Marimaca Copper gets $50m injection from Assore
Investment gives Assore International a 14.99% non-diluted stake in the Canadian copper company, which owns the namesake project in Chile.
South America-focused rare earth developer Aclara Resources (TSX: ARA) announced on Tuesday an inaugural mineral resource for its regolith-hosted ion adsorption clay deposit Brazil that is said to contain significant quantities of dysprosium (Dy), terbium (Tb), neodymium (Nd) and praseodymium (Pr).
The project – known as the Carina module – is estimated to contain 168 million tonnes of inferred material grading 1,510 ppm total rare earth oxide (TREO), containing an average Dy and Tb grade of 42.1 ppm and 6.9 ppm, respectively.
This resource was estimated using the results obtained from 201 auger drill holes (1,630 metres) and 1,418 samples. It complements the 27.5 million tonnes of measured and indicated resources and 1.7 million tonnes of inferred resources at the Aclara’s Penco module in Chile.
The average net smelter return value of the Carina module resource, based on company calculations, is $32.3/t when using a cut-off value of $7.4/t.
According to Aclara, the recovery of rare earths from its Brazilian project is fully compatible with the technology patented and successfully demonstrated on a pilot scale in Chile, which is designed to minimize both cost and environmental footprint.
“The combination of its large size and attractive grades makes the Carina module an outstanding deposit of ionic clays and significantly increases Aclara’s total resource base,” Aclara CEO Ramon Barua said in a news release.
The next step for the company is to produce samples by processing the project’s ionic clays at its pilot plant in Chile. A preliminary economic assessment is being targeted for completion in January 2024.
“The fact that we can apply our patented metallurgical recovery process, which combines competitive costs with superior environmental qualities, provides a promising backdrop for the upcoming preliminary economic assessment,” Barua said.
On top of the PEA, the company is also pursuing additional resources through the completion of a reverse circulation drilling campaign, which is already underway and scheduled to be completed in Q2 2024.
Shares of Aclara Resources rose by 7.5% as of 12:10 p.m. in Toronto on Tuesday, for a market capitalization of C$70.1 million ($51.5m).
