practical step available to meet demand based on current forecasts for sourcing new battery metal production hubs. This circular economy for batteries can only be realised if—in contrast to the current situation with many consumer goods—there is a global network to collect spent batteries allied to large scale, high-quality recycling facilities.
Does the UK offer practical battery metal / clean-tech project opportunities?
Accelerating the shift to zero-emission vehicles is a key element if the 68% reduction in carbon emissions targeted by the Government by 2030 is to be achieved. The UK’s EV market is growing rapidly, with EV registrations increasing by approximately 173% from 2019 to 2020.
Current projections state that approximately 1.4 million EV battery packs will be coming to the end of their “useful life” every year by 2040. This roughly equates to 203,000 tons of batteries for recycling annually (based on a 60% recycling rate) at that point.
The UK currently lacks industrial capacity for lithium-ion battery recycling, resulting in the current costly reliance on mainland Europe when supplying batteries for material recovery after their useful life. With the average value of materials contained in an end-of-life automotive pack in 2018 being £1,200 for Battery Electric Vehicles (BEVs) and £260 for Plug-in Hybrid Electric Vehicles (PHEVs), there is a huge opportunity in the UK to recycle lithium-ion batteries.
Technology Minerals Chairman Robin Brundle comments; “The automotive sector is doing its part to pivot to all-electric, but it needs an effective and competitive ecosystem that will be largely self-sustaining, with job creation, skillset expansion and support for COP27 goals, both domestically and abroad, coming to the fore. This way, our automotive industry will continue to advance our extraordinary UK R&D and engineering skillsets so that they are fit for purpose well into the next sustainable decade. Recycling is forecast to only be able to provide 22% of the supply that’s needed to power the transition. 78% will need to be extracted or brought in from elsewhere and each continent is facing this challenge – with many places creating barriers to export.”
Right Under Our Feet?
The UK has a rich history of mining, yet exploration and mine development have been neglected since WWII, with no new metalliferous mine being successfully built for 45 years.
Large-scale mining and modern processing can extract minerals that were not previously economic, safely, and with improved protection of the environment and community. New deposits could be found near old, narrow-veined, high-grade mines or in unexplored areas. Modern environmental controls, surveys, management, and remediation techniques can ensure that mineral production limits environment impact.
Technology Minerals Chairman Robin Brundle points out that the markets are very much aware that recycling alone will not generate sufficient raw materials and believes an ethical mining programme is critical: “We were once a prolific mining nation and those mines are still there – dormant, but in 2022, many appear to be economic once again due to the advancement in technology and commodity prices.”
Some steps have already been taken in this direction. After listing on London’s AIM market, Cornish Lithium #CUSN has assembled a large portfolio of mineral rights in Cornwall and has begun exploration for lithium-rich geothermal fluids.
Gigafactory Investment is Coming to the UK
There is progress in at least one area of the electro mobility and clean-tech supply chain: the British government is in talks with several companies to build gigafactories in the UK. Envision AESC has announced a new gigafactory next to its facility in Sunderland, while AMTE Power has also announced plans for a megafactory in Dundee. Further gigafactory and several supply chain announcements are expected in the coming months.
These developments are vital in maintaining a strong and prosperous automotive industry in the UK. On top of the global challenges from the COVID-19 pandemic, the war in Ukraine, and the rising costs of living, the challenges facing the UK automotive industry are very real and specific.
“We all need not one but several gigafactories in the UK,” said Brundle. “Not having the ability to create batteries at home puts the future of the UK automotive sector in jeopardy—and the 823,000 direct and indirect jobs that go with it. We need to secure more lithium for the UK and Europe, to create a flexible, sustainable supply chain that could also include developing domestic sources of key battery metals.”
How the Macro Backdrop and Supply Squeeze Will Make Recycling Increasingly Important
The Committee for Climate Change has suggested that 50% of new car and van sales would be battery electric or plug-in hybrid by 2035. Bringing forward deadlines for zero emission vehicles means we are now looking at 100% of new cars and vans being zero emission at the tailpipe by 2035.
The supply crunch will not hit immediately. Even though the price of lithium has surged more than tenfold over the past two years, there’s enough capacity to meet anticipated demand until around 2025—and potentially through 2030 if enough recycling operations come online. After that, chronic shortages are expected. Even assuming that all the new lithium-mining projects that the industry currently regards as probable or possible resources go into operation, as well as a significant expansion of lithium-recycling projects, lithium supply in 2030 is expected to fall around 4% short of projected demand, or by around 100,000 metric tons of lithium carbonate equivalent (the processed form of raw lithium). By 2035, that supply gap is projected to be acute—at least 1.1 million metric tons, or 24% less than demand.
Source: https://www.bcg.com/publications/2022/the-lithium-supply-crunch-doesnt-have-to-stall-electric-cars
It is more vital than ever that metals are recycled responsibly and effectively. This will:
- Contribute to the conservation of raw materials, complementing the primary supply of important and partially critical metals for our society.
- Significantly improve supply security, especially for many technology metals which currently are imported from outside Europe. Many metal imports derive from regions with higher geopolitical risks, hence making the European economy vulnerable to supply disruptions. Exploiting the European “urban mine” built from our end-of-life (EoL) products, infrastructure, and other residue streams reduces import dependence, improves the resilience of crucial value chains, and hence supports economic activities and jobs in Europe. The need for more supply chain resilience has become even more obvious in the context of the Covid-19 pandemic and the Ukraine war.
- Contribute to cushion volatile metal prices as the additional supply of recycled metals can help to overcome demand–supply imbalances and increases the number of metal sources beyond the primary producers.
- Reduce the CO2 footprint and overall environmental impact of raw materials supply. If taking place in state-of-the-art recycling facilities, in most cases the energy efficiency (per kg of metal) is better and the impact on water, air, soil, and biosphere is considerably lower than in mining operations. The main reason for this is that the metal concentration in most products is much higher than in geological deposits.
- Be one pillar of responsible sourcing by providing transparent and clean supply chains.
- Protect the environment as non-recycling or landfilling of end-of-life products, such as batteries, can emit hazardous substances.
