VANCOUVER, British Columbia, March 28, 2018 (GLOBE NEWSWIRE) -- Medallion Resources Ltd. (TSX-V:MDL); (OTCPK:MLLOF) (Frankfurt:MRDN) – “Medallion” or the “Company”), pursuing smart production of magnet metals, is pleased to announce its recent process testwork extracting a rare earth element (REE) concentrate from monazite sand, also produced Trisodium Phosphate (TSP). TSP is a commercial compound, which currently wholesales at approximately $500/tonne and has wide application as a food additive, cleaning agent, lubricant, stain remover and degreaser.
“Our extraction process makes available the phosphate component of monazite as we produce a rare earth concentrate rich in the magnet metals,” said Kurt Forrester, PhD, Medallion’s consulting metallurgist. “Phosphate typically makes up about 25% of monazite; therefore the recovery of the phosphate to produce TSP represents a revenue stream beyond REEs while dealing with a significant amount of material. The TSP produced appears to meet commercial specifications while recovering over 97% of the phosphate from the monazite feedstock.”
The Company is also investigating the commercialization of thorium, uranium, and their related daughter products—the radioactive elements that are present in monazite and its process waste streams. Medallion is conducting its process development testwork with provincially owned Saskatchewan Research Council, a recognized authority in uranium and rare earth test processing. The Company is working to ensure safe transport, processing, and disposal of the naturally occurring radioactive elements associated with monazite.
Magnet Metals Strategy
Medallion is pursuing near-term production of REEs in North America, by sourcing and processing monazite sand, which is available as a by-product of heavy-mineral sands mining operations. Monazite, a rare earth phosphate mineral with a history as a commercial REE resource has well-understood metallurgy and contains significant amounts of the key magnet metals neodymium and praseodymium (NdPr).
NdPr is in limited supply globally and is the key input material for the high-performance permanent rare earth magnets required for the growing demands of vehicle electrification, wind power generation and robotics. Medallion’s recent bench-level optimization testwork, fed with monazite feedstock from a North American heavy-mineral-sands producer, recovered 84.8% of REEs to produce a high-purity NdPr-rich carbonate concentrate (see news release March 22, 2018).
Rare earth magnets containing NdPr are used extensively by the automotive industry in the lightweight electric motors that power seat and mirror adjustments, wipers, steering, air conditioning, and braking systems. Modern gasoline or diesel powered vehicles each use approximately 0.7 kg of NdPr, while electric or hybrid vehicles require an extra 1 kg or 140% more NdPr per vehicle in the electric traction motors powering the vehicle.
UBS research has recently identified NdPr, along with battery materials lithium and cobalt, as the input commodities most positively affected by growing market demand for electric vehicles. Adamas Intelligence has estimated the value of global annual rare earth oxides for the production of rare earth permanent magnets totaled $1.44 billion in 2016. Adamas’ long-term forecast anticipates an increase in demand for the magnet-oriented, rare earth oxides to $6.07 billion by 2025, representing a compound annual growth rate of 17.4 %.
About Medallion Resources
Medallion Resources is pursuing near-term magnet metal production, firstly in North America, by exploiting by-product monazite. Monazite is a rare earth element (REE) phosphate mineral containing significant amounts of the key magnet metals neodymium and praseodymium (NdPr). Ndpr is the key input material for the high-powered permanent rare earth magnets required for growing demands of vehicle electrification, wind power generation and robotics. Monazite is widely available as a by-product from heavy mineral sand mining operations and has a history as a commercial REE resource and well-understood metallurgy. 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.
Contact: Donald Lay, President & CEO,
Phone: +1.604.681.9558, email: email@example.com
Medallion management takes full responsibility for content and has prepared this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as statements that describe the viability of the rare earth metal extraction results of the Company’s recent test work, the value of REE concentrates, the profitable use of the TSP extracted and the efficiency of the Company’s REE extraction methods. 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.