Connect with us

Hi, what are you looking for?

moneyandwelfare.commoneyandwelfare.com

Investing News

South Star Battery Metals Announces Santa Cruz Graphite Mine Phase 1 Construction and Licensing Update

Highlights:

Santa Cruz Phase 1 construction has zero lost time accidents through end of July.Santa Cruz Phase 1 construction is on budget and on schedule with commercial production planned for the EOY 2023.All main construction contracts have been executed.Overall construction advance at 68% complete.Manufacturing of equipment at 80% complete.Foundations & concrete work on schedule to be substantially completed in September.Initial comments from Brazil’s National Mining Agency for the definitive mining concessions for Santa Cruz’s Phases 1, 2 & 3 have been received & responses returned.The biannual environmental condition precedent report associated with Santa Cruz’s environmental license has been submitted.

South Star Battery Metals Corp. (‘South Star’ or the ‘Company’) (TSXV:STS)(OTCQB:STSBF), is pleased to announce a Phase 1 construction update through the end of July for the Company’s flagship Santa Cruz Graphite Mine in Bahia Brazil, as well as providing a permitting and licensing update for Phases 2 and 3 operations

Richard Pearce, CEO of South Star commented, ‘We are extremely pleased with the construction progress through the end July on the Santa Cruz Phase 1 plant and mine installations. The build continues on budget and on schedule, and we are very proud of our ongoing safety record. The team will continue to work hard and focus on our ongoing commitment to safe, responsible operations. Significant progress has been made on the concrete and foundation work, which should be substantially completed in next couple weeks. Equipment manufacturing is on schedule and should be largely wrapped up in next 6 weeks, with all major equipment delivered to the mine. The electrical and mechanical contractor is in the process of mobilizing. We are firmly on track to be commissioning Santa Cruz in November and starting commercial production by EOY 2023. Notably, the start of commercial production at Santa Cruz will be a significant milestone achievement marking the first new graphite producer in the Americas since 1996. Additionally, our BamaStar projected is expected to commence vertically integrated production in 2027.’

Santa Cruz Construction and Licensing Update

Construction through the end of July 2023 is on schedule and on budget for Phase 1 commercial production planned for the EOY 2023. South Star’s Q3 2023 primary work programs include:

Civil construction, foundations, and retention walls for the plant area;Structural, electrical and mechanical assemblies;Electrical substation and internal electrical distribution network;Laboratory, cafeteria, changing rooms, warehouse, shops and other appurtenant support structures; andDelivery of 100% of the major equipment.

Initial comments from Brazil’s National Mining Agency have been received and responded to for the majority of the final mining concessions incorporating a phased approach to Phases 1, 2 and 3 and up to 50,000 tonnes per year of concentrate production. The biannual condition precedents report associated with Santa Cruz’s environmental license has also been submitted to the environmental regulatory agency. The Company expects to receive the definitive mining licenses and environmental permits for Phases 1, 2 and 3 in early Q1 2024.

About South Star Battery Metals Corp

South Star Battery Metals Corp. is a Canadian battery metals project developer focused on the selective acquisition and development of near-term production projects in the Americas. South Star’s Santa Cruz Graphite Project, located in Southern Bahia, Brazil is the first of a series of industrial and battery metals projects that will be put into production. Brazil is the second-largest graphite-producing region in the world with more than 80 years of continuous mining. Santa Cruz has at-surface mineralization in friable materials, and successful large-scale pilot-plant testing (> 30 tonnes) has been completed. The results of the testing show that approximately 65% of Cg concentrate is +80 mesh with good recoveries and 95%-99% Cg. With excellent infrastructure and logistics, South Star is fully funded for Phase 1, and the 12-month construction and commissioning are underway. Santa Cruz will be the first new graphite production in the Americas since 1996 with Phase 1 commercial production projected in Q4 2023. Phase 2 production (25,000 tpa) is partially funded and planned for 2026, while Phase 3 (50,000 tpa) is scheduled for 2028.

South Star’s second project in the development pipeline is strategically located in Alabama in the center of a developing electric vehicle, aerospace, and defense hub in the southeastern United States. The BamaStar Project is a historic mine active during World Wars I & II. A NI43-101 technical report with the maiden resource estimate has been filed on SEDAR. Trenching, phase 1 drilling, sampling, analysis, and preliminary metallurgical testing have been completed. The testing indicates a traditional crush/grind/flotation concentration circuit that achieved grades of approximately 94-97% Cg with approximately 86% recoveries. South Star is executing on its plan to create a multi-asset, diversified battery metals company with near-term operations in strategic jurisdictions. South Star trades on the TSX Venture Exchange under the symbol STS, and on the OTCQB under the symbol STSBF.

South Star is committed to a corporate culture, project execution plan and safe operations that embrace the highest standards of ESG principles based on transparency, stakeholder engagement, ongoing education, and stewardship. To learn more, please visit the Company website at http://www.southstarbatterymetals.com.

This news release has been reviewed and approved by Richard Pearce, P.E., a ‘Qualified Person’ under National Instrument 43-101 and President and CEO of South Star Battery Metals Corp.

On behalf of the Board,

MR. RICHARD PEARCE
Chief Executive Officer

For additional information, please contact:

South Star Investor Relations
Email:invest@southstarbatterymetals.com
+1 (604) 706-0212
Twitter:https://twitter.com/southstarbm
Facebook: https://www.facebook.com/southstarbatterymetals
LinkedIn: https://www.linkedin.com/company/southstarbatterymetals/
YouTube:South Star Battery Metals – YouTube

CAUTIONARY STATEMENT

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Forward-Looking Information

This press release contains ‘forward-looking statements’ within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be ‘forward-looking statements’. Forward-looking statements in this press release include, but are not limited to, statements regarding, moving Santa Cruz into production and scaling operations as well as advancing the Alabama project; and the Company’s plans and expectations.

Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company’s prospects, properties and business detailed elsewhere in the Company’s disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company’s expectations or projections.

SOURCE: South Star Battery Metals Corp.

View source version on accesswire.com:
https://www.accesswire.com/773068/South-Star-Battery-Metals-Announces-Santa-Cruz-Graphite-Mine-Phase-1-Construction-and-Licensing-Update

News Provided by ACCESSWIRE via QuoteMedia

This post appeared first on investingnews.com

You May Also Like

Stock News

In this episode of StockCharts TV‘s The Final Bar, Tony Dwyer of Canaccord Genuity talks Fed policy, corporate bond spreads, and why the level of interest...

Stock News

SPX Monitoring Purposes: Long SPX 8/9/23 at 4467.71. Long SPX on 2/6/23 at 4110.98: Sold 6/16/23 at 4409.59 = gain of 7.26%. Gain since...

World News

An hour before the public release of an indictment that alleges the former president of the United States led a criminal conspiracy to overturn...

Investing News

Sage Potash CORP. (TSXV: SAGE) (OTCQB: SGPTF) (‘ Sage Potash ‘ or the ‘ Company ‘) is pleased to announce it has achieved an essential...