How the Technology Minerals #TM1 Blueprint for Lithium-ion and Lead-acid Battery Recycling Will Be a Vital Part of the Supply Chain
The battery recycling market is growing at an accelerated rate, driven by automotive and industrial sectors transitioning to more environmentally friendly and sustainable electric solutions. The UK needs industrial-scale battery recycling technologies. There is currently no major UK capability to recycle lithium-ion batteries. Technology Minerals’ plants in Tipton and Wolverhampton aim to provide a national capability to recycle lead-acid and lithium-ion batteries. As a first-mover in the battery recycling sector, the company expects to open 10 plants over the next six years, with its innovative IP in the lithium-ion sector a driving factor in the expansion strategy.
Technology Minerals has developed a unique frontend process that can safely break open Li-ion batteries which are not suitable for repurposing, to recover the battery mineral rich ‘black mass’ they contain as well as other battery components. This is the only process currently capable of handling all five li-ion battery compositions simultaneously on an industrial scale. The solution is also modular and can be easily built on-site at OEMs, minimising transportation costs.Technology Minerals has also developed a significantly improved process to recover the lead from end-of-life lead-acid batteries as well as recovering the acid for re-use as electrolyte or for the manufacture of fertiliser or gypsum, subject to the preferred economics.
Conclusion
As the world races to decarbonise, industry needs a secure source of critical minerals to fuel the transition. Brundle said, “The only ways this can be achieved is creating new mines, opening old mines, and building a secondary source of supply through recycling.”
It is necessary to dramatically escalate new production of battery metals to allow industry to make the green switch. This must be coupled with the implementation of a circular ecosystem so that each mineral mined is used to its full potential. The urgency and scale of the transition means that nothing less than a maximal approach will suffice.
On the strategic level, there are two temporal considerations. Brundle explained, “We have a very narrow window of opportunity so there is a necessity to take action to avert the incoming supply crunch in the short-term, but there is also a longer-term need to create a sustainable, circular ecosystem for battery metals.” Urgent action is required to avoid the immediate shortfall of supply, but there is also a wider structural shift to circularity needed to ensure a decarbonised economy can continue to grow sustainably.
Technology Minerals #TM1 – Exploration Update on the Asturmet Cu-Co-Ni Project, Asturias, NW Spain
Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce initial results from a lithogeochemical programme and targeting studies at its 100%-owned Aramo Copper-Cobalt-Nickel (“Cu-Co-Ni”) Project in Asturias, NW Spain.
Highlights
· First results from new lithogeochemical sampling at the Aramo Mine on the St. Patrick licence confirm high-grades of cobalt and copper, with associated nickel mineralisation
· Grab sampling across multiple mineralized veins and alteration zones have confirmed the style and tenor of mineralisation and have reported assays ranging up to 1% – 28% copper, 0.1 – 1.88% cobalt and 0.1 – 1.68% nickel.
· Lithogeochemical sampling was completed within four accessible working levels at the historic Aramo Cu-Co-Ni mine in Asturias.
· A total of 205 rock samples have been collected and analysed at ALS Laboratories, Loughrea, Ireland.
· This work has formed the basis of a broad characterisation study of extensive zones of alteration and mineralisation which are present and clearly observed within parts of Levels 3 and 4 of the mine.
· A 3D laser survey has also been completed at the Aramo Mine on the historical Levels 3 and 4. This will provide a 3D model framework of the mine workings and allow for systematic and more intensive underground mapping and sampling on these levels.
· This work will lead to a better understanding of the geological and mineralogical model at Aramo, and in turn form the basis of 3D visual planning for diamond drilling targeting unmined mineralization as well as extensions to the main zones.
· Mine archive searches have produced targeting data associated with areas outside of the Aramo mine on the St. Patrick Licence as well as targets associated with several other of the Company’s pending licence applications.
Asturmet Project
The Company holds 100% of the Aramo Project through its 100% wholly-owned subsidiary, LRH Resources Limited (“LRHR”), and LRHR’s 100% wholly-owned subsidiary Asturmet Recursós S.L. (“Asturmet”). The Asturmet Project consists of eight exploration permits or P.I. (Permiso del Investigación): St. Patrick (P.I. 30858), St. Andrew (P.I. 30869), St. David (P.I. 30870), Astur A (P.I. 30864), Astur B (P.I. 30865), Astur C (P.I. 30866) and Astur D (P.I. 30868) along with new application Astur F (P.I. 30880). The licences cover a total area of approximately 535km2. The St. Patrick licence (which covers the historic Aramo Mine), was issued to Asturmet in June 2018. The remaining licences are in the application process with the Spanish Mining Administration, with St. Andrew and St. David licences in the final stages of issuance.
Aramo Mine Lithogeochemical Sampling
A total of 205 samples have been collected during a series of underground sampling programmes. These samples were collected as part of a preliminary mapping and lithogeochemical characterisation study to help determine the distribution and nature of the alteration and mineralisation within different parts of the accessible mine. At this time the most accessible and safest access is on Levels 3 and 4 (155 samples) with restricted access on Level 1 and 2 (46 samples). The Socavon at level 0 (4 samples) does not show significant alteration or mineralisation being positioned within the footwall of the system. Each of these areas have been visited and the number of samples collected are summarised below in Table 1.
|
Level ID |
Gallery/Stope |
Samples |
|
Level 0 |
Socavon Adit |
4 |
|
Level1 |
Portal Spoil Surface |
14 |
|
Main Adit |
7 |
|
|
Level 2 |
Portal Spoil Surface |
8 |
|
Main Adit |
9 |
|
|
Side Gallery |
8 |
|
|
Level 3 |
Portal Spoil Surface |
1 |
|
Arrebolleu Stopes |
6 |
|
|
San Felipe Stope B |
40 |
|
|
San Felipe Stope C |
13 |
|
|
San Felipe Stope D |
2 |
|
|
San Vincente Zone |
4 |
|
|
Breccia Corner |
3 |
|
|
Level 3.5 |
San Felipe Stope A |
20 |
|
Level 4 |
Metastur Pit |
2 |
|
Portal Spoil Surface |
11 |
|
|
Pyrite Vein West |
13 |
|
|
Horse Head Gallery |
10 |
|
|
Sta. Barbara Gallery |
8 |
|
|
San Pedro Gallery |
22 |
|
|
Total Samples |
|
205 |
Table 1: Lithogeochemical sampling at Aramo
The samples were collected from as many of the historically reported mineralised veins (filons) as are currently accessible. At the highest point on Level 4 there are 5 main veins called Metastur, Vein 5 (Horsehead and Pyrite veins) Santa Barbara and San Pedro. On level 3 the main veins that are accessible are San Felipe and to a lesser extent San Vincente.. It should be noted that the samples collected are a combination of both bedrock/sidewall outcrop, collapsed sidewall material that lie below its source location, and float material from spoil both underground and at surface near the portal. These samples were collected specifically as a method of determining the broadest range and distribution of both alteration, mineralisation and associated grade. The next phase of work will include detailed underground mapping and channel sampling to add to a higher degree of grade distribution clarity to the extensive zones of alteration and mineralization seen underground.
