Fluorspar is Currently Witnessing High Demand as Increasing Number of Fluorite Uses Grows

Palm Beach, FL – January 27, 2021 – Fluorite has a wide variety of uses. The primary uses are in the metallurgical, ceramics, and chemical industries. In the U.S., most acid-grade fluorspar is used in the production of hydrofluoric acid, which is primarily used in manufacturing various fluorocarbon chemicals that are used as refrigerants, foam-blowing agents and solvents, and in the production of high-performance plastics. Hydrofluoric acid also is used in manufacturing computer chips and high-octane gasoline, stainless steel pickling and uranium fuel processing. Acid- or ceramic-grade fluorspar also may be used to manufacture enamels, glass and fiberglass, and welding rod coatings. Metallurgical-grade fluorspar is consumed mainly in steelmaking, but is also used in making portland cement and casting iron and steel. It is high in demand across various industrial areas such as building & construction, metallurgy, chemicals, and glass industries. A report from Industry Research says that the global Fluorspar market size is projected to reach US$ 3160.7 million by 2026, from US$ 2616.4 million in 2020, at a CAGR of 3.2% during 2021-2026..  Active stocks in the mining markets this week include Ares Strategic Mining Inc. (OTCQB: ARSMF) (TSX-V: ARS), Cleveland-Cliffs Inc. (NYSE: CLF), SilverCrest Metals Inc. (NYSE: SILV) (TSX: SIL), Sandstorm Gold Ltd. (NYSE: SAND) (TSX: SSL), Commerce Resources Corp. (OTC: CMRZF) (TSXV: CCE).


Future Market Insights said that increasing applications in the glass and steel industries will boost sales potential of fluorite. The global fluorite market is predominantly driven by the growing demand for fluorite, being a precursor to almost all fluorite compounds, as an important raw material in the production of hydrofluoric acid. As hydrofluoric acid is one the most commonly used commercial chemicals, the demand for fluorite is expected to remain significantly high. Apart from this, leading players in the global fluorite market are also capitalizing on the increasing applications of the mineral across a wide range of industries.  Fluorite is witnessing high demand in the manufacture of glass and ceramics, as it facilitates in surface treatments to produce opalescent and glossy surfaces. With a mounting number of manufacturers using fluorite to make attractive and durable consumer products that are made with glass, the consumption of fluorite is expected to increase in the coming years. Furthermore, metallurgical-grade fluorite is also witnessing high demand in the manufacturing of steel, iron, aluminum, and other metals. Thereby, leading players in the global fluorite market are expected to expand their customer base into metal producers to boost the sales of metallurgical-grade fluorite.


Ares Strategic Mining Inc. (OTCQB: ARSMF) (TSX-V: ARS) BREAKING NEWS:  Ares Strategic Mining Receives Final Assay Results from its Drill Programs to Delineate Fluorspar Mining Targets – Ares Strategic Mining (“Ares” or the “Company”) is pleased to announce it has received the remaining assay results from its delineation drilling program at its Utah fluorspar mine. Ares has successfully located and confirmed additional fluorspar mineralization within its permitted mining area, which will be included in its primary mining operation for 2021.


A total of 10 reverse circulation drill holes, drilling approximately 875 meters, were collared between the two known fluorspar deposits on the Company’s permitted mining area. Fluorspar mineralization was consistent throughout the entire area, connecting the large fluorspar deposits examined during two previous drill programs in 2020. Drilling was directed under the shallower part of the Purple Pit, where large areas of unmined fluorspar mineralization were intersected, proving an additional 60 m of high-grade fluorspar (see Figures 2, 3 and 4). These fluorspar pipes remain open at depth.


