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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Salt Lake Potash Limited | LSE:SO4 | London | Ordinary Share | AU000000SO44 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.45 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMSO4
RNS Number : 7933D
Salt Lake Potash Limited
02 May 2017
2 May 2017 AIM/ASX Code: SO4 SALT LAKE POTASH LIMITED March 2017 Quarterly Report -----------------------------
The Board of Salt Lake Potash Limited (the Company or Salt Lake) is pleased to present its Quarterly Report for the period ending 31 March 2017. Highlights for the quarter and subsequently include:
Corporate
Pilot Plant
Ø After discussions with major international Sulphate of Potash (SOP) producers and distributors, the Company has formed the view that the best path forward for the Goldfields Salt Lakes Project (GSLP) is to construct a Pilot Plant to demonstrate the technical and commercial viability of brine SOP production, before expanding to long term optimal production levels on a staged, modular basis.
Ø The Company has appointed Amec Foster Wheeler (AMEC) to prepare an analysis of the options for constructing a 20,000-40,000tpa SOP Pilot Plant, processing brine feed drawn from the near surface Measured Resource.
Capital Raising and Executive Appointment
Ø A total of 30,000,000 new ordinary shares in the Company (Placing Shares) have been placed by Cenkos (Bookrunner) at a price of 25 pence (A$0.43) per Placing Share, in order to raise net proceeds of approximately GBP7.0 million (A$12.0 million) for the Company. Admission of the Placing Shares to AIM is expected to become effective on 8.00 a.m. on 4 May 2017. The Company is also looking at the potential of a further capital raising to investors in Australia.
Ø Mr Will Longworth, an experienced potash mining executive, was appointed as Chief Operating Officer.
Development and Processing
Ø Expansion of the Goldfields Salt Lakes Project to now comprise nine salt lakes totalling over 4,750km(2) .
Ø The Lake Wells surface aquifer trenching program continued with a further 89 shallow test pits and an additional 125m long trial trench in the shallow aquifer excavated.
Ø The off-lake aircore drilling program, targeting the Lake Wells paleochannel, was completed successfully intersecting Basal Paleochannel Sediments along the entire length of the paleochannel unit. Planning for a further on-lake drilling program at Lake Wells has commenced and a drill rig is expected to be mobilised when available.
Ø The Site Evaporation Trial (SET) at Lake Wells continued to process brine and produce harvest salts. The SET has to date processed approximately 189 tonnes of brine and producing harvest salts on a continuous basis.
Ø A range of process development testwork continues to significantly enhance the Lake Wells process model. The Company successfully produced 5.5kg of SOP at 98% purity at SGS Laboratories in Perth. Initial evaporation testwork on Lake Ballard brine also indicates excellent potential to produce Sulphate of Potash (SOP) and additional co-products.
Ø The Company completed a heritage survey of Lake Ballard with a number of senior traditional custodians. A field team will mobilise shortly to undertake a comprehensive staged work program at Lake Ballard.
PILOT PLANT
As announced on 20 April 2017, Amec Foster Wheeler (AMEC) has been appointed to prepare an analysis of the alternatives for the Company to construct a Pilot Plant at the Goldfields Salt Lakes Project (GSLP), intended to be the first salt-lake brine Sulphate of Potash (SOP) production operation in Australia.
A PFS on the full-scale production model is continuing and the Pilot Plant will form a part of the feasibility study process.
Salt Lake has been in discussions since last year with a range of international industry SOP and specialist fertiliser producers and distributors, including several global market leaders, about the optimal way to realise Salt Lake's outstanding potential in the global SOP market.
Based on those discussions, the Company has formed the view that the appropriate path forward is to initially construct a Pilot Plant to demonstrate the technical and commercial viability of brine SOP production from the GSLP, before expanding the plant to long term optimal production levels on a staged, modular basis. AMEC have been engaged to initially consider a 20,000-40,000tpa Pilot Plant processing only brine feed drawn from the near surface Measured Resource.
The Company believes the advantages of the Pilot Plant approach are:
-- Proof of concept for SOP production from salt-lake brines in Australia. This will substantially de-risk the full-scale project, with commensurate improvement in financing costs and alternatives. While substantial salt-lake brine production of SOP is undertaken in China, Chile and the USA, it is new in Australia and overseas production models need to be tested and adapted for Australian conditions.
