Canadian miner McEwen Inc is paying C$15.3 million (US$10.9 million) for 31% of a Canadian analytical services company deploying Australian sample testing technology it believes is poised to become “the new industry standard for assaying precious and base metals”.
McEwen is buying the stake in Paragon Geochemical Laboratories, controlled by Toronto based and listed Britannia Mining Solutions, for exposure to its ongoing rollout of PhotonAssay non-chemical sample analysis technology from Australia’s Chrysos Corporation.
Britania says it is deploying what will be the largest commercially available fleet of PhotonAssay units globally by the end of this year, “addressing global bottlenecks in mining assays through a proven and disruptive technology”.
“The company’s deployment of industry leading PhotonAssay assaying technology and other complementary analytical tools will provide faster, more accurate and more cost-effective mineral analysis to mining operators.”
Britania has three of 12 purchased PhotonAssay units operating at laboratories in Hamilton, Ontario, in Vancouver, British Columbia, and Sparks, Nevada.
“Paragon is recognised for its deployment of PhotonAssay, a technology that McEwen believes is poised to become the new industry standard for assaying precious and base metals, with Paragon aiming to be one of the world’s leading service providers,” McEwen said.
“PhotonAssay is a rapid, accurate, and non-destructive method for assaying gold, silver and base metals that is transforming industry standards. It offers significant advantages over traditional fire assay techniques, including faster turnaround times, improved accuracy and enhanced environmental safety.
“Paragon is deploying this technology to position itself at the forefront of analytical innovation in the mining sector.
“McEwen currently employs PhotonAssay in its exploration programs at the Fox Complex in Ontario, Canada, and the Gold Bar mine complex in Nevada, USA.”
Australian Securities Exchange-listed Chrysos’ share price has surged more than 10% this week, taking its market capitalisation past A$1 billion.