Results from Level 4
Sampling on Level 4 has confirmed broad zones of pale orange partially dolomitized limestone of the mountain limestone unit, these broader zones tend to be relatively lower in grade than the more discrete and significantly higher-grade mineralised zones which align with the known veins which are partially worked at this level (Figure 1). The primary veins underground are Vein 5, Sta. Barbara and Sn. Pedro. Results from material across all the sampled zones at this level includes material assaying up to 1% – 16% copper, 0.1 – 0.42% cobalt and 0.1 – 1.16% nickel.
Figure 1: Aramo mine primary sampled areas on Level 4.
Results from Level 3 and 3.5
Sampling on Level 3 has also confirmed broad zones of pale orange partially dolomitised limestone of the mountain limestone unit, these zones are both more extensive and more connected than Level 4 and clearly exhibit strong structural control relating to several different fault orientations as well as an apparent relation to stratigraphic control. Level 3 alteration and mineralisation also appears to be of a generally higher tenor but still shows variable grade distribution within the alteration zones and veins. There is more underground development on level 3 and the main accessible zone is called San Felipe which is intersected at both Level 3 and level 3.5 across four distinct working areas termed Stope A to D, these are the main areas sampled. Results from material across all the sampled zones at this level includes material assaying up to 1% – 28% copper, 0.1 – 1.88% cobalt and 0.1 – 1.68% nickel.
Results from Level 2
Sampling on Level 2 is restricted to one of the main adits and one side gallery, when the mine closed the company closed off some of the access by piling up waste material to prevent access to the main zone of mineralisation which lies vertically below that seen on levels 3 and 4. Limited access at this time has so far restricted underground sampling to some peripheral alteration and mineralisation outside of the main historically mined areas. Results from material across all the sampled zones at this level includes material assaying up to 1% – 19% copper, 0.1 – 1.38% cobalt and 0.1 – 0.55% nickel.
Results from Level 1
Sampling on Level 1 is also restricted to one of the main access adit and therefore sampling has also been restricted to some minor peripheral alteration and mineralisation. Results from material across all the sampled zones at this level includes material assaying up to 0.5% copper, 0.1 % cobalt and 0.1% nickel. Access further into the main body of the mine will be required in order to reach the main mineralised zones.
Other areas
The Socavon is a lower-level footwall access haulage drift that was not connected to the higher levels of the mine during the active mining period at Aramo. The 1km long adit appears to have been designed to undercut the main mineralised zones within the unmineralised footwall of the mine.
All samples collected have followed a strict sampling and chain of custody process and were analysed by ALS Laboratories in Loughrea, County Galway, Ireland. Samples were analysed by four-acid ICP-AES analysis.
Underground Laser Survey at Aramo Mine
The main period of operation of the Aramo mine was between 1948 and 1955 with peak copper production between 1953 and 1955 before final closure in 1957. An extensive search for historical mine records, underground plans and technical data has to date yielded a limited number of underground maps of variable quality and of relatively little use in the modern context for recording ongoing underground mapping and sampling.
Therefore, the company commissioned a 3D underground laser survey at Aramo which was carried out Sociedad Asturiana de Diversificación Minera (SADIM) a part of Grupo Hunosa, in association with Ingeniero Oscar Diez Regil.
The initial survey was completed in all of the main accessible parts of the mine on levels 3 and 4 (Figures 2 and 3). The preliminary results exceeded expectations both in quality and detail (Figures 4 and 5). The maps that can now be produced from this work have facilitated the accurate georeferencing of all geological and geochemical data collected to date and will form the basis of the next phase of detailed mapping and systematic sampling.
The primary purpose of the survey and associated geological mapping work is to enhance the understanding of the geometry of the mineralising system at Aramo and aid in the planning of surface diamond drillholes targeting both known mineralised zones and potential unmined extensions. This will include verifying the non JORC compliant historically reported “recognised reserves” (detailed below), on mapped structures, both proximal to the mine and also westwards under the plateau.
Figures 2 and 3: Showing the full surveyed areas on parts of levels 3 and 4
Figures 4 and 5: Showing detail of areas at the level 4 portal (left) and the adit at the junction with San Pedro Vein on level 4.
Mine Archive Review
A search for data related to the Aramo Mine and the surrounding licenced areas has been ongoing. Very little data appears to have survived the intervening 70 years since the area was actively producing copper from these areas. However, mine records examined have revealed multiple areas that were licenced at different times across what is now the St. Patrick Licence and which were being targeted with exploration proximal to the Aramo mine for reported copper (and associated cobalt/nickel) occurrences. The same sources show similar historically licenced areas on targets across several of the other licence applications that the Company has with the Mining administration. A full assessment of these newly discovered data are ongoing and will be reported on in due course.
Local Geology
The Aramo Cu-Co-Ni Project is classed as an epithermal carbonate-hosted deposit and lies within the western closure of the Cantabrian Orocline Fold and Thrust Belt. The Aramo Mine is located within the Aramo “Caliza de Montana” stratigraphic unit comprising of organic rich limestones. Mineralisation is broadly confined to wide alteration zones with more localised east – west orientated high-grade veins and stockwork mineralisation. The alteration zones, which are themselves pervasively mineralised, are interpreted to form extensive “pipe-like” bodies with significant vertical development at major fault intersection planes. These zones develop laterally outwards along individual faults creating the so called “Filon” zones. Lower angled stratigraphic bedding within the host limestones within the pipelike zones appear to create flatter zones or lenses of alteration and mineralisation with a 30 – 40-degree orientation dipping westwards.
