Avalon Advanced Materials Inc. (TSX: AVL) (OTCQB: AVLND) is pleased to announce it has entered into a Letter of Intent with Fort William First Nation to collaborate on the development of a lithium battery materials refinery located on industrial lands owned by FWFN in Thunder Bay, Ontario. This facility would be designed to accept lithium mineral concentrates from Avalon’s Separation Rapids Lithium Project (70 km north of Kenora) and Rock Tech’s Georgia Lake Lithium Project (145 km northeast of Thunder Bay), as well as potentially other emerging, new lithium mining operations in northern Ontario, to produce lithium hydroxide and other lithium battery materials.
Avalon and FWFN have determined the next steps would be as follows:
Avalon’s President and CEO, Don Bubar commented, “We are delighted to have the opportunity to create a new precedent for collaboration with Indigenous Business toward establishing a lithium battery materials supply chain in Northern Ontario. I share FWFN Chief Peter Collins’ vision for how this operation can inspire other Indigenous Businesses to become future suppliers of lithium mineral concentrates for the refinery and how FWFN can become the Hub of the North for all First Nation communities in Northwestern Ontario.”
Separation Rapids Project Update
The bulk sampling program on Avalon’s 100% owned Separation Rapids lithium deposit announced on February 1, 2021 is progressing well with roughly 80% of the total 5,000 tonne sample having been trucked to Kenora for temporary storage before crushing and shipping for processing. The balance of the 5,000 tonnes is expcted to be trucked to Kenora over the next week, depending on weather conditions. The bulk sample will be used to finalize the process flow sheets for both the lithium hydroxide product and for making petalite product samples for glass-ceramic industry customers that have expressed interest. Near term plans also include resuming exploration work on the western part of the property for other lithium pegmatites including drilling the new Snowbank petalite pegmatite discovered in 2018, that is highly enriched in petalite assaying up to 2.51% Li2O in a 1.1m channel sample.
Corporate Update: Filing of SEC Form 15F
In its continuing efforts to reduce financial reporting complexity and administrative costs, Avalon will voluntarily file a Form 15F with the United States Securities and Exchange Commission today for the purpose of deregistering and terminating its reporting obligations under Section 13(a) and Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), with respect to its common shares.
The filing of Form 15F will immediately suspend the Company’s reporting obligations under the Exchange Act, and the deregistration will become effective 90 days from today. The Company’s shares will continue to trade on the TSX and the OTCQB. The Company will continue to comply with its Canadian continuous disclosure obligations by continuing to make filings with the applicable Canadian securities regulators, and which will continue to be available on SEDAR at www.sedar.com.
The technical information included in this news release has been reviewed and approved by Donald Bubar, P. Geo, a Qualified Person under NI 43-101. For questions and feedback, please e-mail Avalon President and CEO, Donald Bubar, at ir@AvalonAM.com.
About Avalon Advanced Materials Inc.
Avalon Advanced Materials Inc. is a Canadian mineral development company specializing in sustainably-produced materials for clean technology. The Company now has four advanced stage projects, providing investors with exposure to lithium, tin and indium, as well as rare earth elements, tantalum, cesium and zirconium. Avalon is currently focusing on developing its Separation Rapids Lithium Project near Kenora, Ontario while looking at several new project opportunities, including re-activating its 100%-owned Lilypad Cesium-Tantalum-Lithium Project in northwestern Ontario. Social responsibility and environmental stewardship are corporate cornerstones.
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