Avalon Publishes Tenth Annual Sustainability Report and Provides Update on Separation Rapids Lithium Project Activities
Toronto, November 30, 2021 - Avalon Advanced Materials Inc. (TSX: AVL) (OTCQB: AVLNF) ("Avalon" or "the Company") is pleased to announce that the Company has released its tenth annual comprehensive sustainability report, along with its 2021 annual filings including the audited financial statements.
The 2021 Sustainability Report focuses on health and safety, social, environmental and economic matters, including the Company's ambitions to start to produce critical minerals for clean technology in sutainable ways. The report was prepared in accordance with the Global Reporting Initiative Standards, core option. It includes a self-assessment of the Company's 2021 fiscal year sustainability performance and sets targets for 2022 against the Mining Association of Canada's Toward Sustainable Mining indicators. It is available at: https://www.avalonadvancedmaterials.com/sustainability/2021-sustainability-report/
Comments Avalon President and CEO, Don Bubar, "Avalon is very much on the forefront of sustainable best practices in mineral development, with a strong track record and a forward-thinking management team that makes sustainability a priority. The concept of extracting value from historic mine wastes while fully remediating the long term environmental liability, that we have been advocating for many years, is now recognized as an opportunity to establish the circular economy in the mining industry. Avalon's East Kemptville Tin-Indium Project is well-positioned to provided a first precedent for this model in Canada."
Sepration Rapids Lithium Project Update
Work continues on the Separation Rapids Lithium Project towards acquiring a demonstration scale dense media separation (DMS) plant to begin processing the 5,000t bulk sample collected earlier this year and begin producing petalite concentrate product samples for glass ceramic end-users that have expressed interest and for further battery materials testwork. The Company has also recently received several new expressions of interest in the lithium battery materials product from consumers also interested in partnering with Avalon on establishing the battery materials refinery in Thunder Bay. Once a firm commitment is received, the Company is optimistic that it can soon proceed with construction and take advantage of additional funding support available from several new government programs announced recently to support creating new battery manufacturing capacity and their related supply chains in Ontario.
The Company also recently received results from its recent mapping program on the northwestern part of the property to follow-up on the new Snowbank petalite pegmatite discovery made in 2018. The new results extend the known strike length of the Snowbank lithium pegmatite by 50% to 127 metres and confirmed the widespread presence of coarse grained petalite mineralization (as previously reported), which would make an ideal additional source of petalite for the glass-ceramic markets. The Company is now planning to proceed with a winter diamond drilling program to begin to delinate the size potential of the new Snowbank discovery. There are also several other lithium pegmatites in the same area that may merit initial drill-testing. Preparation of the necessary access trails is underway and work toward securing the necessary drilling permits is progressing.
The Company has also completed the filings of its 2021 Consolidated Financial Statements, Management's Discussion and Analysis and Annual Information Form with Canadian security regulators, for the Company's fiscal year ended August 31, 2021. Copies of these filings are available through SEDAR at http://www.sedar.com or on the Company's website at http://www.avalonadvancedmaterials.com/investors/regulatory_filings.
The technical information included in this news release on the Separation Rapids Lithium Project has been reviewed and approved by the Company's Vice President, Exploration, Dr. William Mercer, P. Geo (Ont), a Qualified Person under NI 43-101.
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 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 continuing to advance other projects, including its 100%-owned Lilypad Cesium-Tantalum Project re-activated in 2020. Social responsibility and environmental stewardship are corporate cornerstones.
For questions and feedback, please e-mail the Company at ir@AvalonAM.com.
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements related to the Company's East Kemptville Tin-Indium Project being well-positioned to provided a first precedent in Canada for the model of extracting value from historic mine wastes while fully remediating the long term environmental liability, the 2022 sustainability targets, that the Company is optimistic that it can soon proceed with construction and take advantage of additional funding support, that the widespread presence of coarse grained petalite mineralization would make an ideal additional source of petalite for the glass-ceramic markets, that the Company is now planning to proceed with a winter diamond drilling program and that there are also several other lithium pegmatites in the same area that may merit initial drill-testing. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "potential", "scheduled", "anticipates", "continues", "expects" or "does not expect", "is expected", "scheduled", "targeted", "planned", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be" or "will not be" taken, reached or result, "will occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Avalon to be materially different from those expressed or implied by such forward-looking statements. Forward-looking statements are based on assumptions management believes to be reasonable at the time such statements are made. Although Avalon has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking statements include, but are not limited to market conditions, and the possibility of cost overruns or unanticipated costs and expenses as well as those risk factors set out in the Company's current Annual Information Form, Management's Discussion and Analysis and other disclosure documents available under the Company's profile at www.SEDAR.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Such forward-looking statements have been provided for the purpose of assisting investors in understanding the Company's plans and objectives and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking statements. Avalon does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws.
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