VANCOUVER, British Columbia, Sept. 01, 2020 (GLOBE NEWSWIRE) -- Medallion Resources Ltd. (TSX-V: MDL; OTCPK: MLLOF; Frankfurt: MRDN) – “Medallion” or the “Company” is pleased to announce the commencement of further rare-earth element (REE) process optimization test work at the Saskatchewan Research Council (SRC). The SRC has been a long-term research partner of Medallion, instrumental in the delivery of data for the design of Medallion’s proprietary REE- extraction technology that utilizes the REE-rich mineral monazite.
The current test work will provide additional detail on various stages in the breakdown of monazite and in the recovery of phosphate as a secondary product. Completion is anticipated within one month. The testing further develops key areas where the Medallion monazite process has advantages over the traditional process.
“We are pleased to have this work program underway with the SRC and to continue the excellent research relationship we have developed there,” said Mark Saxon, Medallion President & CEO. “Furthermore, we congratulate them on the recent announcement, made by Saskatchewan Premier Scott Moe, on the proposal to construct an REE-processing facility at the SRC facility in Saskatoon, strengthening the role Saskatchewan plays in the secure supply of critical and energy metals.” (See Government of Saskatchewan press release.)
Monazite is widely available as a highly consistent by-product from mineral sand mining both within the United States and globally. Monazite provides the distinct advantage of being relatively enriched in the magnet metals neodymium (Nd) and praseodymium (Pr). Due to their critical role in high strength permanent magnets, it is Nd and Pr that are highly sought after by US industry and defense. Medallion’s collaboration with trading and supply chain manager Talaxis Ltd, including their investment in the recently closed private placement (see Press Release dated 26 Aug 2020), provides unique support for the Company’s monazite strategy.
The consistency of monazite from mineral sands has allowed Medallion to develop a robust and transferable technology. The current round of test work, conducted by the SRC, are refinement stages to enable a high degree of control on digestion and crystallization kinetics. This data will be available in approximately one month and contribute to a planned external technical, engineering, and economic modelling study.
About Medallion Resources
Medallion Resources has developed a proprietary process and related business model to achieve low-cost, near-term, rare-earth element (REE) production by exploiting monazite. Monazite is a rare-earth phosphate mineral that is widely available as a by-product from mineral sand mining operations. REEs are critical inputs to electric and hybrid vehicles, electronics, imaging systems, wind turbines and strategic defense systems. Medallion is committed to following best practices and accepted international standards in all aspects of mineral transportation, processing and the safe management of waste materials.
More about Medallion (TSX-V: MDL; OTCPK: MLLOF; Frankfurt: MRDN) can be found at medallionresources.com.
Contact(s):
Mark Saxon, President & CEO
Donald Lay, Director & Strategic Advisor
+1.604.681.9558 or info@medallionresources.com
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Medallion management takes full responsibility for content and has prepared this news release. Some of the statements contained in this release are forward-looking statements, such as statements that describe Medallion’s plans with respect to the completion of additional tranche(s) of the Offering and the intended use of the proceeds. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties, including the risks related to market conditions and regulatory approval and other risks outlined in the Company’s management discussions and analysis of financial results. Actual results in each case could differ materially from those currently anticipated in these statements. Also, in order to proceed with Medallion’s plans, additional funding will be necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate Medallion’s plans. These forward-looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, Medallion disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise.