Geomega Resources Inc.: Annual Meeting Corporate Update
September 10, 2014 (Source: Marketwired) — Geomega Resources Inc. (TSX VENTURE:GMA)
Highlights of this news release:
- Positive conclusion on the novelty, inventive activity and industrial application of the separation process by the Canadian Intellectual Property Office
- 23 claims out of 25 deemed patentable
- Final series of metallurgical tests for the PEA underway
- New gold discovery on Anik
Geomega Resources Inc. (“GéoMégA” or the “Company“) (TSX VENTURE:GMA), is pleased to announce a corporate update in anticipation of the Company’s Annual Meeting which will take place Wednesday, September 17, 2014 at 10 a.m. in Montreal, Quebec.
|Date :||Wednesday, September 17, 2014|
|Time :||10 a.m.|
|Location :||Lavery, de Billy, L.L.P.|
|1 Place Ville-Marie, suite 4000|
1. Proprietary separation process
- Patent Co-operation Treaty (“PCT”) Application
On August 22, 2014, the Company received the international search report (“ISR”) and written opinion (“WO”) from the Canadian Intellectual Property Office regarding the twenty-five (25) claims stated in the system and method for separation and purification of dissolved rare earth/precious metals elements/compounds (the “Separation process“) patent application.
The ISR and WO concluded positively on the novelty, inventive activity and industrial application of the Separation process and twenty-three (23) claims are deemed patentable. The Company is moving forward with the National phase applications in multiple key jurisdictions. Reviews and acceptance by each respective jurisdiction could require up to one (1) year.
- Optimization testing and prototype development
Get our daily investorintel update
Following the bench scale separation results disclosed by news releases in January, February and May 2014, the Company continues to optimize and develop its separation process at its Boucherville (Quebec) installations. The majority of the work performed over the last months was spent developing a pre-treatment step prior to separation in order to remove the less valuable, abundant cerium from the mixed rare earth elements (“REE”) concentrate. The effective removal of cerium should translate into multiple benefits at the separation stage. Separation testing will resume after conclusive results are achieved.
Currently, multiple funding and partnership alternatives for the prototype requirements are being evaluated.
2. Montviel (REE, Nb)
- Preliminary Economic Assessment (“PEA”)
|PEA scope of work||Status|
|Metallurgy and processing||Ongoing|
|Hydrogeology, geochemical, geotechnical and geomechanical||Completed|
During the last year, Montviel’s flow sheet was greatly simplified. All of the acid required for hydrometallurgy was removed from the road with the insertion of a closed loop acid regeneration unit. In addition, two (2) physical adjustments at the beneficiation step significantly decreased the ore mass moving to hydrometallurgy.
A final series of metallurgical tests is currently underway to validate REE and niobium recoveries and optimize the energy balance. These results will unlock all the remaining ongoing scopes of work. The PEA will be based on the sale of a mixed REE concentrate with the Separation process disclosed as an opportunity.
“A mixed REE concentrate is not our finish line but we are not steering away from our initial decision of producing a quality PEA study. The extra metallurgical work to remove the daily tons of acid deliveries will pay social acceptability dividends down the road.” comments Simon Britt, President and CEO of GéoMégA.
- Updated 43-101 resource estimation
The updated 43-101 resource estimation is linked to the PEA whereby the cut-off grade reflects the operating costs of the PEA. Once the results of the final metallurgical tests are known, the energy balance will be completed and ensuing operating costs estimated.
The updated resource will account for the additional 26,000 meters of diamond drilling which defined the enrichment zone (within the Core zone) and heavy rare earth zone (south of the Core zone) and reflect an underground (ramp access) mining scenario.
3. Anik (Au)
The geological team started to work in June with a $ 340,000 flow-through budget and high expectations. The gold discovery outcrop and subsequent identification of multiple mineralized outcrops and angular blocks within days following the discovery are excellent early signs.
Alain Cayer, Vice-President Exploration of GéoMégA will give a status report on the Anik property at the upcoming Annual Meeting.
About GéoMégA (www.geomega.ca)
GéoMégA is a mineral exploration and evaluation company focused on the discovery and sustainable development of economic deposits of metals in Québec. GéoMégA is committed to meeting the Canadian mining industry standards and distinguishing itself with innovative engineering, stakeholders’ engagement and dedication to local transformation benefits.
50,431,283 common shares of GéoMégA are currently issued and outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautions Regarding Forward-Looking Statements
This news release contains forward-looking statements regarding our intentions and plans. The forward-looking statements that are contained in this news release are based on various assumptions and estimates by the Company and involve a number of risks and uncertainties. As a consequence, actual results may differ materially from results forecasted or suggested in these forward-looking statements and readers should not place undue reliance on forward-looking statements. We caution you that such forward-looking statements involve known and unknown risks and uncertainties, as discussed in the Company’s filings with Canadian securities agencies. Various factors may prevent or delay our plans, including but not limited to, contractor availability and performance, weather, access, mineral prices, success and failure of the exploration and development carried out at various stages of the program, and general business, economic, competitive, political and social conditions. The Company expressly disclaims any obligation to update any forward- looking statements, except as required by applicable securities laws.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>