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Innovation Mining Provides Update on the CDL Accelerator Program
North Vancouver, BC - November 15, 2024 – Innovation Mining (Innovation) is thrilled to announce its advancement to the next stage in the Creative Destruction Labs (CDL) program at UBC’s Sauder School of Business. This achievement marks a significant milestone for Innovation, presenting a unique opportunity to collaborate with top industry leaders, institutions, venture capitalists, and innovators in the mining sector. As part of a distinguished cohort focused on advancing mining technologies, we are excited to have CDL help forge the commercialization of our RSOLV chemical formula. In this next phase, Innovation will benefit from the guidance of two esteemed mentors: Peter Kondos of Barrick Gold, and Kulvir Singh Gill of Canadian Nickel. These experienced professionals will provide invaluable mentorship, support, and industry contacts to propel Innovation’s development. CDL is a globally recognized startup program for seed-stage, science-based companies. Founded by the Rotman School of Management at the University of Toronto, CDL now operates across 12 universities worldwide, including five in Canada. The program has generated over $32 billion in equity value for its participants across twenty streams, including AI, climate, fintech, energy, biotech, health, minerals, quantum, and space. CDL focuses on startups leveraging technological innovations that promise significant advancements in economic productivity and human welfare. Innovation was chosen for its potential to bring substantial improvements to the gold mining sector. Duane Nelson, CEO of Innovation, stated: “Innovation has already greatly benefited from the contacts, collaborations, and specialized mentoring provided through CDL-Vancouver’s program. We are honored to be part of such a vital initiative for the mining sector.” Innovation extends its gratitude to CDL-Vancouver, its partners, and the mentors involved in the program. Special thanks to Peter Kondos and Kulvir Singh Gill for their continued support and guidance. About the Mentors: Peter Kondos – With a career dedicated to transforming organizations through innovation, Peter Kondos has delivered effective technology solutions within Barrick Gold, Inco (Vale), and Noranda (Glencore). He is the co-founder of YaKum Innovative Mining Consultants, a founding board member of Ilios Hydrogen Canada, and a board member of Cyclic Materials. Peter is also an adjunct professor at the University of Toronto and a recipient of the Sherritt Hydrometallurgy Award and two Innovation Awards. He formerly chaired the Canada Mining Innovation Council (CMIC). Kulvir Singh Gill – Kulvir Singh Gill is an experienced management consultant and board member with a track record of helping organizations develop growth strategies and nurture innovative leaders. He has worked with Clareo and Strategy Lab, designing innovation strategies and leadership programs for Fortune 500 clients. Kulvir has held several positions at Barrick Gold, involving supply chain management, strategic planning, and sustainability. He was the founding executive director of the Development Partner Institute (DPI) and served as the innovation ecosystem manager for the Canadian Mining Innovation Council (CMIC). About CDL – Vancouver CDL is an objective-based mentorship program that supports participating ventures in accelerating their trajectory as they work to scale ambitious tech-based businesses. Over a period of nine months, participating select ventures have the opportunity to interface with, and learn from, individual and corporate partners, UBC students and pedigreed guests who bring a wide range of domain expertise and ecosystem connections. About Innovation Mining: Innovation Mining is a clean-tech, small-scale mining technology innovator, developing a patent-pending, environmentally friendly, non-cyanide chemical formula for extracting precious metals. Currently, over 90% of gold (valued at approximately $210 billion annually) is produced using cyanide. Innovation’s unique water-based formula is powerful, safe, reusable, and offers a cost-effective and sustainable alternative to cyanide for processing ores, concentrates, and tailings. Led by a seasoned team of executives, engineers, and scientists, Innovation is committed to environmentally friendly mineral extraction. Contact Information: Duane Nelson Innovation Mining Inc. duane@innovationmining.com
Latest Leach Tests of RSOLV deliver Comparable Recoveries and Economics to Cyanide.
Innovation Mining is excited to announce the successful results of recent 1kg column tests comparing their innovative NsOL formula to conventional Cyanide (NaCN) solution. The tests confirmed that the RSOLV formula continues to show significant improvements, now performing almost identically to a 1,000 PPM cyanide solution in both short-term 7-day leach kinetics and 30-day cumulative gold recoveries. With a calculated head grade of 1.75 gpt gold, the tests revealed comparable leach kinetics and overall gold recoveries: NaCN achieved 78.3% recoveries, while RSOLV achieved 78.8%. Short-term results showed that 99% of the gold was recovered into solution within the first 7 days, with NaCN recovering 1.31 gpt Au (74.9%) and NsOL recovering 1.24 gpt Au (70.9%). The overall chemical consumption of the NsOL solution was slightly higher than usual, estimated at 40% or $3.27 per tonne of ore, due to a lower operational pulp density (50%) and increased pH adjustment costs. NaCN consumption was calculated at 56% or $2.91 per tonne of ore, excluding cyanide destruction or handling costs. The reported comparable leach kinetics, recoveries, and costs clearly demonstrate the potential for NsOL to become a cost-effective alternative to toxic cyanide in the mining industry.
