Successful production of high-purity calcium
and magnesium carbonates from Elk Creek ore points to potential
efficiency gains in NioCorp's processing flow sheet as well as
possible new commercial products for the Project, once sufficient
project financing is obtained to allow the Project to
proceed
CENTENNIAL, Colo., Oct. 25,
2022 /CNW/ -- NioCorp Developments Ltd.
("NioCorp" or the "Company") (TSX: NB) (OTCQX: NIOBF)
today announced that its demonstration-scale processing plant (the
"demonstration plant") in Quebec,
Canada has now completed demonstrating its planned process
for removing calcium and magnesium from ore obtained from the Elk
Creek Critical Minerals Project (the "Project").
This positive result, which is part of Phase I operations of the
demonstration plant, is a key milestone in NioCorp's proposed
optimization of its process flow sheet for the Project, which was
designed by L3 Process Innovation ("L3") and NioCorp.
The well-known and time-tested process NioCorp is employing to
remove calcium and magnesium carbonates from the ore using thermal
treatment and leaching is part of the demonstration plant's Phase I
flowsheet. This step has operated successfully, and the removed
calcium and magnesium were produced at demonstration scale as a
mixed calcium and magnesium carbonate. Removing carbonate minerals
in this fashion is expected to reduce the size of the follow-on
planned production steps and make them more efficient.
Characterization of the calcium and magnesium carbonate from
demonstration plant production runs has demonstrated very low
levels of impurities, and an overall 99% purity of the mixed
calcium-magnesium carbonate.
The Elk Creek resource is a carbonatite and its mineralization
is predominantly carbonate minerals. The Elk Creek Project Mineral
Resource estimate does not include calcium or magnesium as
sufficient exploration and sampling has not been completed to
determine whether there are reasonable prospects for eventual
economic extraction. In light of these results, however, the
Company expect to conduct an assessment of adding these two
elements to the Mineral Resource as well as to assess the potential
salability of the material that was produced from the demonstration
plant, once sufficient project financing is obtained to allow the
Project to proceed.
Phase I demonstration plant operations will continue with
calcination and a ramp-up of leaching operations as testwork and
assembly of Phase II and Phase III of the demonstration plant's
planned operations proceed in parallel.
"The team at L3 has been working very hard to complete Phase I
of the demonstration plant and deliver results. We look
forward to the completion of the remainder of the demonstration
plant operations, and most importantly, the rare earth
metallurgical performance metrics showing the full potential
economic benefits of rare earths for the Elk Creek Project," said
Scott Honan, NioCorp's Chief
Operating Officer.
QUALIFIED PERSONS:
Eric Larochelle, B.Eng.,
Co-Owner, L3 Process Development, a Qualified Person as defined by
National Instrument 43-101, has reviewed and approved the technical
information contained in this news release.
For More Information:
Jim Sims, Corporate
Communications Officer, NioCorp Developments Ltd., 720-639-4650,
jim.sims@niocorp.com
@NioCorp $NB.TO $NIOBF $BR3 #Niobium #Scandium #rareearth
#neodymium #dysprosium #terbium #ElkCreek #EV #electricvehicle
About NioCorp
NioCorp is developing a critical minerals project in
Southeast Nebraska that will
produce niobium, scandium, and titanium. The Company also is
evaluating the potential to produce several rare earths from the
Project. Niobium is used to produce specialty alloys as well as
High Strength, Low Alloy ("HSLA") steel, which is a lighter,
stronger steel used in automotive, structural, and pipeline
applications. Scandium is a specialty metal that can be combined
with Aluminum to make alloys with increased strength and improved
corrosion resistance. Scandium is also a critical component of
advanced solid oxide fuel cells. Titanium is used in various
lightweight alloys and is a key component of pigments used in
paper, paint and plastics and is also used for aerospace
applications, armor, and medical implants. Magnetic rare earths,
such as neodymium, praseodymium, terbium, and dysprosium are
critical to the making of Neodymium-Iron-Boron ("NdFeB") magnets,
which are used across a wide variety of defense and civilian
applications.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and forward-looking information within the
meaning of applicable Canadian securities laws. Forward-looking
statements may include, but are not limited to, statements about
NioCorp's expectation that its demonstration plant will produce
results that will increase efficiencies in NioCorp's planned
processing flow sheet, NioCorp's expectation that NioCorp may be
able to produce new commercial products for the Project, NioCorp's
ability to secure sufficient project financing to complete
construction and commence operation of the Elk Creek Project; the
outcome of current recovery process improvement testing, and
NioCorp's expectation that such process improvements could lead to
greater efficiencies and cost savings in the Elk Creek Project; the
Elk Creek Project's ability to produce multiple critical metals;
and the completion of the demonstration plant and technical and
economic analyses on the potential addition of magnetic rare earth
oxides to NioCorp's planned product suite Forward-looking
statements are typically identified by words such as "plan,"
"believe," "expect," "anticipate," "intend," "outlook," "estimate,"
"forecast," "project," "continue," "could," "may," "might,"
"possible," "potential," "predict," "should," "would" and other
similar words and expressions, but the absence of these words does
not mean that a statement is not forward-looking.
The forward-looking statements are based on the current
expectations of the management of NioCorp and are inherently
subject to uncertainties and changes in circumstances and their
potential effects and speak only as of the date of such statement.
There can be no assurance that future developments will be those
that have been anticipated. Forward-looking statements reflect
material expectations and assumptions, including, without
limitation, expectations, and assumptions relating to: the
translatability of the thermal treatment and leaching process to
remove calcium and magnesium carbonates from ore to the ore that
NioCorp expects to extract from the Elk Creek Project. Such
expectations and assumptions are inherently subject to
uncertainties and contingencies regarding future events and, as
such, are subject to change. Forward-looking statements involve a
number of risks, uncertainties or other factors that may cause
actual results or performance to be materially different from those
expressed or implied by these forward-looking statements. These
risks and uncertainties include, but are not limited to, those
discussed and identified in public filings made by NioCorp with the
SEC and with the applicable Canadian securities regulatory
authorities and the following: NioCorp's ability to operate as a
going concern; NioCorp's requirement of significant additional
capital; NioCorp's limited operating history; NioCorp's history of
losses; cost increases for NioCorp's exploration and, if warranted,
development projects; a disruption in, or failure of, NioCorp's
information technology systems, including those related to
cybersecurity; equipment and supply shortages; current and future
off take agreements, joint ventures, and partnerships; NioCorp's
ability to attract qualified management; the effects of the
COVID-19 pandemic or other global health crises on NioCorp's
business plans, financial condition and liquidity; estimates of
mineral resources and reserves; mineral exploration and production
activities; feasibility study results; changes in demand for and
price of commodities (such as fuel and electricity) and currencies;
changes or disruptions in the securities markets; legislative,
political or economic developments; the need to obtain permits and
comply with laws and regulations and other regulatory requirements;
the possibility that actual results of work may differ from
projections/expectations or may not realize the perceived potential
of NioCorp's projects; risks of accidents, equipment breakdowns,
and labor disputes or other unanticipated difficulties or
interruptions; the possibility of cost overruns or unanticipated
expenses in development programs; operating or technical
difficulties in connection with exploration, mining, or development
activities; the speculative nature of mineral exploration and
development, including the risks of diminishing quantities of
grades of reserves and resources; claims on the title to NioCorp's
properties; potential future litigation; and NioCorp's lack of
insurance covering all of NioCorp's operations.
Should one or more of these risks or uncertainties materialize
or should any of the assumptions made by the management of NioCorp
prove incorrect, actual results may vary in material respects from
those projected in these forward-looking statements.
All subsequent written and oral forward-looking statements
concerning the matters addressed herein and attributable to NioCorp
or any person acting on its behalf are expressly qualified in their
entirety by the cautionary statements contained or referred to
herein. Except to the extent required by applicable law or
regulation, NioCorp undertakes no obligation to update these
forward-looking statements to reflect events or circumstances after
the date hereof to reflect the occurrence of unanticipated
events.
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SOURCE NioCorp Developments Ltd.
