04:43 PM EST, 11/08/2024 (MT Newswires) -- Arianne Phosphate ( DRRSF ) , a development-stage phosphate mining company, advancing a project in Quebec's Saguenay-Lac-Saint-Jean region, on Friday moved to clarify certain information disclosed in June regarding a study.

The company noted that in late June it announced positive results from its purified phosphoric acid prefeasibility study relating to the construction of a purified phosphoric acid plant in the Saguenay region of Quebec to transform igneous-based phosphate concentrate into a battery-grade phosphoric acid for use in the lithium-iron-phosphate battery.

It said as the study relates to a processing facility, the term "prefeasibility study" used by the company in June to refer to this study is not the same as that associated with mineral projects as defined under regulation, and this study should therefore not be viewed as equating to a 'prefeasibility study' because the project is not a mineral project but rather an industrial project, it noted.

"Commensurate with a prefeasibility study, a number of general and untailored assumptions were used to assess the economic potential of a PPA complex," the company added.

Its shares closed unchanged at $0.18 on the TSX Venture Exchange.