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Fox River Successfully Achieves Pilot Plant Production of Merchant Grade Phosphoric Acid (MGA)

TORONTO, March 27, 2024 (GLOBE NEWSWIRE) — Fox River Resources Corporation (the “Company” or “Fox River”) (CSE: FOX) is pleased to announce that the JESA Technologies Hemi Di Hydrate (“HDH”) Process has successfully transformed the Martison phosphate concentrate to a high-quality Merchant Grade Phosphoric Acid (“MGA”).

In Q3 2023, a 600-kilogram sample of apatite concentrate was sent to the facilities of JESA Technologies in Lakeland, Florida USA for the production of phosphoric acid using the JESA Technologies Hemi-Dihydrate (“HDH”) process. The feed rate of the rock feed blend and sulphuric acid were calculated to be at a specific reactor volume of 2M3/t/d P2O5. During the 160 hour continuous run, product samples of both the 40% P2O5 phosphoric acid and the gypsum were analyzed every three hours. The 40% P2O5 phosphoric acid was then concentrated to produce merchant grade acid (MGA). The clarification tests produced a low quantity of sludge.

Approximately 100 litres of MGA (54% P2O5) were produced for the purposes of testing its suitability for the production of purified phosphoric acid (“PPA”) used in the lithium iron phosphate (“LFP”) battery markets.

The PPA testing results are expected to be available by the end of Q3 2024.

The main results of the MGA tests are summarized below:

Figures and Diagrams

Pilot plant set-up as shown in the sketch below.

Figure 1: JESA Technologies Process Route


Figure 2: 40% Filter Product Acid


Figure 3: Clarified MGA


Table 1: Analysis of 40% Filter Acid and Clarified MGA

Figure 4: Dihydrate Gypsum Cake

Figure 5: Dihydrate Gypsum Crystals

Technical Information

The scientific and technical disclosure for Fox River Resources included in this news release have been reviewed and approved by Mr. James Byrd. Mr. Byrd is a chemical engineer and a “Qualified Person” as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects and has verified the data disclosed in this news release.

ABOUT FOX RIVER

Fox River owns a 100% interest in the Martison Phosphate Project, located near Hearst, Ontario. The Martison Phosphate Project hosts the Anomaly A deposit which forms the basis for a positive preliminary economic assessment with an effective date of April 21, 2022. Additional information can be found at www.fox-river.ca or under Fox River’s profile on SEDAR.

For further information, please contact:

Stephen D. Case
President & Chief Executive Officer
Tel: (416) 972-9222
www.fox-river.ca

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including, but not limited to, exploration results, potential mineralization, statements relating to mineral resources, and the Company’s plans with respect to the exploration and development of its properties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Fox River Resources Corporation, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependency upon regulatory approvals, the uncertainty of obtaining additional financing, and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/819fa017-f6c4-4015-89e1-e9190fa909df

https://www.globenewswire.com/NewsRoom/AttachmentNg/56662c71-6679-4bc6-895c-4019204543c2

https://www.globenewswire.com/NewsRoom/AttachmentNg/96b37d5c-c41f-4b25-953c-5d74f0b8da43

https://www.globenewswire.com/NewsRoom/AttachmentNg/7690383f-83a7-4b66-b03b-115a683f5155

https://www.globenewswire.com/NewsRoom/AttachmentNg/d39a3632-ce3d-424a-bcae-7fcc5a1b4180

https://www.globenewswire.com/NewsRoom/AttachmentNg/a6edbe29-3681-4a0f-b0fa-3cbcf17ddcfc

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