Innovation Mining Selected by Distinguished Global Accelerator Program – CDL
Innovation Mining is delighted to announce its selection as a candidate by Creative Destruction Labs (CDL) at UBC’s Sauder School of Business. CDL is a renowned global startup program for seed-stage, science-based companies. Founded by the Rotman School of Management at the University of Toronto, CDL now operates in 12 universities worldwide, including five in Canada, and is recognized as a global leader in research and teaching excellence. The program has generated over $32 billion in equity value for its participants across twenty streams, including AI, climate, fintech, energy, biotech, health, minerals, quantum, and space. CDL employs an objectives-based mentoring process, involving a select group of accomplished entrepreneurs, angel investors, economists, and scientists. Companies are admitted through a competitive application process and, if accepted, engage in a nine-month program designed to develop massively scalable technology startups. Founded in 2012 by Rotman School of Management professor Ajay Agrawal, CDL has grown significantly. It now features 23 focus areas, or CDL Streams, ranging from AI to Cancer, and from Climate to Space. Mentors are the backbone of the Creative Destruction Lab program because they provide expert guidance for early-stage technology companies to grow and improve their probability of success. CDL brings together over 1,000 experienced accomplished entrepreneurs, world-class scientists, and active investors (VCs and angels) with early-stage technology startups to help guide companies. Duane Nelson, CEO of Innovation Mining, expressed his gratitude by stating, “We are honored to be invited to be a part of this prestigious and unique program. CDL and its mentors will help us gain a razor-sharp focus on our goals and objectives, and help us to secure the necessary academic, industry, scientific, and financial partners to advance our valuable technology to commercial production.”
New Water-Based Formula Surpasses Expectations
Recent advancements in the RSOLV chemical formulations by staff scientists have led to the creation of a highly effective and low-cost alternative to cyanide. By optimizing the initial base chemicals, quantities, and ratios, researchers have now developed a high-yield, low-cost formula which competes favorably with the performance and chemical consumption costs of cyanide. Notably, NsOL has the potential for even greater cost reductions due to its high reusability quotient. The novel integration of electrochemical cells to regenerate the barrensolution further enhances cost efficiency and provides a low-cost, sustainable, closed-circuit system that extends the formula’s reusability without the need for additional on-site chemicals. These new advancements highlight Innovation’s commitment to developing eco-friendly and cost-effective solutions. By leveraging cutting-edge technologies and innovative chemical formulations, the company is poised to offer a viable and sustainable alternative to cyanide.
NsOL Formula Passes Independent Validation
RSOLV Formula Passes Independent Validation. The Company’s patent-pending chemical reagent has successfully completed stage one of intensive lab-scale comparative testing and independent 3rd party formula validation by Sepro Laboratories in Vancouver. The short-term, intensive metallurgical column test compared the heap leaching potential of the Company’s NsOL formula to conventional cyanide solutions. The test results clearly established that RSOLV solution can achieve leach kinetics comparable to cyanide solutions, with gold recoveries within 5% of those achieved with cyanide. Sepro Laboratories also confirmed that NsOL contains no cyanide or cyanide derivatives, highlighting its eco-friendly nature. This test validates NsOL’s potential to offer a more sustainable alternative to cyanide.
Expanding Production at the Tallapoosa Gold Mine
Productivity at the Tallapoosa Gold Mine (RV Mine) in Haralson County, Georgia, is set to increase thanks to recent upgrades and enhancements, including new mining equipment and process circuit updates. The new equipment includes a 35-tonne articulated mine truck, screen plant, dozer, and larger excavator, which will boost daily mining rates. Additional equipment such as crushers, conveyors, screens, loaders, and leach process system upgrades, are expected to be implemented in Q4, aiming to achieve a daily production goal of 500 tonnes. Site and infrastructure improvements, including better drainage systems, settling ponds, pumping stations, buildings, lighting, and road enhancements, will help minimize downtime during inclement weather. Currently, the mine has approximately 15,000 tonnes of mined and stockpiled mineralized material ready for screening, crushing, and processing.
