Sixth Wave Innovations (SIXW.C) announced they have executed a non-binding LOI to test Sixth Wave’s patented IXOS purification and extraction polymer on gold bearing tailings samples from the Barry-Hollinger Gold Mine (BHGM) in Eastern Ontario.
Historical records from BHGM indicate a production of around 250,000 tonnes of mill feed from which ~80,000 ounces of gold have been recovered, and data suggests a recovered grade of about 11g/tonne. It is also estimated that there are still 200,000 tons of tailings on the property which could contain up to 16,000 ounces of gold.
Under the terms of the non-binding LOI, BHGM will send representative ore samples to SIXW, who will conduct testing and analyses, allowing them to test the efficacy of the Sixth Wave molecular imprinted polymer beads on the mining tails. Using the IXOS system, SIXW will perform a combination of leaching and recovery tests, which they expect to start next month, barring any interference from COVID-19 restrictions.
Sixth Wave’s press release suggested they believed the tailings test protocol could “form the foundation for a business model that seeks to identify and recover gold from tailings at other mine sites in the Ontario mining district and throughout the world.”
“Sixth Wave is very interested in this project as a testbed for recovery of gold from tailings at BHGM and the potential to exploit and remediate tailings projects throughout the world. Conducting initial testing will help to develop a well-focused test plan that will validate and extend current laboratory testing and help both companies make defensible, data driven decisions about next steps toward adoption,” noted Dr. Jon Gluckman, President and CEO of Sixth Wave Innovations Inc.
Tailings, for those who don’t know, are the materials left over from hard rock mining. Tailings – especially when they are stored in water in ‘tailing ponds’ – can be dangerous for the environment. Last Summer, the UN released new global standards for the mining industry related to the safety of tailings.
If Sixth Wave can provide cost-effective extraction from these tailings, they could turn these net costs into net profits.
SIXW is currently engaged in the “Green Alternatives for Gold Leaching and Recovery” initiative, which they announced back in July 2020. The initiative is being undertaken in partnership with Centre Technologique Des Residus Industriels (CTRI) and a major top 10 Canadian gold producer, with the purpose being to identify environmentally friendly alternative leaching technologies and test Sixth Wave’s IXOS technology for the extraction of gold from both cyanide and alternative lixiviants.
If this round of testing on the BHGM sample goes well, the companies will evaluate the economics of an implementation phase, which would involve incorporating the IXOS into a pilot plant that can provide operations data and specifications for full-scale implementation.
Following the news, there has not been any movement in Sixth Wave’s share price.
Full disclosure: Sixth Wave Innovations is an Equity Guru marketing client.