BacTech Signs Blockchain LOI for “Green” Metal Production
Toronto, Canada, January 29, 2018 – BacTech Environmental Corporation (“BacTech” or the “Company”), (CSE: BAC, OTC Pink: BCCEF) today announced that it has signed a Letter of Intent (“LOI”) with Blockmine Development Inc. (“BDM”) a company focused on introducing blockchain technology into the mining industry. Both parties will investigate the use of blockchain technology to provide verification of the production of environmentally beneficial metals.
Third party verification is needed to audit the process for producing what is referred to as “green metals”. Much like the introduction of branding for clean diamonds (ie not “blood diamonds”) buyers need to have verification that what they are purchasing and reselling falls into acceptable standards that have been set by the industry. With this in mind BacTech and BDM would hope to develop a process that verifies that each step of the retreatment of tailings illustrates what is happening in real time. The resulting recovered metals can then be marketed as environmentally beneficial metals. In other words, metals that benefit the environment as well as those that benefit the shareholders of BacTech.
“It has always been our intention to market recovered metal as a “green” product. The blockchain process will help us deliver on this intent through validation of the various steps needed to produce copper and silver. Ideally, a partnership with a jeweller for the silver production would be beneficial to both parties and we intend to pursue a partner with this in mind”, said Ross Orr, President and CEO of BacTech.
“I am pleased that BacTech Environmental has chosen to work with Blockmine Development for their blockchain needs. Recycling and remediation have a bright future in the mining industry, and BacTech Environmental is leading the way. With the “green movement”, I foresee a huge demand for this type of mineral recovery in the future, and I can even see the markets wanting to place a premium on this type of environmentally beneficial ore. Blockchain technology can prove to be very valuable for this environmentally beneficial process.”, Brent Rouble, President of Blockmine Development Inc.
The Telamayu project involves the environmental remediation of the “Antiguo” tailings and a Company option on the larger “Nuevo” tailings, both situated at the Telamayu mill site near the town of Atocha in the Department of Potosi in Bolivia. As part of the remediation process BacTech will recover silver, tin, and copper utilizing a conventional processing technology.
The existing Telamayu mill concentrator has generated the Antiguo and Nuevo tailings by processing mineralized material from the surrounding mines for over 80 years. There is considerable infrastructure at the mill site including high voltage power, rail, mill housing, and a local workforce. The current infrastructure will contribute to a reduction in capital costs of the project. Currently metallurgical test work is underway to determine the percentage of metal to be recoverable.
In addition, bioleach test work on concentrates and tailings material from the Ponce Enriques area of southern Ecuador continues at Laurentian University in Sudbury, Canada.