Enhanced RSOLV Formula Reduces Application Costs
Innovation Mining is excited to share a breakthrough in our formula that has led to a significant reduction in application costs. By modifying and enhancing the chemical formula, we have successfully lowered the cost per liter of the RSOLV solution to under $1.50 per tonne of ore for both whole-ore vat leaching and heap leaching applications. This new, lower cost is now on par with the industry’s standard 1,000 PPM cyanidation application costs. This advancement positions the Innovation Process as potentially the first and only cost-effective alternative to cyanide.
Innovation Partners with DeBeers/Element 6
Innovation has partnered exclusively with Element 6, a DeBeers company, to integrate their unique diamond-based E6 - DIAMOX Electrochemical Cells into our process. This integration allows for non-chemical oxidation and regeneration of the barren solution, significantly reducing operational costs and lowering our environmental footprint. This collaboration enables a low-cost, sustainable, closed-circuit system that extends the formula’s reusability without the need for additional on-site chemicals. Following gold recovery, the resulting barren solution is regenerated for reuse by pumping it through Element 6’s unique electrochemical cells. These specialized electrochemical cells, manufactured by Element 6, a division of DeBeers, are now exclusively available to Innovation Mining in North America. This exclusive partnership ensures that Innovation Mining can leverage this cutting-edge technology to enhance the efficiency and sustainability of its operations. The unique fusion of the Electrochemical Cells with our formula represents a significant advancement in mining technology. By eliminating the need for chemical-based oxidants for the regeneration of the barren solution, this technology reduces the environmental impact of mining operations and lowers operational costs. The closed-circuit Innovation system ensures that the chemical formula can be reused multiple times, further enhancing the sustainability of the process. Innovation Mining’s commitment to integrating eco-friendly technologies underscores its dedication to sustainable mining practices. This partnership with Element 6 positions the company at the forefront of innovation in the mining industry, paving the way for more eco-friendly and cost-effective gold recovery methods.
Improvements in Leach Kinetics and Gold Recoveries
The effectiveness of Innovation’s novel reSOLV water-based leach formula has continued to improve with the latest enhancements and modifications. In a recent 11-day, 1 kg comparative column test, the NsOL formula delivered impressive results compared to conventional 1,000 PPM cyanide solutions. Two NsOL test subjects achieved total calculated gold recovery values of 1.59 gpt Au and 1.85 gpt Au, while the cyanide-based subject returned a total calculated gold recovery of 1.36 gpt Au. These latest results show a significant improvement over previous column tests done on the same mineralized samples and demonstrated significantly higher recoveries than that of conventional cyanide solutions.
Updates on Financing and the Upcoming Q4 IPO
The Innovation Mining team continues to advance towards its goal of going public through an Initial Public Offering (IPO) on a major North American Exchange. Management believes our market timing is good, and our valuation is favorable and attractive. We offer a potentially disruptive ESG-oriented technology that may change the way the world mines gold. We have a proven team, solid business model, an operating gold mine, and cash flow. The Company is targeting a $5 to $10M IPO in Q4 and are actively engaging with our shareholders, banking and brokerage firms, and syndicate partners, to ensure a successful IPO. Representatives from the TMX Group, the owners of the Toronto Stock Exchange and TSX Venture exchanges, visited the company’s offices and lab facilities in early September and expressed favorable support for the pending IPO. The Company has raised $3M to date and has approximately 40,680,000 shares outstanding.
Full-Scale 100 Tonne Leach Test Planned for Q4
Innovation Mining is pleased to announce that it has contracted SGS to perform a 200kg bulk-scale column test at its Burnaby based laboratories which will be followed by a 100-tonne full-scale test at the RV Mine in Georgia. SGS is the world’s leading testing, inspection and certification company. The object of this testing is to further validate the efficacy and scalability of the solution and the potential for NsOL’s application in heap and vat leach applications. For all tests, the Company’s NsOL water-based formula will be compared to a conventional 1 g/l (1,000PPM) cyanide-based solution. Daily solution samples will be taken from each vat to track performance, including leach kinetics, and daily gold recoveries and efficiencies of each solution. Following the completion of the tests, both final solution and tailings assays will be performed, and a resulting technical report will be prepared. The report will detail comprehensive data including test parameters, leach kinetics & recoveries, solution/formula conditions and estimated chemical consumption costs.
