Dated: December 2019
Micon has worked with Torngat Metals Ltd (Torngat) since 2018 and on their Strange Lake Rare Earths Project in Quebec, Canada since 2010.
In 2018 Micon was retained to work in close coordination with Torngat personnel to produce a new block model for the Strange Lake Project and, in December 2019, Micon completed its NI 43-101 Preliminary Economic Assessment (PEA) for Torngat.
The Strange Lake Project is located in the Nunavik region of Québec and is known as one of the world’s largest proven rare earth deposits that contains both light and heavy types of rare earths.
In its press release dated December 16, 2019, Torngat stated that:
“The completion of our PEA marks a turning point in the advancement of the Strange Lake project.” Dr. Dirk Naumann, Torngat’s CEO said. “Micon used a significantly more detailed geological model developed over four years. Selective mining and ore sorting have also been integrated into the plan, which in addition to improving processing parameters, advances our goal of minimizing the environmental footprint of our operations. We continue to work closely with all the Indigenous communities and companies where we will operate, and we will share our progress and work to expand economic and social opportunities.” (https://torngatmetals.com/company)
The global demand for rare earths is expected to grow significantly over the coming decades. Micon and M.Plan International Limited, its Joint Venture company with Anzaplan of Germany, is focused on providing an integrated suite of consultancy services to the specialty minerals and metals sector. M.Plan’s service package is market intelligence of specialty commodities and the Company’s ability to apply detailed knowledge of specialty product specifications at all stages of project development. M.Plan brings its detailed knowledge of end-user requirements to assess the quality and potential applications of a range of specialty products and provides a variety of technical studies to companies like Torngat to help bring these specialized elements to market.
Torngat went on to explain in its press release that:
“Rare earths are essential for lowering carbon emissions to meet global climate change commitments. Carbon emission reduction requires the electrification of the transportation sector and greater adoption of renewable energy. Dysprosium is a critical rare earth for high quality permanent magnets used in energy efficient motors and generators, notably for the drivetrain of electric vehicles and in wind turbines. There will be a growing market need for dysprosium as electric vehicle demand accelerates.” (https://torngatmetals.com/company)
Torngat has been participating in discussions with the Québec and Canadian government, as well as US government officials, regarding their critical materials strategies. The Micon PEA demonstrated that the Strange Lake Project can provide a long-term supply of rare earths with high environmental, health and safety standards.
Torngat is planning to proceed with a pre-feasibility level study (PFS), including a full-scale pilot work, which may identify opportunities to optimize processing parameters and could result in improvements to the current economic model.
Micon and M.Plan continue to assist and advise Torngat on an as needed basis.