HALIFAX, Nova Scotia, Feb. 03, 2023 (GLOBE NEWSWIRE) — ELCORA ADVANCED MATERIALS CORP. (TSX.V:ERA | Frankfurt:ELM | OTCQB – ECORF), (the “Company” or “Elcora”), is pleased to provide our shareholders with an update on development plans for 2023.
The Company’s mandate is focused on the global battery value chain. More specifically, we plan on both extracting and processing battery-grade minerals and metals from its current projects and apply them to proprietary energy storage applications. Elcora’s competitive advantage in graphite, graphene and Li-ion battery applications developed over the last six years with the assistance of Canadian government grants will be combined with additional battery metal opportunities. These opportunities have been made available with the Company’s recent Moroccan acquisition (STE Ermazone A.R.L.) of 10 polymetallic/vanadium licenses/concessions which also include a former Manganese mine. These concessions encompass a massive footprint of some 14,400 hectares. Nine (9) of the ten (10) polymetallic claims host vanadium sulfide of both magmatic and hydrothermal mineralization. All essential components of electrification and energy storage for the planet. Additional rare earth and copper mineralization are present from previous open-pit mining.
Because of Vanadium’s growing energy industry needs, the Company’s current focus will shift to creating a comprehensive Moroccan mining complex targeting rare earth metals like Vanadium, Tantalum, Nobium, Manganese, Lead and Copper annually.
Vanadium’s role in the growing energy grid storage will increase dramatically over the coming years, enabling wider use of renewable power such as wind and solar. According to the latest (BNEF) forecast, energy storage installations around the world will multiply exponentially, from a modest nine gigawatts (GW) per 17 gigawatt hours (GWh) deployed as of 2018 to 1,095 GW per 2,850 GWh by 2040. Furthermore, the U.S. Biden administration has also pledged to deploy 1,050 to 1,570 gigawatts of solar power by 2050 and over 30,000 megawatts of offshore wind in the United States by 2030, therefore the need for energy storage is crucial.
Q1 Work program
The Company is completing a 43-101 on its newly acquired Moroccan permits which should be completed in the coming weeks.
The core development plan aims to “establish several new mining operations over the next few years by initiating an exploratory drill program in (Q1), field prospecting, permitting of all the Company’s Moroccan licenses, expansion of mining operation teams, and restart of a former French Manganese mine.”
The recently acquired property STE ERMAZONE.A.R.L will be the core of the Company’s Moroccan operations. Mineralized polymetallic material from the projects 9 concessions will be fed to the Company’s on-site vanadium/polymetallic ore separation plant while other rare earth/copper mineralization from its other licensed on-site open pits will be processed by in-country facilities.
“By acquiring Ermazone high-caliber properties, Elcora positions itself among the future leading mining groups in Morocco. Like other minerals and metals needed for li-ion [lithium-ion] batteries, the thriving renewable industry will accelerate demand for high-quality vanadium. Elcora will commence trial production this month to obtain sufficient material for a production process test run. We are concentrating on achieving our goal of becoming one of Morocco’s largest producers”, said CEO Troy Grant. “2023 was a highly successful year for Elcora where we closed multiple strategic acquisitions that positions Elcora as one of the largest holders of mineral claims in Morocco!”
The firm initiated a “metric/scorecard” to monitor the plan and share updates with its stakeholders.
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.
