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Avalon Advanced Materials advances Canadian critical minerals projects focused on lithium, rare earth elements, zirconium and cesium. Company news centers on development work at the Nechalacho Rare Earth Elements and Zirconium Project in the Northwest Territories and the Lake Superior Lithium Inc. refinery project in Thunder Bay, including feasibility work, permitting, metallurgical expertise and project leadership.
Recurring updates also cover portfolio strategy, capital allocation, shareholder meeting results, governance matters and capital-structure actions. Avalon has completed a reorganization of its Separation Rapids joint venture, exited that interest and retained full ownership of the Lilypad cesium project, shaping its current critical minerals asset base.
Avalon Advanced Materials Inc. (TSX: AVL) (OTCQB: AVLNF) and its JV partner Sibelco are updating the mineral resource estimate for the Separation Rapids Project in Kenora, Ontario. The 2024 winter drill campaign showed significant lithium intersections, including:
- SR24-114: 1.67% Li2O over 105.6m from 313.5m depth
- SR24-113: 1.68% Li2O over 66.2m from 292.2m depth
- SR24-115: 1.81% Li2O over 13.8m from 93.5m depth
These results confirm high-grade lithium and potential to increase the mineral resource base. The updated MRE is expected in Q3 2024. Avalon's CEO Scott Monteith expressed confidence in increasing the resource base and highlighted the project's importance for Canada's Critical Mineral Strategy and Avalon's Thunder Bay Processing facility.
Avalon Advanced Materials Inc. (TSX: AVL) (OTCQB: AVLNF) reports significant lithium intersections from its 2024 winter drill campaign at the Separation Rapids Project in Ontario. Key highlights include:
- SR24-114: 1.67% Li2O over 105.6m from 313.5m depth
- SR24-113: 1.68% Li2O over 66.2m from 292.2m depth
- SR24-115: 1.81% Li2O over 13.8m from 93.5m depth
The drilling campaign focused on upgrading and expanding mineral resources at the Big Whopper Deposit. Results indicate potential for resource expansion, particularly at depth. Ongoing work includes geotechnical studies, mineralogical analysis, and environmental baseline studies. A property-wide mapping program is set to commence in late July 2024.
Avalon Advanced Materials has appointed Dr. Andrew J. Ramcharan as the new Vice President of Corporate Development. This strategic move aims to enhance governance and drive the company's objective to establish Ontario's first vertically integrated lithium supply chain for the North American EV battery market. Dr. Ramcharan, a global mining executive, brings extensive expertise in engineering, finance, and investor relations. His background in debt and equity financings and project evaluations is expected to support Avalon's ambition to build a Lithium Hydroxide converter in Thunder Bay. This appointment is seen as a significant step towards achieving Avalon's strategic goals and fostering future growth.
Avalon Advanced Materials announced the results of an independent valuation report by AFRY Canada for its proposed lithium processing facility in Thunder Bay, Ontario. The report estimates the replacement cost of the site's infrastructure at $46 million, with land valued between $11 to $16 million, totaling $57 to $62 million. The site covers 377 acres, including buildings, underground services, electrical services, rail spurs, and a deep-water port. CEO Scott Monteith emphasized that the existing infrastructure accelerates the timeline for constructing Ontario's first lithium hydroxide conversion facility.
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