Argex Mining Inc. (CVE:RGX
) (PINK:ARGEF) stock price increased after the company declared to have further improved their proprietary mineral extraction process.
RGX started the trading sessions with a slightly bullish mood gaping up 1.4% because of the recent news. The trading volume associated with the move seems to be heavier than normal as well - a quarter of a daily average turnover was recorded over the first half an hour into trading.
On June 13 the company issued an update on operations in which they announced a breakthrough in the iron recovery circuit at the Missisauga plant in Ontario. There the company is running a patented CTL process.
The process was improved on the part of solvent extraction and this allowed to increase the amount of iron concentration while simultaneously reducing energy used and improving the recovery rate of TiO2 by 3%.
The main purpose of the CTL process is the production of high purity TiO2 which is used by paint, plastic and coating industries. It is described as a fairly simple mineral separation and can be used for titanium, iron and vanadium oxides to be simultaneously extracted from the ore material.
The process itself is a simple modification of an existing method, but with temperatures and solvents fine tuned for improvement according to the company.