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IBC Advanced unveils assay results from Juab County, no ore-grade beryllium found

IBC Advanced unveils assay results from Juab County, no ore-grade beryllium found

IBC Advanced Alloys (CVE:IB) (OTCQX: IAALF)  late Tuesday announced assay results from 22 drill holes at its 5,265-metre drilling program on its Juab County properties in Utah.

The company said the latest assay results to date have not encountered ore-grade beryllium mineralization.

IBC noted that the average of all returned samples shows anomalous beryllium content approximately 5.6 times the concentration in average crustal rocks, but no interval with ore-grade beryllium content.

The company said drill holes IBC11-05, IBC11-08, IBC11-11, IBC11-17, and IBC11-24 showed the highest beryllium intercepts, "but appear to show poor continuity of high beryllium zones".

The exploration program consisted of 35 drill holes on 100-metre spacing along the Fish Springs Valley and completely traversed the company's 361-claim southern claim block adjacent to Materion Corp.’s (NYSE:MTRN) Spor Mountain beryllium mine.

The rare metals and beryllium-based alloys maker's Utah properties include 371 claims, totalling approximately 3,102 hectares

As reported at the end of May, IBC acknowledged that there were backups at the testing labs and logistical issues which resulted in delays for the drill sample results.

“Although we are still awaiting final lab results for several additional holes in the target zone, we felt that it was important to release these results prior to the end of July as promised,” said IBC's president and CEO Anthony Dutton.

“If the results from the remaining drill holes are material, we will announce them as soon as they become available.”

Beryllium has a number of qualities that include being very light, extremely stiff and stronger than steel, x-ray transparent, non-magnetic and non-sparking, and melts at 2,307°C, which is extremely high when compared with aluminum that melts at a much lower 660.32 °C.

Pure beryllium plays a strategic role in the nuclear, aerospace and defense industries, and is widely utilized as an alloy in telecom, computing, electronics, medical, oil and gas, and automotive industries.

IBC makes and distributes rare metal alloys that are used in a variety of industries, including nuclear energy, automotive, telecommunications, and a range of industrial application. It has 80 employees, with production facilities in Indiana, Massachusetts, Pennsylvania and Missouri.

Additionally, the company owns prospective beryllium properties in the western U.S., covering approximately 7,640 hectares.

Looking ahead, as a part of its ongoing upstream initiatives, IBC said it is examining its current strategy and various exploration options within its 371 Juab County claims, as well as other third party alternatives in North America.

At the end of June, the company announced it signed an exclusive supply contract to provide a proprietary copper alloy to a “global leader in the design and manufacture of high performance products” for the aerospace industry.

No minimum ordering requirements are stipulated under the supply agreement, but IBC said it is confident the agreement has the potential to generate from $6 million to $8 million in revenues over the three-year life of the contract.

In its last corporate report, at the end of May, IBC reported that its third quarter sales were up by five per cent, with $2.9 million cash on hand and working capital of $3.7 million.

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