The primary sulphide mineralisation comprises of copper-nickel-cobalt sulphides with three recognised stages of mineralisation accompanied by dolomite and quartz precipitation. An important supergene stage postdates the sulphides and is associated with calcite gangue. Mineralisation is considered to be Permian in age.
The Aramo copper-cobalt mine on the St. Patrick licence was the main mine in the area and ceased production the late 1950s. The mining operations were on a relatively small scale, and the records for production, grades, development, and geology were poorly kept. One surviving record widely quoted estimated that approximately 200,000 tons of 1-20% Cu, 1-3% Ni and 1-3% Co ore were extracted from the Aramo mine, with at least 400,000 tonnes reported as (for the time non-JORC compliant) “recognised reserves” in a subvertical orebody formed by veins and breccia pipes of 150m by 40-50m and 600m deep. This has not yet been verified, but it is expected that the ongoing work leading to a comprehensive drilling programme in due course will work towards establishing coherent mineralised zones both within the mine area and exploration targets within potential satellite zones/filons that are structurally and stratigraphically associated with the Aramo Fault both to the west and south.
The Aramo Mine
The Aramo mine was most recently in production from 1947 and ceased production in 1957. It has remained dormant for the last 65 years. The mine has several distinct mineralised zones with extensive alteration and associated Cu-Co-Ni mineralisation at a number of levels over a known vertical extent of 530m whilst westwards, there lies a further 200m of vertical prospective stratigraphy above the mine and to the west below the plateau.
Currently there are four primary levels termed Level 1 (995m O.D.), Level 2 (1085m O.D), Level 3 (1150m O.D) with a small sub level and stope termed Level 3.5 (1155m O.D.) and Level 4 (1180m O.D.). Access to-date has been primarily on Level 4 and parts of Level 3 with only limited access completed so far on Levels 1 and 2. The Socavon termed Level 0 is a footwall adit approximately 1km in length and is located at an elevation of 703m O.D. close to the historical mine processing plant. The only mine plans in existence from between 1947 and 1957 illustrate the mine planned development only have been digitally captured and geo-referenced and are represented in Figures 6 and 7 below.
Figure 6: Aramo mine Plan 1947 and 1957 showing the four primary working levels (Plan).
Figure 7: Aramo mine Plan 1947 and 1957 showing the four
primary working levels (oblique view west).
Alex Stanbury, Chief Executive Officer of Technology Minerals, said: “We are pleased the initial results from our sampling survey at the historic Aramo mine within the St. Patrick licence has confirmed high grade Copper-Cobalt-Nickel mineralisation. In the coming months we plan to expand our exploration campaign which will help us continue to gain a better understanding the full potential of the project. The Asturmet Project forms part of our wider strategy to move forward and advance multiple exploration campaigns across our portfolio of mineral resource projects focused on cobalt, copper, nickel, manganese, and lithium.”
Competent Person
All scientific and technical information in this announcement has been prepared under the supervision of EuroGeol Vaughan Williams M.Sc. P.Geo (a Principal of Aurum Exploration Services who currently provides exploration services to LRHR), and a “qualified person” within the meaning of National Instrument 43-101. Vaughan Williams is also company secretary of LRHR and a Director of LRHR’s Spanish subsidiary Asturmet.
The Directors of the Company accept responsibility for this announcement.
For further information please visit www.technologyminerals.co.uk, @TechnologyMinerals on Twitter, or contact:
|
Technology Minerals Plc |
|
|
Alex Stanbury, Chief Executive Officer Lester Kemp, Chief Operating Officer Wilson Robb, Chief Technical Officer |
+44 (0)20 4582 3500 |
|
Oberon Investments Limited |
|
|
Nick Lovering, Adam Pollock |
+44 (0)20 3179 0535 |
|
Arden Partners Plc |
|
|
Ruari McGirr |
+44 (0)207 614 5900 |
|
Gracechurch Group |
|
|
Harry Chathli, Alexis Gore, Amy Stupavsky |
+44 (0)20 4582 3500 |
About Technology Minerals Plc
Technology Minerals is developing the UK’s first listed, sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. With the increasing global demand for battery metals to supply electrification, the group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk
Technology Minerals #TM1 – Leinster Project field geochemical exploration programme is advancing on schedule and confirms a well-defined spodumene pegmatite boulder train on Prospecting Licence Area 1597
Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce field exploration work is advancing on schedule on the North-West Leinster Lithium Project, with a particular focus on Prospecting Licence Area (“PLA”) 1597.
Highlights:
- Field geochemical exploration programme advancing on schedule.
- The first target area in the vicinity of the historical spodumene bearing trench at Knockeen East is being targeted by a closely spaced deep overburden sampling programme.
- The area is also undergoing intensive prospecting which is consolidating the extent of the spodumene pegmatite boulder train as well as significantly enhancing the resolution of the dispersion zone and therefore the target potential drill target areas.
- A total of 46 rock samples and 233 deep overburden samples along with 13 QAQC samples have been collected to-date and submitted to ALS Laboratories for analysis.
- Deep overburden sampling and prospecting is continuing across the survey grid area, and will migrate to the second target area at Carriglead in due course.
- This work is being carried out to help determine specific areas for follow up drilling.
Field Exploration Programme update
The current phase of detailed exploration work is centred on an where a forty-year-old historical report described a trench excavated at Knockeen Townland on PLA 1597 as having uncovered in bedrock, a 1.8m wide spodumene-bearing pegmatite dyke. However no detailed laboratory assays or geological maps of the trench were reported at that time. Historical prospecting around the trench also reported the occurrence of up to 10 large boulders of spodumene bearing pegmatite at surface some of which may have come from the pegmatite dyke historically intersected in the trench.
The current exploration programme is utilising a well tried and tested geochemical exploration technique called Pionjar or Deep Overburden Sampling. This technique uses equipment to penetrate the soil and glacial till down to the bedrock interface where a sample is collected for analysis. The depth of the sampled material varies between 1m and 5m depth at Knockeen and is much more accurate than sampling nearer to surface soil material as the sample point is closer to the bedrock source of the lithium bearing pegmatites and helps to remove the effects of geochemical dispersion at higher levels in the overburden profile.
