VANCOUVER, British Columbia, Sept. 26, 2019 (GLOBE NEWSWIRE) -- Medallion Resources Ltd. (TSX-V: MDL; OTCPK: MLLOF; Frankfurt: MRDN) – “Medallion” or the “Company”), pursuing smart production of magnet metals, announces it has achieved a major milestone in completing the development of its proprietary flow-sheet design to extract a rare-earth element (REE) concentrate from by-product monazite sand.
“We believe this new flowsheet represents an important improvement in the processing of monazite—holding promise of a highly automated and cost-efficient process,” said Medallion’s metallurgist Kurt Forrester, PhD. “These are important advantages that can help meet the increasing market demands for non-Chinese rare-earth products”.
Key features of Medallion’s enhanced “caustic crack” REE extraction process include:
- Full automation for low manpower requirements and worker isolation from harsh operating environments (chemical, thermal and radiological) for enhanced safety;
- Highly-energy efficient design;
- Option for a zero liquid discharge plant to provide additional flexibility on planning/permitting;
- Waste production options; and
- Employment of only “off-the-shelf” equipment -- with innovations on their application.
The process design was led by Dr. Forrester, with the developmental testwork performed at the Saskatchewan Research Council’s (SRC) Mineral and Metallurgy Division, in addition to using input from thermodynamic model analysis and solubility testing development at the University of Toronto’s Chemical Engineering & Applied Chemistry Department. The test monazite feedstock was provided by a heavy-mineral sands producer in the US Southeast.
About Medallion Resources
Medallion Resources is developing an approach for 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.
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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 increase in the size of the Private Placement and the completion and the use of the proceeds of the Private Placement. 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.