Alexander Mining tech being assessed on Accudo assets

Alexander Mining updated the market on its business development activities on Wednesday, confirming that it has received an update from Accudo Metals regarding its agreement with the owners of the copper tenements and assets in Australia.

The AIM-traded firm said the project was being assessed in accordance with the technology licence agreement with Alexander for the potential use of Alexander’s ‘AmmLeach’ technology.

Accudo's planned technical work was to progress from the first stage test work and complete a definitive feasibility study, with a view to producing a bankable feasibility study, if the definitive study is positive.

Work to date had demonstrated the successful extraction of copper under a range of AmmLeach conditions, and with recoveries comparable to acid leaching, albeit the latter processing method was uneconomic due to excessive sulphuric acid consumption.

“To support the definitive feasibility study, Accudo has selected the members of the feasibility study team, which includes hydrometallurgical and engineering, geology and mining, environmental, legal and corporate and financial advisors,” Alexander’s board said in its statement.

“In addition, significant size bulk samples of approximately 20 tonnes of ore and about 140 kg of quartered diamond drilling core have been sourced and transported to Perth, Western Australia for appropriate metallurgical and mineral processing test work.”

Accudo advised Alexander that it was “sufficiently encouraged” by the technical work undertaken to date, and its preliminary economic model, that it was currently seeking expressions of interest from strategic, industry and financial investors for funding to affect the acquisition of the project assets.

It said its earlier intention was to decide on whether to acquire the project once the definitive feasibility study was completed.

In the interim, the definitive study work had been put on hold, pending that further funding for the acquisition of the project, completion of the definitive feasibility study work and, if favourable, the commitment to complete a bankable study.

“Accudo has indicated that expressions of interest have been encouraging and several organisations are currently accessing the project data room,” the board added.

On its HyperLeach product, Alexander Mining said it was investigating potential low-grade nickel/cobalt and copper sulphide leaching opportunities to advance the potential commercial adoption of the intellectual property.

The recent grant of the HyperLeach patent in the US was supportive of that, the board claimed.

On its lithium research and development joint venture, Alexander said work on the venture between it and Dr Nicholas Welham was proceeding and, although there had been some time slippage due to the availability of laboratory facilities, the first results were expected soon.

In Zambia, further to the signing of an introducer's agreement with Duard Capital in August, Alexander said it had been working closely with Duard to investigate several opportunities.

The focus was on copper and cobalt production opportunities, including from historic slag and tailings heaps, and had been supported by a recent visit to Zambia by the company.

“Large numbers of Zambians depend on the income from the small scale artisanal mining of copper ore outcrops” the board explained.

“The ore is sold at a marked discount to contained metal value to a few processing plants.

“The Zambian government has voiced its desire to see an improved return to such miners but with limited success.”

Alexander said the biggest challenge was to overcome the cost of transporting small quantities of ore over long distances.

Both Duard and Alexander believed that there was an opportunity for the AmmLeach technology to address that problem, by establishing several small-scale plants serving such copper mining regions.

Outside of the Duard agreement, Alexander said it remained in discussions with existing major producers around the potential for the use of its patented technologies to enhance both current production and expansion opportunities they have within their existing resource and reserve asset base.

In Turkey, the company said it was continuing to investigate - supported by several recent visits - several specific opportunities in the country for its technology on suitable copper and zinc projects.

Finally, in Mongolia, Alexander said its agent, Dr Jadambaa Temuujin, had been “busy” generating contacts with “encouraging” interest being shown.