The first part of the programme will be carried out in two stages commencing on an initial closely spaced grid (Grid 1) over the area of the historical trench, which will be completed on 25m spaced lines with samples collected at 15m intervals or stations. This will be followed by Stage 2 extending westwards following the trend of the spodumene pegmatite boulder train and termed Grid 2 (in progress) this grid will cover a larger area at 50m line spacing and 30m sample intervals (Figure 2).
The field programme commenced in October 2022 and will continue to late November 2022. To date, a total of 233 deep overburden samples along with 13 QAQC samples have been collected and submitted to ALS Laboratories for analysis, results are pending.
In association with the deep overburden sampling a detailed programme of prospecting is ongoing and to-date 46 rock samples have been collected and submitted to ALS Laboratories for analysis. Subject to any delays in the analysis of the samples, the results for the entire programme are expected to be processed and returned by the end of 2022.
Once the two grids at Knockeen are completed the team will move to the second target area at Carriglead two kilometres to the south where a similar historically reported and since verified spodumene pegmatite boulder train has been identified.
Photo 1: Deep Overburden sampling (top) and newly discovered Spodumene pegmatite samples from Knockeen (bottom)
Target focus PLA 1597
The licence, which was awarded to Technology Minerals’ wholly owned subsidiary LRH Resources Limited (“LRH”) on 22 March 2022, forms part of the Company’s Leinster Property exploration block, which is operated under an exclusive Option and Earn-in agreement with Global Battery Metals Ltd (“GBML”), (TSXV: GBML; OTCQB: REZZF; Frankfurt: REZ) with no project expenditure required by the Company.
PLA 1597 was identified as prospective for lithium pegmatite potential by LRH and its exploration consultants Aurum Exploration Services (“Aurum”) following detailed desktop studies which outlined two proximal areas of spodumene-bearing pegmatite reported by previous operators in the mid-1970s. Initial prospecting confirmed a high grade spodumene bearing pegmatite boulder dispersion train during a due diligence prospecting survey at two localities (Figure 1). Results from the six samples returned values between 0.70% Li2O to 2.95% Li2O at Knockeen and Carriglead and have been reported previously.
Alex Stanbury, CEO of Technology Minerals, said: “We are pleased the exploration campaign at the Leinster Project in Ireland is progressing well, where previous work has confirmed high-grade lithium in spodumene pegmatites. The current programme, which is expected to be completed by the end of November, will help to determine target areas for follow up drilling and we look forward to receiving the assay results in due course.”
Figure 1: Map showing location of prospecting samples at Knockeen and Carriglead
Figure 2: Deep Overburden Sampling programme PLA 1597
Competent Person
All scientific and technical information in this announcement has been prepared under the supervision of EuroGeol Vaughan Williams M.Sc. P.Geo (a Principal of Aurum Exploration Services who currently provides exploration services to TM and to LRH), and a “qualified person” within the meaning of National Instrument 43-101. Vaughan Williams is also company secretary of LRH and a Director of the LRH Spanish subsidiary Asturmet Recursos S.L.
Enquiries
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Technology Minerals Plc |
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Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer |
+44 20 4582 3500 |
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Global Battery Metals Ltd. |
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Michael Murphy BA, MBA, MSc., ICD, President & CEO |
+1 604-649-2350 |
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Oberon Investments Limited |
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Nick Lovering, Adam Pollock |
+44 (0)20 3179 0535 |
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Arden Partners Plc |
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Ruari McGirr, George Morgan |
+44 207 614 5900 |
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Gracechurch Group |
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Harry Chathli, Alexis Gore, Amy Stupavsky |
+44 20 4582 3500 |
Technology Minerals Plc
Technology Minerals is developing the UK’s first listed, sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. With the increasing global demand for battery metals to supply electrification, the group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available atwww.technologyminerals.co.uk
Technology Minerals #TM1 – Exploration Update on the Asturmet Cu-Co-Ni Project, Asturias, NW Spain
Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce the St Patrick licence has been extended for three years and that field operations are progressing with 164 new samples submitted for analysis at the 100% owned Aramo Copper-Cobalt-Nickel (“Cu-Co-Ni”) Project in Asturias, NW Spain.
Highlights
· The St Patrick Licence, on which the Aramo Mine Project is located, has been renewed for three years extending the licence to June 2025.
· A total of 104 rock samples and 43 soil samples collected on the licence during the most recent field campaign, have been submitted for analysis.
· A 3D laser survey has been completed at the Aramo Mine on the historical levels three and four with results exceeding expectations in quality and detail. This work will facilitate more intensive underground mapping and sampling on these levels.
· A new licence application covering two historical copper mines workings termed Astur F covering 73km2 has been submitted for application.
· Field programmes are ongoing at the project with a more expansive exploration campaign planned for the St Patrick Licence in the coming months.
Alex Stanbury, Chief Executive Officer of Technology Minerals, said: “I would like to thank the Ministry of Industry, Employment and Economic Promotion of the Government of Asturias for granting us with the three-year extension for the St Patrick Licence. The licence renewal was awarded following excellent and thorough work from our team who compiled comprehensive technical reports which covered work to date and our plans at St Patrick for the next three years.
“Exploration at St Patrick is progressing well, and we look forward to receiving the analysis of the samples collected during the recent field campaign after initial results at the historic Aramo mine within the St Patrick licence confirmed high grade Copper-Cobalt-Nickel mineralisation. The analysis will further enhance our understanding of the full potential of the project.
“The Asturmet Project forms part of our wider portfolio of mineral resource projects focused on cobalt, copper, nickel, manganese, and lithium. Our exploration strategy is to advance projects up the value curve through prudent use of capital to attract partners and unlock significant potential value to be added to the Company’s portfolio.”
Licence Renewal
The St Patrick Licence on which the Aramo Mine Project is located has successfully completed its first three-year renewal process. The Ministry of Industry, Employment and Economic Promotion of the Government of Asturias extended the St Patrick Licence (P.I. No. 30858) for a further three-year period to June 2025.
As part of the application process, the Company submitted three-year technical reports on work completed to date along with proposed work programmes and associated budgets for the next three-year period. These were approved under the protection of the Law 39/2015, at 1 October, under the Common Administrative Procedure of the Public Administrations. The official resolution of the three-year extension is dated 20 July 2022.
Field Sampling Sample Submission
A total of 104 rock samples (plus 12 QAQC) and 43 soil samples (plus 5 QAQC) for a total of 164 samples were collected during the most recent field campaign and comprised of samples targeting a number of different localities detailed in the table below.