James Walker, President and CEO stated: “We are pleased to have received these long-awaited assay results and are excited to complete our mine planning and advance the operation. We knew from visual confirmation that the quality of fluorspar from the drill program was high, and its great to have the laboratory confirm these estimations. The assay results can now be fitted to a block model, and the optimum mining methods can be finalized. Ares continues to demonstrate some of the highest naturally occurring grades of fluorspar in the world, while concurrently demonstrating negligible detrimental impurities. Combined with Ares’ recent metallurgical advancements, the prospects of the expanded mining operation continue to improve.”  Read this full release for the Ares Strategic Mining news at:  https://www.financialnewsmedia.com/news-ars/


Other recent developments in the mining industry include:


SilverCrest Metals Inc. (NYSE American: SILV) (TSX: SIL) recently announced the remaining in-fill drill results which will be included in the upcoming Feasibility Study for its Las Chispas Property (“Las Chispas” or the “Property”) located in Sonora, Mexico. Today’s results include in-fill drilling for the Babicanora (“Babi Main”), the Babicanora Footwall (“Babi FW”), the Babicanora Hangingwall (“Babi HW”) and Babicanora Sur (“Babi Sur”) veins (see attached Figures). Drilling for these veins was designed to expand the known mineralized footprints, and to in-fill previously reported drilling used for resource estimation in the Technical Report and Preliminary Economic Assessment for Las Chispas (“PEA”) with an effective date of May 15, 2019, and amended on July 19, 2019. These results, along with all assay data received by the Company up to and including the cut-off date of October 16, 2020, will be incorporated into the Mineral Resource Estimate update and Maiden Reserve Estimate as part of the upcoming Feasibility Study.


Sandstorm Gold Ltd. (NYSE: SAND) (TSX: SSL) recently provided an asset update of recent developments from the Company’s royalty portfolio.  In the fourth quarter of 2020, Lundin Gold Inc. (“Lundin Gold”) announced a 20% expansion of the mine and mill throughput at Fruta del Norte. Lundin Gold plans to commence construction in the first quarter of 2021. The expansion is expected to be completed with minimal disruption to operations and funded by cash flow from operations.


Gold production guidance for Fruta del Norte in 2021 is estimated between 380,000 to 420,000 ounces. Mill production is estimated at an average of 3,500 tpd until the fourth quarter when production is planned to ramp up to 4,200 tpd following completion of the planned mill expansion. In 2021, Lundin Gold has planned an $11 million, 9,000 metre drilling program on two high priority exploration targets.


Due to changes in planned mining method, Lundin Gold has updated its estimates of Probable Mineral Reserves to 5.41 million ounces of gold (20.8 million tonnes at a grade of 8.1 grams per tonne (“g/t”) effective July 31, 2020, based on a cut-off grade of 3.8 g/t for transverse stopes and 4.4 g/t for drift and fill stopes). This represents an increase of 427,000 ounces compared to the 2019 year-end reconciliation of Probable Mineral Reserves presented in Lundin Gold’s Annual Information Form, dated March 24, 2020.


Commerce Resources Corp. (OTC: CMRZF) (TSXV: CCE) recently announced that it has initiated a metallurgical program to produce a >1 kilogram quantity of mixed rare earth carbonate (“mixed REC”) concentrate to satisfy several requests by global processors. The mixed REC concentrate will be produced from the Ashram Rare Earth and Fluorspar Deposit using the high-grade mineral concentrates that have been generated from the conventional recovery flowsheet developed at Hazen Research in CO, USA.


The Ashram Deposit’s flowsheet has undergone significant development, including front-end piloting of the grinding, flotation, and leach circuits which have resulted in consistent production of high-grade mineral concentrates at high recovery. The Ashram Deposit is one of only a select group of deposits in development globally that can produce mineral concentrates at grades and recoveries similar to major global producers, all of which produce mineral concentrates of at least 40% rare earth oxide (“REO”). Such high grades of mineral concentrate considerably reduce the downstream processing cost and risk to produce a mixed REC product through lower reagent use, fewer deleterious elements entering solution, and a smaller hydromet plant requirement by comparison.


Cleveland-Cliffs Inc. (NYSE: CLF) recently announced its preliminary fourth-quarter financial results for the period ended December 31, 2020. The Company completed its acquisition of ArcelorMittal USA on December 9, 2020. Due to the extensive accounting integration associated with the transaction, only selected preliminary financial information is available at this time. The Company will announce its full fourth-quarter 2020 earnings results before the U.S. market open on Thursday, February 25, 2021.


The preliminary results announced today cover the entire fourth-quarter 2020 period for both the AK Steel and legacy Cleveland-Cliffs businesses, and include the performance of Cleveland-Cliffs Steel (formerly ArcelorMittal USA) from the period of December 9, 2020, through December 31, 2020.


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