SCANDIUM INTERNATIONAL MINING REPORTS RESULTS FROM DRILLING PROGRAM AT NYNGAN SCANDIUM PROJECT
August 08 2023 - 7:30AM
Scandium International Mining Corp
.
(
TSX:SCY)
(“Scandium International” or the
“Company”) is pleased to announce the results of its
recently completed air core drilling campaign at its Nyngan
Scandium Project in New South Wales (NSW), Australia. The program
consisted of 11 drillholes designed to delineate the western and
northwestern edges of the already established mineral resource at
the project.
Peter Evensen, CEO of Scandium International
commented, “The 2023 drilling program is now complete. At the
Honeybugle Exploration license, we found a near surface scandium
enriched laterite formation at the Woodlong prospect which was the
subject of a previous news release; at Nyngan the drilling results
have better defined the western boundary of the existing resource
and reserve that are the foundation of the 2016 Feasibility Study
and are therefore adding to our knowledge of how to optimize
development of the project when it goes into production. I would
remind investors that the Nyngan Scandium Project has a mineral
reserve of 1.43 million tonnes at 409 ppm scandium entirely in the
limonite mineral lithology as part of a broader mineral resource of
16.9 million tonnes at 235 ppm scandium that also includes
additional limonite along with saprolite mineralization.”
Peter continued, “The Company’s core focus
remains unchanged from the strategic decision taken in the 2nd
quarter of 2022 to pivot back to the portfolio of scandium assets –
to maximize the value of this portfolio and be prepared for when
the scandium market has developed sufficiently to require this
material. We continue to engage with partners and customers to
secure arrangements that will allow the Nyngan Project to move into
production.”
Qualified Person Statement
Mr. John Thompson, BE, FAusIMM and Vice President – Project
Development, and a “Qualified Person” as defined in NI 43-101, has
verified the data, by checking assay data against assay lab
certificates, and has approved the technical information in this
news release.
This press release contains forward-looking
statements about the Company and its business. Forward looking
statements are statements that are not historical facts and include
but are not limited to statements regarding the Offering, the use
of proceeds, and closing of the final tranche of the Offering. The
forward-looking statements in this press release are subject to
various risks, uncertainties and other factors that could cause the
Company's actual results or achievements to differ materially from
those expressed in or implied by forward looking statements.
Forward-looking statements are based on the beliefs, opinions and
expectations of the Company's management at the time they are made,
and other than as required by applicable securities laws, the
Company does not assume any obligation to update its
forward-looking statements if those beliefs, opinions or
expectations, or other circumstances, should change.
- Nyngan Scandium Project
- Nyngan Scandium Project
- Nyngan Scandium Project
For inquiries to Scandium International Mining Corp, please contact:
Peter Evensen (CEO)
Tel: (775) 335-9500
Harry de Jonge (Comptroller)
Tel: (702) 703-0178
Email: ir@scandiummining.com
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