The samples were collected at two primary areas of interest. The first area lies across a 2.5km trend across the St Patrick Licence on the Aramo Plateau and were collected as part of a systematic mapping and sampling programme on a number of significantly altered and mineralised zones (total 83 samples). Secondly a further 20 due diligence samples were collected on the new licence application Astur F at a second historical copper mine site. A single verification sample was also collected within the Aramo Mine on the St Pedro vein system in association with planned petrographic analysis. In parallel with the mapping, 43 soil samples were collected across several anomalous areas identified through a remote sensing survey on the Aramo Plateau. These samples will be used to validate and aid in the signature characterisation of the anomalies identified.
Table 1: List of geochemical samples collected and submitted for analysis.
|
Licence |
Area |
Prospect \ Working |
Rock \ Soil |
Number of Samples |
|
St Patrick |
Aramo Mine |
Aramo Level 4 U/G |
Rock |
1 |
|
St Patrick |
Mina de Cubiellos |
Surface |
Rock |
1 |
|
St Patrick |
Central East Plateau |
Antenna North |
Rock |
3 |
|
St Patrick |
Central West Plateau |
Glayiru |
Rock |
8 |
|
St Patrick |
Central West Plateau |
La Peral |
Rock |
5 |
|
St Patrick |
Central West Plateau |
Tichin |
Rock |
20 |
|
St Patrick |
Northern Plateau |
Angliru |
Rock |
13 |
|
St Patrick |
Northern Plateau |
Moncuevu |
Rock |
3 |
|
St Patrick |
Southern Plateau |
Antenna South |
Rock |
9 |
|
St Patrick |
Southern Plateau |
Casa Ingles |
Rock |
8 |
|
St Patrick |
Southern Plateau |
Casa Ingles North |
Rock |
6 |
|
St Patrick |
Southern Plateau |
Midway |
Rock |
4 |
|
St Patrick |
Southern Plateau |
Vega Veneros |
Rock |
3 |
|
ASTUR F |
Historical Mine Site |
Lower Level Surface |
Rock |
7 |
|
ASTUR F |
Historical Mine Site |
Upper Level Surface |
Rock |
13 |
|
QAQC |
QAQC |
12 |
||
|
Total |
|
|
|
116 |
|
|
||||
|
Licence |
Area |
Prospect \ Working |
Rock \ Soil |
Number of Samples |
|
St Patrick |
Southern Plateau |
Remote Sensing Anomaly |
Soil |
43 |
|
QAQC |
QAQC |
5 |
||
|
Total |
|
|
|
48 |
All samples followed a strict sampling and chain of custody process and were analysed by ALS Laboratories in Loughrea, County Galway, Ireland. Samples were analysed by four-acid ICP-AES analysis.
Underground Laser Survey at Aramo Mine
The Company is pleased to report that phase 1 of the first modern and detailed 3D continuous laser survey of part of the Aramo mine has been completed on parts of levels 3 and 4. This work is integral to the upcoming detailed structural mapping and sampling programme to be conducted across several alteration and mineralised zones within the mine. The survey was conducted by respected mining engineers, Sociedad Asturiana de Diversificación Minera (SADIM), a part of Grupo Hunosa in association with Ingeniero Oscar Diez Regil.
The preliminary results have exceeded expectations in quality and detail. The maps produced from this work facilitating the accurate georeferencing of geological and geochemical data will enhance the understanding of the mineralising system and aid in identifying key aspects of the system critical to forward targeting of new zones.
Further work
Field programmes are ongoing at the project with a full and expansive exploration programme planned for the St Patrick Licence in the coming months, which includes geological mapping and sampling, remote sensing analysis detailed geochemical alteration and mineralisation signature analysis through IOGAS and a review of appropriate geophysical techniques to enhance structural targeting for mineralization on the plateau. All of the aforementioned programmes are aimed at delineating drill targets both on the plateau and extending the known mineralization at the Aramo Mine.
Licence Application Astur F
A new licence has been submitted by the wholly owned subsidiary Asturmet Recursos SL in an area in eastern Asturias and termed Astur F (73km2). This area covers several known historical copper mine workings, which initial due diligence sampling confirmed an association with cobalt and nickel which would not have been targeted by the historical operators. With the addition of the Astur F submission, the Company is currently undergoing the application procedure with the mining administration for seven licences (totalling 473km2).
Competent Person
All scientific and technical information in this announcement has been prepared under the supervision of EuroGeol Vaughan Williams M.Sc. P.Geo (a Principal of Aurum Exploration Services who currently provides exploration services to LRH Resources Limited (“LRHR”)), and a “qualified person” within the meaning of National Instrument 43-101. Vaughan Williams is also Company Secretary of LRHR.
The Directors of the Company accept responsibility for this announcement.
For further information please visit www.technologyminerals.co.uk, @TechnologyMinerals on Twitter, or contact:
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Technology Minerals Limited |
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Alex Stanbury, Chief Executive Officer Lester Kemp, Chief Operating Officer Wilson Robb, Chief Technical Officer |
+44 (0)203 488 7510 info@technologyminerals.co.uk |
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Arden Partners Plc |
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Ruari McGirr, George Morgan |
+44 (0)207 614 5900 |
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Gracechurch Group |
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Harry Chathli, Alexis Gore, John Bick |
+44 (0)203 488 7510 |
About Technology Minerals Plc
Technology Minerals is developing the UK’s first listed, sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. With the increasing global demand for battery metals to supply electrification, the group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk.
Forward Looking Statements
Certain statements in this announcement may contain forward-looking statements which are based on the Company’s expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. Such forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, or other words of similar meaning. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Technology Minerals #TM1 – Interim Results
Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce its results for the six months to 31 December 2021.
Highlights
· Raised £1.5 million before expenses from admission to the London Stock Exchange in November 2021, which followed a pre-IPO fundraise that raised approximately £5 million
· Recyclus Group (“Recyclus”), a 49% Technology Minerals owned company, partnered with Slicker Recycling Limited (“Slicker Recycling”), whereby Slicker Recycling will collect battery waste from around the UK and transport it to the closest Recyclus plant
· Recyclus agreed an engineering development partnership (EngD) with WMG at the University of Warwick, a leading academic group providing research, education and knowledge transfer in engineering, management, manufacturing and technology
Post Period
· Recyclus opened first recycling site in Tipton in January 2022 – new facility will help provide national capability for lead-acid battery recycling and commissioning of the plant is going well.
