- EnviroLeach Technologies (TSXV:ETI) is creating a joint venture with enCore Energy (TSXV:EU) and Golden Predator Mining (TSXV:GPR)
- The joint venture will develop EnviroLeach’s patented gold recovery process
- The process involves pumping leaching chemical into underground gold deposits
- EnCore Energy will contribute C$750,000 to the venture and Golden Predator is contributing expertise
- EnviroLeach Technologies (ETI) was up 13.46 per cent, with shares trading for $1.18
Metal processes developer, EnviroLeach Technologies (TSXV:ETI), is forming a joint venture with two TSXV companies to advance its gold recovery process.
EnviroLeach will join with enCore Energy (TSXV:EU) and Golden Predator Mining (TSXV:GPR) to develop the process.
EnCore and EnivroLeach will each assume a 40 per cent share in the new joint venture. Golden predator will own the remaining 20 per cent interest.
In exchange for the patented process, EnviroLeach will receive C$750,000 from enCore. Golden Predator will contribute company management and experience operating a mineral recovery plant.
All three companies have signed a letter of intent regarding the joint venture. According to the agreement, EnviroLeach will maintain its intellectual property rights on the existing patent and related technology.
Furthermore, Enviroleach will also have preferred rights over all new technology developed by the joint venture moving forward.
EnviroLeach’s patented gold recovery process involves pumping leaching chemicals through underground gold deposits and then into processing plants. The leaching chemicals pick up the gold en route, which can then be processed at the on-site facility.
Duane Nelson, President and CEO of EnviroLeach, is pleased with the collaboration.
“I am very excited that we continue to advance the application of our formulas with the potential addition of the in-situ recovery of gold.
“It may unlock the value of deposits in environmentally sensitive areas and may offer a viable solution for thousands of smaller deposits that don’t justify current conventional mining techniques.”
EnviroLeach shares are up 13.46 per cent, with shares trading for $1.18 at 1:23pm EST.