Innovation Mining Embraces AI (Artificial Intelligence)
The Company is planning to incorporate AI in numerous facets of its business. These involve operational aspects such as AI based exploration and targeting, predictive maintenance, process optimization, environmental monitoring, safety enhancements, supply chain management, energy management, quality control, and finally AI enhanced marketing and social media programs used to drive business opportunities and investor awareness. The exciting new addition of Ada, our new AI-based Investor Relations Avatar, that hosts our AI-based multilingual video presentations, is one example of the creative application of AI to our business. For more information, please visit us at innovationmining.com
Innovation Mining files two provisional patents
I am pleased to report that Innovation Mining has filed 2 provisional patents for its unique non-cyanide-based formulas. The resulting Patent Pending status will provide protection and increase confidence in our novel hydrometallurgical formulas. As we commercialize our innovative precious metal recovery process, it's essential that we safeguard our intellectual property to protect our stakeholders and shareholders. We are also pleased to report positive preliminary results of a bulk scale leach test of our patent pending solution on 550 lbs. (250 kg) of uncrushed "whole-ore" material from our Royal Vindicator Mine. The solution successfully extracted 0.88 PPM of gold into solution in the first 19 days. This confirms the scalability and stability of the formula, and its ability to deliver positive gold recoveries and leach kinetics on larger run-of-mine (ROM) material. The total cost of chemicals/ingredients added to the test vat, when recalculated on a per tonne of treated ore basis, is estimated at $4.26. This one-time cost estimate is comparable to the cost per tonne of ore treated using conventional cyanide. This cost estimate also only assumes a one-time use and does not account for any residual chemistry left in solution. The gold bearing solution tested positive for residual chemistry and its ability to leach additional material. Currently several bulk pilot-scale tests are underway and a series of full-scale 100 tonne vat/heap leach tests will be performed on-site at the Company's flagship operational gold mine in Georgia in June/July 2024 The Company is fully funded and well positioned in this sector with a producing gold mine, a proven and experienced executive team, and offers the tremendous valuation upside of a promising new, low-cost alternative to cyanide. Should you have any questions or comments, or would like more information on becoming a shareholder, please don't hesitate to contact us, or visit our website for more details.
Innovation Mining Signs Definitive Agreement to purchase the Royal Vindicator Gold Mine
Innovation Mining is pleased to announce it has entered into a definitive agreement to purchase the Riyal Vindicator Gold Mine located 65 miles west of Atlanta Georgia. The Company has entered into an agreement permitted and fully operational Royal Vindicator Gold Mine located approximately 60 miles east of Atlanta, Georgia, USA. The purchase price is $6,500,000 USD payable by way of cash, shares, and debt. The mine has a rich history. It was discovered in 1829 and operated as one of the first gold mines in the United States. The 602 acre mine is a near-surface, low-tonnage, bulk mining epithermal structure. The current deposit, based on a prefeasibility Study by ACA Howe in 1989, has approximately 550,00 tonnes of mineralized material at an average grade of 3.6 gpt using a conservative 1 gpt cut off. The property also has approximately 75,000 tonnes of tailings with average grade of 1.5 gpt gold. The are numerous additional outcrops and past workings throughout the 605-acre property. continued intermittently until about 1919. Since that time the mine has been explored and inspected by US Steel, US Borax, Jascan/Atlantic Goldfields, and was finally purchased by Chester Millar in 2019. The property has been the subject of numerous geotechnical, aeromagnetic, and geological/technical studies. The property has extensive data available from old underground working samples and extensive drilling programs. The mine is in preliminary small-scale production using conventional open-pit mining methods and 4 small vat (on-off) leach pads. An NI 43-101 technical report has been commissioned to Dahrouge Geological Consulting Services and is expected in Q4 2023. A preliminary mine plan has been proposed which reflects an estimated production rate of 500 TPD with an average diluted head grade of 2.5 GPT gold. The mine plan will be developed subject to several future
Innovation Mining Oversubscribes $1.0M Seed Financing
Innovation Mining is pleased to announce the completion of its previously announced non-brokered private placement having received subscriptions for 4,600,00 Shares at a price of $0.25 per Share, for total gross proceeds of $1,150,000. The securities issued in connection with this private placement will be subject to a 4 month hold period under Canadian securities legislation The Corporation intends to use the proceeds from the private placement for general working capital, Royal Vindicator Mine upgrades and to continue the development of its novel chemical formulas. The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities.