· In January 2022, Recyclus opened first laboratory suite at its new battery processing facility in Wolverhampton, UK, to carry out in-house testing for both lead acid and lithium-ion (“Li-ion”) battery recycling processes
· In February, received encouraging set of results from sampling survey at the Oacoma Project, which confirmed the presence of manganese and rare earth oxides (“REO”)
· Received positive initial results from a due diligence sampling survey at the Asturmet Copper-Cobalt-Nickel (“Cu-Co-Ni”) Project in Asturias, NW Spain
· In March, acquired Blackbird Creek Property (Idaho, USA), a project covering 1,285 hectares within the Idaho Cobalt Belt, with potential to host significant Cu-Co deposits
Alex Stanbury, Chief Executive Officer of Technology Minerals, said: “It has been a great six months for the development of Technology Minerals. We successfully listed on the London Stock Exchange in November and raised capital to accelerate our development plans and pursue our growth strategy to create a circular economy for battery metals.
“Our aim is to build ten battery recycling plants within six years in the UK, with the first two coming online in the second half of this year. Through our innovative technology, for the first time in the UK, there will be the capability to recycle Lithium-ion batteries on an industrial scale. Alongside the battery recycling business, our exploration assets are focused on the extraction of key battery metals with a strategy to bring early-stage projects up the value curve in a capital light manner and attract partners to fund their development.
“Between battery recycling and the extraction of metals, we aim to cover the entire mineral life cycle from exploration and mining through to end-of-product recycling for cobalt, lithium, nickel, and manganese. Technology Minerals is in prime position to take advantage of the global swing to electrification as electric vehicles replace the internal combustion engine and the pressing necessity for battery metals heightens. We are providing a solution to a critical need in the global transition to a more sustainable, green economy.”
Enquiries
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Technology Minerals Limited |
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Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer |
+44 20 7618 9100 |
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Arden Partners Plc |
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Ruari McGirr, George Morgan |
+44 207 614 5900 |
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Luther Pendragon |
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Harry Chathli, Alexis Gore, John Bick |
+44 20 7618 9100 |
About Technology Minerals Plc
Technology Minerals is developing the UK’s first listed, sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. With the increasing global demand for battery metals to supply electrification, the Group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk
Link here for full management reports and financial statements
Technology Minerals #TM1 – Acquisition of Blackbird Creek Property
Technology Minerals (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, announces that its wholly owned subsidiary Techmin Limited has exercised its option to acquire 100% interest in the Blackbird Creek Property in Lemhi County, Idaho (USA) from DG Resource Management Ltd (“DGRM”), a corporation located in Alberta, Canada.
The acquisition adds 158 contiguous lode claims covering an area of approximately 1,285 hectares (3,175 acres) to the Company’s existing land position, located immediately southeast of Jervois Mining Ltd’s Idaho Cobalt Operations (“ICO”). ICO is expected to be operational this year and will be the United States first primary cobalt mine in decades. The Blackbird Creek Property is situated within the Idaho Cobalt Belt (“ICB”), a 60 km long metallogenic district characterised by stratiform/tabular copper-cobalt deposits.
Principal Acquisition terms:
· A cash payment, which was completed last year, of CAD$100,000 (approx. £59,057 at current conversion rates);
· CAD$800,000 (approx. £472,499 at current conversion rates) to be paid by the issue of 21,013,440 new ordinary shares in Technology Minerals (the “New Shares”) priced at the Admission price of £0.0225 per share;
· DGRM will retain the rights to a 2% net smelter royalty (“NSR”). Techmin Limited has retained the option to buy back 1% of the NSR from DGRM for CAD$1.5M; and
· DGRM have entered into a lock in and orderly marketing agreement with the Company under which DGRM have agreed that they shall not, offer, sell, contract to sell, pledge or otherwise dispose of any of the New Shares for a period of 12 months commencing on 3 March 2022 or dispose of any of the New Shares except through an orderly marketing arrangement for a period of 24 months commencing on 3 March 2022.
Alex Stanbury, Chief Executive Officer of Technology Minerals, said: “We are pleased to complete the acquisition of the Blackbird Creek Property, a project covering 1,285 ha that sits in the Idaho Cobalt Belt and has the potential to host significant cobalt-copper deposits. The Blackbird Creek Property forms part of our exploration strategy to advance assets up the value chain with the aim of creating additional value in the Company for our shareholders.”
Background:
The Blackbird Creek Property is located within the Idaho Cobalt Belt, a 60 km long metallogenic district characterised by stratiform/tabular Co-Cu deposits. The ICB is hosted in the Mesoproterozoic Belt Supergroup (1,470 Ma and 1,370 Ma), juxtaposed between later Proterozoic (1,370 Ma) quartz monzonitic intrusions. The Belt Supergroup was deposited in a large rift basin, likely as large submarine fan complexes that were frequently submerged by continuing subsidence within the basin. The Belt Supergroup runs from southern Montana to northern Canada. Within the Blackbird Creek Property, the Belt Supergroup is characterised by two major units, the Lemhi Group (Inyo Creek, West Fork, Big Creek, Apple Creek, and Gunsight formations) and the Swauger Quartzite.
Sulphide mineralisation on the Property occurs primarily within the siltite unit of the Apple Creek Formation. Three types of Co-Cu-Au occurrences have been reported associated with the Apple Creek Formation within the ICB:
• Type 1: Cobalt-copper-arsenic-rich deposits of the Blackbird Mine type. Generally, these contain approximately equal amounts of cobalt and copper, with varying amounts of gold and pyrite. Dominant minerals include cobaltite (CoAsS) and chalcopyrite (CuFeS2). The cobaltite accounts for nearly all the arsenic content within these occurrences. This syngenetic and stratabound mineralisation is associated with mafic sequences, and deposits are typically in tabular form.
• Type 2: Cobalt-bearing pyrite-magnetite deposits with variable chalcopyrite and low arsenic content. These occurrences are typically hosted by fine-grained metasediments from the lower unit of the Apple Creek Formation. Mineralisation is strata-bound, and locally is stratiform and found within syn-sedimentary soft sediment structures.
