The rise in share price follows on from the news earlier last week that the company had completed the key process engineering design under the Feasibility Study for its Kvanefjeld multi-element project in Greenland.
Metallurgical flowsheets for both the mineral concentrator and the refinery have now been finalised and the company will now focus on reducing the risk of the refinery flowsheet with continuous pilot plant testwork.
This follows the completion of large‐scale, continuous testwork programs to extract rare earth elements and uranium from mineral concentrates, and produce marketable products.
Previous work had demonstrated that the non-refractory nature of the Kvanefjeld ore minerals allows for the use of simple, atmospheric acid leach circuits without requiring complex high-temperature acid back or caustic cracking processes that are required in many rare earth operations.
This has produced a mixed rare earth carbonate intermediate product that contains 94% rare earth oxide with 14.75% of this being the more valuable heavy rare earths.
The Kvanefjeld Project
Greenland Minerals has claim to the world's largest rare earth resources, and one of world's larger uranium resources at the Kvanefjeld Project, which has an overall resource inventory of 956 million tonnes containing 575 million pounds of U3O8, 10.33 million tonnes of total rare earth oxides and 2.25 million tonnes of zinc.
This has the potential to rival BHP Billiton's Olympic Dam project in South Australia, with sufficient Resources to sustain a mine life of more than 50 years.
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