Vancouver, BC – Medallion Resources Ltd (TSX-V: MDL; OTCQX: MLLOF – “Medallion” or the “Company”) is pleased to report that it is making significant progress as it develops its recently adopted strategy to exploit the substantial monazite rare-earth resources available as a by-product of heavy-mineral-sands operations around the world. Monazite is a rare-earth phosphate mineral that typically contains 50 to 60% rare earths and was the original commercial rare-earth source.
Based on over a year of investigation, research, multiple property visits, and substantial input from its technical advisory team, Medallion is now firmly convinced that new rare-earth production from monazite can be developed relatively quickly and inexpensively. Monazite is readily accessible in requisite quantities from a variety of heavy-mineral-sands mining operations. This potential source of rare earths has been virtually ignored for decades as heavy-mineral-sands producers have focused on their key markets of titanium and zirconium minerals, and routinely discarded their monazite by-product.
“We see monazite as a key source for near-term, low-cost rare-earth production and we’re making good progress on our initiatives to exploit this source.” said Dr Bill Bird, Chairman & CEO of Medallion. “We’re testing monazite samples submitted by several heavy-mineral-sands producers. These samples show an attractive distribution of rare-earth elements and are amendable to traditional extraction methods.”
Medallion is advancing three complementary approaches to acquire and process monazite for rare-earth production. First, the Company is in discussions with several Asian, African, and South American heavy-mineral-sands producers, as potential joint-venture partners, to deliver near-term rare-earth production from their on-going mining operations.
Medallion is also testing monazite feedstock samples, which have been submitted by heavy-mineral-sands producers, to locate sources of monazite. These could be purchased and processed at a large-scale, strategically located rare-earth separation plant, which Medallion would build, possibly in conjunction with strategic partners.
Lastly, the Company is undertaking sampling and due-diligence studies in support of negotiations to acquire its own heavy-mineral-sands property for production of monazite rare earths and other mineral products.
By taking a variety of approaches to source and process the available rare-earth monazite resources from heavy-mineral-sands operations, Medallion is advancing the timeline of rare-earth production. In all these approaches, by-product monazite production involves relatively low capital cost requirements and a short-term payback to investors.
Monazite is a rare-earth phosphate mineral with a composition of 50-60% rare earths. It was the world’s original commercial rare-earth source. For more than 100 years, monazite has been processed using well-understood and commercially tested metallurgical procedures. The U.S. Geological Survey recently reported that monazite presently is the second most globally available rare-earth resource after bastnaesite. Monazite and bastnaesite (the key rare-earth mineral found at Molycorp’s Mountain Pass deposit and at China’s giant Bayan Obo mine) make up 95% of the world’s rare-earth resources and are the only two rare-earth minerals to have successfully produced commercial quantities of rare earths.
About Medallion Resources
Medallion is rethinking rare earths. Headed by Dr Bill Bird and supported by a first-class technical team, Medallion is well positioned to identify and acquire the world’s most promising rare-earth opportunities. Medallion’s strategy targets large deposits amenable to straightforward low-cost mining and metallurgical processes that lead to near-term rare-earth production and long-term supply. Rare earths are used in critical components for virtually all computing and mobile electronic products, as well as wind turbines, electric and hybrid vehicles and strategic defense systems. More about Medallion (TSXV: MDL; OTCQX: MLLOF) can be found at medallionresources.com.
Donald Lay President
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Medallion Management takes full responsibility for content, prepared this news release. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe medallion’s future exploration and financing plans, objectives or goals, including words to the effect that Medallion or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in these statements. Such risks include expectations that may be raised by discussing potential acquisitions or exploration plans. Also, in order to proceed with Medallion’s exploration plans, additional funding is necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate Medallion’s plans.