Under a new, funded joint venture, the pair will revenue-share while working on collaborative projects.

"Cycladex uses a novel, patented chemical process to recover precious metal…developed by Nobel Prize winner Sir Fraser Stoddard, Director of the Center for the Chemistry of Integrated Systems at Northwestern University," the companies explained.

"This new process has been proven viable for mining operations that are too remote to receive sodium cyanide, or whose infrastructures or ore characteristics may require a different mineral extraction process."

Cycladex has already received grants from the US National Science Foundation to develop the process. It has also undergone testing and has been proven in a lab setting and in the field at more than 30 global mines.

Cyanco president and CEO Michael Lefenfeld said that, under its partnership with Cycladex, it is hoping to serve more mining customers of varying sizes with broader spectrum of needs - while lowering costs of operation and boosting efficiency.

"We see many opportunities where the Cycladex technology fits nicely in a product portfolio alongside sodium cyanide," Cycladex executive chairman Roger Pettman added.