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The fieldwork program is designed to improve the geological confidence of the mineral deposit in preparation for a forthcoming planned pre-feasibility study , as the rare earth oxide (" REO ") market continues its favourable response to the increased electrification demands related to the electric vehicle (" EV ") and renewable energy sectors.
The approximately 5-week Program consists of two primary planned objectives:
- Conduct a channel sampling program along the ≈2 km exposed vein outcroppings of the Dotson Ridge Zone and incorporate these results into the current deposit model1. Upgrade the Bokan-Dotson Ridge Zone Mineral Resource estimate from the current ≈18% Indicated and ≈82% Inferred classifications to include a ≈17% to 20% Measured classification later in 2022. The Measured resource will be drawn predominantly from the current Indicated resource, with over 90% of the new Measured material being drawn from the Indicated resource and 10% from the Inferred resource.
- Extract ≈50 tonnes of additional mineralized material from two 2021 selected bulk sample locations to support a follow-on mill flowsheet pilot-scale testing program as part of a PFS. This work will be derived from the current mill flowsheet development work that is ongoing at SGS Canada Inc. (Lakefield) ("SGS"). The produced mineral concentrate from this pilot-scale testing will then be processed at the RapidSX™ Commercialization and Development Facility's ("CDF") Demonstration Plant as part of Ucore's commercial technology deployment process. The Program is a prerequisite step in preparation for obtaining potential feedstock mineral concentrate from Bokan to supply the Company's planned Alaska Strategic Metals Complex ("SMC") targeted for Ketchikan, Alaska.
"Aurora Geosciences has been involved in exploration work at Bokan Mountain for over a decade," stated Ucore Vice President and COO Mike Schrider , P.E. "Jim Robinson and his team have put together a Mineral Resource upgrade program for 2022 that will enable us to finalize our exploration efforts towards developing the Bokan Project as we respond to Western electrification demands and the associated need for rare earth critical metals."
Schrider said, "Continued execution of the Company's long-term Bokan Mountain development plans, coupled with our near-term plan to construct the Alaska SMC 35-miles to the northeast of Bokan in Ketchikan, represents a unique opportunity for Ucore, the communities of Southeast Alaska and the State of Alaska. Working together as a team and with our stakeholders, we can help lead the United States' concerted effort to establish an independent REE supply chain to support the transformation to EVs and renewable energy sources and ensure that high-paying family-wage jobs are generated and maintained in Southeast Alaska for decades to come."
Quoting a news release, the Bokan-Dotson Ridge Zone is amongst the highest grade heavy rare earth element ("HREE") Mineral Resources in the United States. The Bokan Project includes terbium (Tb) and dysprosium (Dy) oxides, the two HREEs oxides associated with EV permanent magnet synchronous motors. As noted in figure 1, the spot market price 3 of Tb and Dy oxides – HREEs used in most permanent magnet synchronous motors (" PMSM ") – have dramatically increased since 2020. And most importantly, the forecasted demand for PMSM's REOs is expected to remain strong well into the next decade.
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"As automakers shift to electrification, a totally new metallic supply chain must be created," commented Ucore Chairman and CEO Pat Ryan , P.Eng. "The historical automotive business was vertically integrated with rubber plants in South America to an array of steel manufacturing plants as a key part of their production strategy. Today automakers from Ford to GM to VW realize that controlling source raw materials right back to the mine could determine how many electric vehicles they will be able to make and at what cost. The further development of the Bokan Mountain Complex for long term security of rare earth oxides used in powerful electric motors presents an opportunity for deep integration of Western supply chains."
Edited By: Mary Kauffman, SitNews
Source of News:
Ucore Rare Metals Inc.
www.ucore.com
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