Colemanite is a calcium borate mineral with the formula Ca2B6O11 5H2O. For most outside geological circles, that’s more than enough information. Those more interested in investing than science only need to know that colemanite is an important ore of boron that, while widely available, is scarce in large quantities on Earth. When a company discovers mineralization, pay attention to how exploration goes because boron is arguably the most underappreciated, yet instrumental, mineral in the decarbonization of the world.

Colemanite is a white, colorless, or pale-yellow mineral that is typically found in evaporite deposits, which form when water evaporates. Because it is found in evaporite deposits that replenish over time, colemanite is a renewable resource and sustainable source of boron. It also has a low environmental impact, as mining of colemanite does not produce significant air or water pollution. This makes it a more environmentally friendly option than mining other boron ores, such as borax.

Furthermore, colemanite is highly concentrated, typically containing about 50% boron, which is much higher than other boron ores. This means that less ore needs to be mined to produce a given amount of boron. Colemanite is relatively easy to process, which reduces the cost of production. As a result of these factors, colemanite is the most economical boron ore to mine. 

It is used to produce a variety of boron products, including borax, boric acid, and borosilicate glass. Boron is critical to display panel glass, ceramics, enamels, fertilizers, and insulation. Regarding the Green Revolution, demand for boron, the fifth-lightest element, is rising thanks to its use in electric vehicles, solar panels, rechargeable batteries, wind turbine blades, hydrogen fuel cells, and much more.

The global desire to combat climate change via adoption of renewable energies has created a favorable environment for many companies exploring for and mining a bevy of minerals irreplaceable to the transition. This includes the group of rare earth minerals being dug up by companies like Lynas Rare Earths (OTC: LYSCF) and Medallion Resources (TSX-Venture: MDL)(OTCQB: MLLOF).

The spike in boron usage has Rio Tinto (NYSE: RIO), the operator of the Boron Mine in California (the largest borax mine in the world, producing nearly half of the world's borates annually) forecasting that boron production will need to rise to the equivalent of two more Boron Mines in the next five years to keep up with demand. Rio knows more than a bit about the market, considering it and Turkey state-owned Eti Maden currently control about 85% of global production.

This backdrop is creating a spotlight on the handful of companies in the boron space, as less than ten significant boron mines are in development globally. To that end, the light is shining bright on Boron One Holdings Inc. (TSX-Venture: BONE)(OTC: ERVFF), the owner and developer of the Piskanja Boron Project in Serbia. The wholly-owned boron deposit has a Measured Mineral Resource of 1.39 million tonnes (averaging 35.59% B2O3 (boron trioxide)), an Indicated Mineral Resource of 5.48 million tonnes (averaging 34.05% B2O3), and an Inferred Mineral Resource of 284.7 thousand tonnes (averaging 39.59% B2O3), calculated in accordance with the Canadian Institute of Mining Definition Standards on Mineral Resources and Reserves (CIM Standards), as disclosed in the company's technical report and preliminary economic assessment for the project in June 2022.

The company is on a mission to prove and add to these reserves with the goal of operating the mine that produces the highest quality colemanite in the world. 

A Quick Backstory to Testing

The company retained the services of ALS Metallurgy in Bernie, Australia to conduct a mineralogical assessment, a bench-scale metallurgical test program, and ultimately a bulk-scale testing program, on composites representing a number of the drill core intervals on borate materials originating from Piskanja. ALS Metallurgy is an experienced provider of metallurgical test work to the boron industry, having worked extensively with borates from various locations globally.

Materials from the 3 distinct mineral zones found across the entire footprint at Piskanja are represented in the sampling, dubbed the “colemanite zones,” “ulexite zones,” and “mixed borate zones.” The intention was to conduct lab scale testing in order to optimize the beneficiation process, which is then to be followed by a bulk testing program.

The lab scale testing was conducted on approximately 20 kgs of material from each of the 3 borate zones. The bulk scale testing is being conducted on approximately 200 kgs from each of the same 3 zones using standard equipment.

In total, 602 samples, totaling 658 kgs are included in the testing, which incorporate all 12 ore bodies at Piskanja, the 3 mineral types, and 560.88 meters of drill intervals, that are represented in the company’s Mineral Resource Estimate published June 24, 2022.

Positive Results

The testing returned commercial grades of colemanite concentrate, ulexite (which also typically contains about 50% boron) concentrate, and boric acid, all which meet or exceed the specifications of products commercially available from other leading boron producers.

The testing produced salable quality of concentrates and derivatives from across all three of the distinct boron mineral zones. This is important to ensure the utilization of all borate materials from within the Piskanja deposit, and thereby maximizing revenue potential in any future production. Moreover, the testing was successful in defining optimal parameters (such as grind size, scrubbing time, calcination time and temperature, acid concentrations and leach times, etc.) to optimize recoveries and B2O3 content in finished products.

Each of the zones delivered impressive results, including a blended colemanite sample with a head grade of 36.8% B2O3 producing sales-grade colemanite concentrate with 42.73% B2O3 content. 

As a result of the positive bench-scale testing, the company is now conducting semi-industrial bulk-scale metallurgical tests on all three of its boron types.

“We are pleased to now have tangible met test results confirming that industry standard processes appear to be effective at recovering our boron minerals to marketable concentrates, as well as producing a technical grade boric acid,” said Tim Daniels, CEO of Boron One Holdings. 

Thrilled with the tangible met test results showing standard processing will deliver marketable concentrates, Boron One CEO Tim Daniels spoke to the accomplishment in a press release. “This is another positive milestone for the Piskanja Property, with these results forming an integral part of our Serbian compliant feasibility study which is nearing completion,” he said, adding, “We certainly are not surprised by these test results, as they are in line with feedback which we have received previously from potential boron buyers who have sampled and tested our minerals in their facilities for their potential commercial use.”

Mining CEOs frequently are the low-key sort and for Daniels to say that the team isn’t surprised by such strong results, speaks to the confidence he has in Piskanja going forward. Investors should eagerly anticipate the next batch of test results.

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Boron One Holdings Inc. (TSX-Venture: BONE) (OTC: ERVFF) Full Corporate Write-Up: Click Here.

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