• Type 3: Cobalt-bearing tourmaline-cemented breccias. These breccias are common in the lower unit of the Apple Creek Formation, and typically host cobaltite. These breccias are oriented roughly perpendicular to stratigraphy and occur as hard, dense, black vein-type pods and lenses. Contacts with the breccia are fluidized and display prominent foliation parallel to the breccia contact.
Numerous prospects with cobalt and copper mineralisation have been identified on the Property, including the Ludwig, Patty B, Anderson West, Anderson, Edith B, Raven, Slippery Gulch and Copper Hill (also known as Blackbird Creek South and West Fork Cobalt prospects). The primary exploration targets on the Property are the Apple Creek Formation tourmaline breccias, just like those of the historical Noranda Blackbird Mine, Jervois Idaho Cobalt Operation and First Cobalt’s Iron Creek Project.
Admission and Total Voting Rights
Application will be made for the 21,013,440 New Shares, which will rank pari passu in all respects with the existing ordinary shares of the Company, to be admitted to the Standard List segment of Official List and to trading on the main market of the London Stock Exchange plc, which is expected to occur on or around 8.00 a.m. on 16 March 2022 (“Admission”). Upon Admission, the total number of issued shares and the total number of voting rights in the Company is 1,263,695,878.
The above figure of 1,263,695,878 should be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.
Competent Person
All scientific and technical information in this announcement has been prepared under the supervision of EurGeol Dr. Sandy M. Archibald, PGeo (a consulting geologist at Aurum Exploration Services (Canada) Limited who currently provide exploration services to Technology Minerals Plc), and a “qualified person” within the meaning of National Instrument 43-101.
The Directors of the Company accept responsibility for this announcement.
For further information please contact:
|
Technology Minerals Plc |
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|
Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer |
+44 20 7618 9100 |
|
Arden Partners Plc |
|
|
Ruari McGirr, George Morgan |
+44 207 614 5900 |
|
Luther Pendragon |
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Harry Chathli, Alexis Gore, John Bick |
+44 20 7618 9100 |
Forward Looking Statements
Certain statements in this announcement may contain forward-looking statements which are based on the Company’s expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. Such forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, or other words of similar meaning. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Technology Minerals #TM1 – Exploration Update on the Oacoma Project in South Dakota, USA
Geochemical results from 27 rock samples confirms presence of manganese and rare earth oxide mineral grades
Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce the results from 27 rock samples collected at the Stratabound Manganese – Rare Earth Oxides (“Mn – REO”) Project in Oacoma, South Dakota, USA.
Summary
- A total of 27 rock samples were collected during October 2021 from across the site, and sent to ALS Global in Reno Nevada for analysis
- The samples comprised of mudstone and gypsum-phosphate concretions from within the Sharon Springs Formation and manganiferous concretions from within the DeGrey Formation
- Rare Earth Oxides*: Two samples out of the 27 samples submitted reported total rare earth oxide (“REO”) values of 0.22% and 0.34%, with associated neodymium (Nd) oxide + praseodymium (Pr) oxide (“NdPr”) values respectively of 0.034% and 0.037% NdPr
- Manganese: Seven of the 27 samples reported manganese oxide (“MnO”) grades greater than 20% MnO, with the highest grading at 29.1% MnO
- The next step will be to continue the exploration campaign with a more comprehensive and extensive sampling and mapping programme.
*(REO = Total rare earth oxide which includes NdPr is the sum of La2O3, CeO2, Pr6O11, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3. NdPr = neodymium + praseodymium oxide. Assays were carried out by ALS Global using their ME-MS81L™ analytical package).
Oacoma Project
The Oacoma Project covers 13 state mineral leases covering a total of 3,083 acres in South Dakota, which the Company believes is prospective for stratabound manganese and rare earth oxides as well as nickel, cobalt, copper. The Company currently holds 15% of the project, with the option to acquire up to a further 85% working interest subject to the terms of an exploration agreement that is to be agreed, as part of an earn-in Joint Venture Agreement with North American Strategic Minerals Inc. (and its wholly-owned subsidiary East River Minerals LLC).
Alex Stanbury, Chief Executive Officer of Technology Minerals, said: “We are pleased to report a positive set of results from the sampling survey at the Oacoma Project, which confirmed the presence of rare earth minerals and manganese. Following this encouraging start, we intend to advance our exploration at Oacoma with a more comprehensive and extensive sampling and mapping programme to continue to improve our understanding of the potential prospectivity of the project.”
The Directors of the Company accept responsibility for this announcement.
Enquiries
| Technology Minerals Limited | |
| Alex Stanbury, Chief Executive Officer
Lester Kemp, Chief Operating Officer Wilson Robb, Chief Technical Officer |
+44 20 7618 9100 |
| Alfred Henry Corporate Finance Limited | |
| Nick Michaels | +44 203 772 0021 |
| Arden Partners Plc | |
| Ruari McGirr, George Morgan | +44 207 614 5900 |
| Luther Pendragon | |
| Harry Chathli, Alexis Gore, John Bick | +44 20 7618 9100 |
About Technology Minerals Plc
Technology Minerals is developing the UK’s first listed, sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. With the increasing global demand for battery metals to supply electrification, the Group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk
Forward Looking Statements
Certain statements in this announcement may contain forward-looking statements which are based on the Company’s expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. Such forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, or other words of similar meaning. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Competent Person Statement
All scientific and technical information in this announcement has been prepared under the supervision of EuroGeol Vaughan Williams M.Sc. P.Geo (a Principal of Aurum Exploration Services who currently provides exploration services to LRHR), and a “qualified person” within the meaning of National Instrument 43-101.
Technology Minerals – Recycling Blueprint for the EV and Battery Industry a Racing Certainty?
By Arjun Thakkar and Alan Green
Along with Christmas parties, the most oft discussed topic in 2021 was almost certainly the COP26 conference, net zero carbon neutrality, sustainability, climate change and other aspirational matters pointing to an internal combustion engine free world. There’s plenty of awareness of the issues surrounding climate change and the environment, but the simple facts are that the leading economies around the world (never mind the developing nations) are woefully underprepared to tackle these issues and create the circular economy required to support sustainability.