Innovation Mining Corporate Update
I am thrilled to share our latest developments and introduce "Ada", our dynamic new AI-based Corporate Avatar and video host. Ada brings a fresh perspective to our presentations, making complex information engaging and accessible. Please have a look. Let’s dive into the highlights Formula Research & Development: Our patent pending formula continues to improve with dramatic enhancements in metal recoveries, cost reductions, and leach kinetics. Our innovative solution not only addresses environmental concerns, but also unlocks the value of complex and small-scale projects by offering a safer and more sustainable extraction method, it demonstrates a commitment to responsible mining practices and positions us as leaders in the field. Royal Vindicator Gold Mine Upgrades Additional equipment including trucks, excavators, jaw crusher, stacking conveyors, and screen plant are being deployed to boost mine production. Improvements in agglomeration and leach reagent systems, will improve vat percolation, increase gold recoveries, and reduce leach cycle times. Gold Mining Industry Update Gold has performed remarkably well in 2024, rising by 12% year to date and outperforming other major asset classes. The World Gold Council believe the future price rising catalyst could come from falling rates in developed markets, that attract Western investment flows, as well as continued support from global investors looking to hedge bubbling risks amid a complacent equity market and persistent geopolitical tensions. The sector continues to grow steadily, producing over 3,600 tons of gold in 2023 with an astounding 90% of gold recovered using toxic cyanide. This due in part to diminishing global gold grades which are driving the industry’s reliance on low-cost solutions including cyanidation. Environmental responsibility initiatives and recent related environmental incidents underscores the urgent need for a sustainable alternative. Increasing consideration of ESG criteria in assessing corporate performance and allocating investment capital is a transformational trend that cannot be ignored. Thank you for your continued support. Together, we’re shaping the future of mining...Remember to check out our new AI-based Corporate Video Update.
DynaVat Announces Positive Preliminary Gold Recovery Test Results.
Vancouver, BC, January 19, 2023 - DynaVat Gold Mining Technologies (“Dynavat”) is pleased to announce the results of DynaVat’s first set of preliminary gold recovery amenability test results on samples from each of their initial five targeted near-surface gold projects with average recoveries of over 95% achieved within 24-hours. The tests were performed for DynaVat by EnviroMetal Technologies Inc. (“EnviroMetal”) in the EnviroMetal laboratory in Burnaby, BC. The 5 project samples were from a variety of oxide and sulfide-based mineralized materials that DynaVat is investigating for potential near-term, small-scale gold production. Significant Highlights Average gold recoveries of 95.34% with the highest recovery was Project 1 which achieved 98.8% gold recoveries; The samples were from a broad spectrum of both oxide and sulfide specimens and all tested positive for leach amenability in the EnviroMetal solution; All five samples achieved the outlined gold recoveries within 24 hours or less; Leach residue (tails) were fire assay finished to confirm results; Solution chemistry maintained positive operating parameters for the full duration of the tests indicative of low consumption. All project materials responded well to leach tests using the non-cyanide based EnviroMetal gold extraction process with average 24-hour recoveries of 95.34%. Each sample was prepared by splitting out a sub-sample which was crushed to a nominal size of 10 mesh. A 300-gram sub-sample of the crushed material was ground for leach test work. A head sample was assayed using aqua regia digestion (AR Head) with an ICP finish. A sub-sample of the tails was submitted to an external lab, ALS Laboratories, for gold analysis by fire assay. A bottle roll leach test using the EnviroMetal non-cyanide-based lixiviant was carried out on each ground sample. A summary of the results is presented in the following table and detailed mass balances is outlined below. The results show excellent recoveries and amenability to the leach process, but this analysis is only the first step in determining the economic potential of the target properties. Further tests will be initiated on each project which will determine optimal crush/grind size, whole-ore leach kinetics, 30-day leach recoveries into solution, recoveries of gold from solution using ION exchange, and chemical consumption costs. Final bulk sample tests and on-site resource validation will be performed prior to any major investment into the projects are considered. This is part of DynaVat’s low-risk low-cost project evaluation and development program. The Company plans to qualify, analyze, and evaluate several near-term potential properties. DynaVat will be using clean-tech, gold extraction processes which combine the efficiency of bulk-scale mining with safe and eco-friendly solutions. This unique fusion of technologies unlocks the value and accelerates the production profile of these small-scale, dormant gold assets. The Company has already identified hundreds of qualified deposits throughout the US and Canada. The objective of management is to build the company into a near-term multi-asset, low-cost gold producer. The results reported herein are from test work conducted at EnviroMetal Technologies laboratory using EnviroMetal’s patented and proprietary gold extraction technology, which is one of the gold recovery methods being evaluated by DynaVat as a component of its project selection process. EnviroMetal is an arms-length third-party service provider to DynaVat. In the future, DynaVat may enter into agreements with EnviroMetal to license its gold recovery technology on a project-by-project basis.