-- Refinement of design and costing of engineering elements at Pilot Plant scale may result in considerable cost savings at larger scale.
-- Market acceptance of a new product in conservative agricultural markets is best achieved progressively and in conjunction with existing, established partner(s). It is important to establish Salt Lake's product(s) as premium, sustainable nutrients in the key long term markets and staged production increases are the best way to achieve this objective.
-- A Pilot Plant offers an accelerated pathway to initial production, with limited infrastructure requirements and a faster, simpler approval process. The Pilot Plant is intended to operate for 12-24 months to establish parameters for larger scale production, and the Company's objective is to commence construction in 2017, harvesting first salts in 2018.
-- Relative ease of financing a Pilot scale plant. Initial indications are that a Pilot Plant of this scale (40,000tpa) would cost up to US$35m. While the Pilot Plant's principal objective is to prove the technical concept, the Company intends for it to still be cashflow positive. While economies of scale for a Pilot Plant are limited, the Goldfields Salt Lakes Project's considerable location and infrastructure advantages will be important in sustaining its economic parameters.
Several of the global SOP industry parties have expressed a keen interest in partnering with Salt Lake to market and distribute Pilot Plant production, as well as to provide technical and financial assistance in design and construction of the Plant. Those discussions are ongoing however, Salt Lake notes that the discussions are incomplete and there is no guarantee the discussions will result in any firm offtake, technical or other arrangements.
Capital Raising
As announced on 27 April 2017, a total of 30,000,000 new ordinary shares in the Company have been placed by Cenkos at a price of 25 pence (A$0.43) per Placing Share, in order to raise net proceeds of approximately GBP7.0 million (A$12.0 million) for the Company. The Company is currently completing a further bookbuild in Australia to raise additional funds. Total funds raised in the UK and Australia will be used for the planning and initial construction costs of the Pilot Plant, as well as ongoing exploration and development costs and working capital. Results of the bookbuild in Australia are expected to be announced on 2 May 2017.
Experienced Potash Mining Executive Appointed as COO
Subsequent to the end of the quarter, the Company appointed an experienced international potash mining engineer, Mr Will Longworth, as Chief Operating Officer (a non-board appointment). Mr Longworth is an Australian Mining Engineer with over 25 years of experience across a broad range of mining operations as well as in project analysis and development. For the past 10 years, Mr Longworth has principally been involved in large potash projects around the world, including for Vale and Rio Tinto on the Kronau Potash Project in Saskatchewan, Canada and Potasio Rio Colorado Potash Project in Argentina.
LAKE WELLS
Surface Aquifer Trenching Program
An 8.5 tonne amphibious excavator was mobilised late last year to gather further geological and hydrological data about the shallow brine aquifer hosted by the Quaternary Alluvium stratigraphic sequence in the upper 20 meters of Lake Wells.
The aim of the program is to evaluate the geology of the shallow Lake Bed Sediments, and to undertake pumping trials to provide estimates of the potential brine yield from trenches in the shallow sediment.
The excavator program is also providing important geological and geotechnical information for potential siting and construction of trenches and on-lake brine evaporation ponds.
A total of 89 test pits and one trench of 125m were excavated in the quarter, bringing the total program to date to 232 test pits and 8 trenches over the lake playa.
Of the total of 89 test pits that were constructed for this quarter, three included geotechnical sampling pits in the south and the rest (86) were standard test pits in transects across the northern arm of the lake. The pits confirm lithology and permeability of upper lake bed sediments and demonstrate spatial continuity of the surface aquifer. The test pits are 1m wide x 1.5m long and 4.5m deep. The test pits were logged for geology descriptions while the brine inflow locations and mechanisms were noted. The geological material was sampled and stored for PSD (Particle Size Distribution) analyses and further processing.
The work completed during the quarter built on previous investigations of the shallow aquifer throughout 2016, including hydraulic testing of test pits and medium term pumping tests at 2 test trenches.
