Fox River Resources Secures Critical Minerals Funding Award
Fox River Resources Secures Critical Minerals Funding Award
Fox River Resources Corporation (CSE:FOX) recently announced significant funding from the Ontario government through the Critical Minerals Innovation Fund. This funding, amounting to up to CAD$218,500, is designated for advancing the Company's Martison project. The goal is to implement process test work to transform merchant grade phosphoric acid into purified phosphoric acid, a critical component in the lithium iron phosphate (LFP) battery supply chain.
Impact of Funding on the Martison Project
Stephen Case, the Chief Executive Officer of Fox River, expressed excitement over the funding, highlighting that the Martison project boasts a high-grade, large-scale igneous phosphate deposit. This initiative not only aims to ensure a stable supply of phosphate fertilizers for local farmers but also strives to enhance the purity of phosphoric acid for LFP batteries. This move aligns with the growing demand for critical minerals essential for clean technology and agricultural productivity.
Support from Government Officials
Stephen Lecce, Ontario's Minister of Energy and Mines, emphasized the importance of the Martison project. He described it as a made-in-Ontario solution that not only bolsters the local critical minerals supply chain but also supports the agricultural sector and encourages economic growth, especially in Northern Ontario. Lecce's remarks underline the government's commitment to securing essential materials for a sustainable future.
Technical Insights
On the technical front, Tim Horner, P.Geo., Consulting Geologist for Fox River, serves as the Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects. His approval reinforces the integrity of the technical disclosures associated with the news release, ensuring stakeholders have access to reliable information regarding the project's viability.
About Fox River and the Martison Phosphate Project
Fox River holds a 100% interest in the Martison Phosphate Project, strategically located near Hearst, Ontario. The project is built around the Anomaly A deposit, which underpinned a positive preliminary economic assessment completed in April 2022. This assessment showcases the potential for economic extraction of phosphates, positioning Fox River as a pivotal player in the phosphate market.
Exploration and Future Plans
As Fox River proceeds with its development plans, the company is dedicated to exploring further opportunities for enhancing phosphate extraction and processing. By refining phosphoric acid for battery production and ensuring a high-quality fertilizer supply, Fox River aims to contribute significantly both to local agriculture and to the broader clean technology landscape.
Frequently Asked Questions
What is the funding amount awarded to Fox River Resources?
The Ontario government has awarded Fox River Resources up to CAD$218,500 through the Critical Minerals Innovation Fund.
What is the purpose of the Martison project?
The Martison project aims to convert merchant grade phosphoric acid into purified phosphoric acid, crucial for LFP battery production and agriculture.
Who is the CEO of Fox River Resources?
The CEO of Fox River Resources Corporation is Stephen D. Case.
Where is the Martison Phosphate Project located?
The Martison Phosphate Project is located near Hearst, Ontario.
What is the significance of the funding for local agriculture?
The funding will help ensure a secure supply of phosphate fertilizers, which are essential for supporting local farmers in Ontario.
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