Long Term Pumping Test - Test Trench P1e
The Company conducted a long term pumping test on test trench P1e located at the south-eastern extent of Lake Wells. The trial involved excavating a trench with dimensions 125m (length) x 4.5m (average depth) x 3m (average width) and pumping the trench for 25 days with groundwater level monitoring in the trench itself and at nearby observation bores. The testing was conducted as a "constant head test" whereby flow rate was adjusted to maintain a constant trench water level. Drawdown was observed at nearby observation bores placed at distances of 20 and 50 m in four main directions around the trench.
Results from the testing are summarised as follows:
- The initial pumping rate ranged between 3-6 L/s for the first 4 days while removing trench storage which subsequently dropped to 0.8 - 1.5 L/s. This coincided with the trench storage being dewatered and brine flowing from the surrounding aquifer.
- An average pumping rate was recorded at 1.2 L/s over the full 25 days. Cumulative pumping volume during the test were measured at 2,666 m(3) or 2.7 megalitres (ML).
- After 3.5 days pumping, the trench water levels stabilised at approximately 2.10m below ground or 1.95m drawdown.
- Small rainfall events (<= 2 mm) were recorded over the duration of the test however this had negligible impact on groundwater levels.
- Of note is the delayed response to drawdown at wells further from the trench (observation bores at 50m distance). This is consistent with an unconfined aquifer, where the draw down cone of dewatered sediment propagates outward from the pumping centre.
- Drawdown was observed at all observation bores and after 25 days ranged between 0.08 and 0.48m. Drawdown at all bores demonstrates spatial connection of the Lake Bed Aquifer.
- Highest drawdown was observed to the west of the trench while moderate drawdown was observed to the south and east. Lowest drawdown was observed to the north (observation bore 50 N). The above findings indicates that aquifer permeability is slightly lower toward the north when compared to the east, south and west of the immediate aquifer material surrounding the trench.
- This spatial variability in drawdown is likely a reflection of some aquifer heterogeneity within the shallow Lake Bed sediments.
- Brine chemistry was consistent throughout the duration of the test with the potassium concentrations reported an average at 5,600 mg/l.
Hydraulic Testing of Additional Test Pits
Hydraulic testing in the shallow test pits continued throughout the quarter. An additional 89 pits were excavated across the Lake and pump recovery tests were conducted on 15 test pits. The pump recovery tests consist of installation of a water level logger and then rapid evacuation of brine from the test pit with a high yield brine pump. After drainage, the recovery of the brine water level in the pit from the surrounding aquifer is measured with the water level loggers. The recovery data is fitted to slug test algorithms and the hydraulic conductivity (K) values tabled. The slug test algorithms included the Horslev (1951) and Bouwer & Rice (1976) methods.
Analysis of drawdown-recovery data was undertaken to obtain permeability data from the Lake Bed Aquifer in the northern part of the lake and the calculated hydraulic conductivity (K) ranged between 0.3 and 20m/day for 9 test pits, ranging from LTTT208 through LTWW216. These values are considered moderate to high for sedimentary aquifers and support the potential of the Lake Bed Aquifer to yield brine to a trenching system.
Hydraulic conductivity of the test pits are consistent with values obtained from other locations across Lake Wells. The sample values recorded in 2017 fall within the medium to upper range of values to date.
Process Testwork
The proposed process for production of SOP at Lake Wells is based on evaporating brine in a series of solar ponds to induce the sequential precipitation of salts, firstly eliminating waste halite and eventually producing potassium-containing salts (harvest salts) in harvest ponds. These harvest salts are then processed by a combination of attrition, flotation, conversion and crystallisation into SOP and other end products.
Site Evaporation Trial
A large scale, continuous Site Evaporation Trial (SET) continued at Lake Wells to refine process design criteria for the halite evaporation ponds and subsequent harvest salt ponds.
The objectives of the SET are to:
-- Refine the solar evaporation pathway, under actual site conditions, for Lake Wells brine. The analysis of this pathway will refine the salting points of the various salts along the evaporation pathway allowing for the completion of a detailed mass balance for the pond system;
-- Confirm the quality and quantity of brine and salts produced at the various points along the evaporation path;
-- Define the distribution in various salts of potassium, magnesium and sulphate through the evaporation system;
-- Provide design information for brine in-flow requirements, pond area, required number of ponds and flow requirements between ponds for a commercial facility; and
-- Determine opportunities for recycle of bittern or salt that may improve potassium, magnesium or sulphate recovery to the harvest salts.
-- Provide bulk salt samples for further process testwork and production of bulk SOP samples for potential offtake partners and customers.
-- Provide inputs for crystallisation test work.
Brine is introduced daily to the first halite pond, from a small, hand dug surface trench. The brine progresses on a continuous basis through a series of six progressively smaller ponds as it concentrates through evaporation: two halite ponds; two transition ponds; and two harvest salt ponds.
The initial Train of evaporation ponds was established in October 2016 and Train 2 was established and brought up to capacity in the March quarter.
To date approximately 189 tonnes of Lake Wells brine has been processed through the SET across Trains 1 and 2, establishing an initial continuous load of salts and enriched brine. During the quarter, approximately 75t of Lake Wells brine was processed through both trains of the SET. Approximately 750kg of harvest salt was collected at an average potassium grade of 6.4% and optimum harvests have had potassium grades up to 9.7%.
The SET is currently producing over 100 kilograms of harvest salts per week for further testing. The harvest salts recovered from the SET contain up to 50% Kainite (KMg(SO(4) )Cl.3(H2O)), a potassium double salt which the Company has successfully processed into SOP in laboratory tests.
The large quantity of salt produced via the SET is being collected for further work including larger scale production of commercial samples for potential customers and partners around the world.
Process Testwork - SGS
The Company has also been undertaking ongoing process optimisation work at SGS Laboratories in Perth to improve the attrition, flotation, conversion and crystallisation process for production of SOP from harvest salts.
An initial SOP production program was also undertaken to generate samples for further product testwork and distribution to potential customers and marketing partners. The process route used was based on previous SOP production testwork by Hazen Laboratories in Colorado, with some variations to take account of equipment availability and different harvest salt characteristics. A 46kg sample of Lake Wells harvest salt was processed by SGS Laboratories and after initial "sighter tests" to assess attritioning methods, pH and reagent properties, the sample was batch processed to successfully produce 5.5kg of SOP, with the following properties:
Hot Features
Premium
Unit Actual
-------------------------------------------- ------ -------
Potassium Sulfate Equivalent (K(2) SO(4) ) % 98
-------------------------------------------- ------ -------
Potassium Oxide Equivalent (K(2) O) % 52
-------------------------------------------- ------ -------
Chloride (CI) % 0.2
-------------------------------------------- ------ -------
Magnesium (Mg) % 0.05
-------------------------------------------- ------ -------
Sulfate (SO(4) ) % 57
-------------------------------------------- ------ -------
Sulfur Equivalent (S) % 19
-------------------------------------------- ------ -------
Moisture (H(2) O) % 1.4
-------------------------------------------- ------ -------
Table 1: Chemical composition of sample (BCR06-LW) produced at SGS
Laboratory testwork completed to date indicates:
-- Halite waste salt is readily separated from Kainite double salts via flotation under standard flotation conditions using modest additions of commercially available reagents; and
-- Conversion and crystallisation of flotation products can produce SOP which complies with or exceeds industry quality standards;
Laboratory scale work on Lake Wells harvest salts is ongoing, to further refine and enhance the process flowsheet to prefeasibility study standard and to produce further bulk samples for customers and for granulation, compaction and other studies.
Harvest salt samples have also been distributed to other internationally recognised laboratories to verify and refine the results achieved to date at Hazen and SGS.
LAKE BALLARD
Lake Ballard is located in the Goldfields region of Western Australia approximately 140km north of Kalgoorlie. Salt Lake's holding comprises 788km(2) of granted and 66km(2) of exploration license applications, substantially covering the Lake Ballard playa. The Company also holds exploration licence applications covering Lake Marmion and the paleochannel joining the two lakes.
Lake Ballard and its sister lake, Lake Marmion, share potentially the best location of any brine SOP project in Australia; located either side of the Goldfields Highway, Leonora-Esperance rail line and the Goldfields gas pipeline, within the major Goldfields mining centre of Western Australia.
The Lakes and the paleochannel beneath them host a very large brine pool. Limited sampling indicates that Lake Ballard has different brine chemistry to Lake Wells, so initial evaporation tests were important to understand the potential to produce viable salts from Lake Ballard brine for production of SOP.
The Lake Ballard area is not presently covered by native title and does not have any registered Aboriginal heritage sites. The Company has recently completed a heritage clearance survey over the area, receiving full approval to commence exploration.
Process Development Testwork
The Company engaged international laboratory and testing company, Bureau Veritas (BV), in Perth, to conduct the initial brine evaporation test under simulated average Lake Ballard site conditions.
The aim of the BV trials was to monitor the chemical composition of the brine and salts produced through the evaporation process to establish:
-- Types of product salts that may be produced through the natural solar evaporation path;
-- Concentration thresholds in the brine chemistry which can be used to maximise the recovery of harvest salts and minimise the quantity of dilutive salts into a process plant;
-- The quantity and composition of SOP product salts for the plant feed in potential commercial production; and
-- The potential for any additional co-products that may be produced with minimal additional inputs.
The chemistry of Lake Ballard's brine differs from Lake Wells' brine. An objective of the testwork was to determine the impact on the evaporation process with the different chemistry and the effect this has on the precipitation pathway and production of different salts.
The preliminary test consisted of evaporation of 260L of brine at simulated Lake Ballard average weather conditions using infra-red lamps for temperature control and air flow across the brine surface provided by a fan.
The bulk sample chemistry was broadly similar to the historical average of Lake Ballard brine samples:
Brine Chemistry K (mg/L) Mg (mg/L) SO(4) (mg/L) TDS (mg/L) ----------------- --------- ---------- ------------- ----------- Bulk Sample 1,940 11,600 15,200 279,346 ----------------- --------- ---------- ------------- -----------
From the initial 308kg charge, 5.6kg of harvest salts (dry basis) containing a potassium equivalent of 12.5% SOP by weight were collected and analysed for chemical composition and crystal structure. Note this harvest was not intended to be representative of operating harvest parameters.
This chart shows the sharp transition from halite dominated salts to a magnesium sulphate mixed salt and finally to potassium harvest salts.
Observations from the preliminary evaporation trial include:
1) The starting brine was highly saturated with dissolved salts in its natural state, meaning the time taken to begin precipitation of salt was relatively short. The potassium concentration of the brine increased to 4,000 mg/L, similar to Lake Wells brine, in approximately 10 days (note, summertime evaporation rates will be higher than other seasons).
2) High purity halite (>97% on a dry basis) is produced initially in substantial quantities.
3) There is a clear transition to production of magnesium salts, with up to 35% kieserite (MgSO(4) .H(2) O) identified by XRD analysis.
4) Potassium magnesium salts are then produced in various phases, including kainite and carnalite. These salts are readily amenable for processing into SOP, in a similar process to Lake Wells.
The magnesium sulphate salt precipitation phase differs from the evaporation pathway for Lake Wells brine. kieserite and epsom salts (MgSO(4) .7H(2) O) are valuable fertiliser products for both the domestic and export markets. In particular, kieserite has a substantial market in South-East Asia and Lake Ballard's considerable transport cost advantages support the potential for production of kieserite and other by-products, including potentially MgCl(2) and NaCl.
The short evaporation timeframe for potassium concentration; the potential to produce valuable co-products and Lake Ballard's size and location advantages gives considerable encouragement for the Project's capacity to support a large, long life SOP (and co-product), brine evaporation operation.
Geophysical Survey Substantiates Historical Investigations
The Lake Ballard and Lake Marmion area has been the subject of considerable historical exploration. Previous hydrogeological investigations, including geophysical surveys and drilling programs, were undertaken by the Geological Survey of Western Australia. The most useful data were three North-South transects drilled between Lake Ballard and Lake Marmion to explore the trunk palaeodrainage that originates to the west of Lake Ballard and flows to the east beneath Lake Marmion before discharging into the Eucla/Officer Basins. The 31 holes were drilled using wireline coring with samples being retained and stored at the GSWA core library in Carlisle.
A description of the hydrogeology between the two lakes was provided by Langford (1997). The lower Tertiary-aged paleochannel sequence comprises an upper alluvium / colluvium (10 to 20m), dense plasticine clay (50 to 60m) and basal sands (10 to 20m thick) that are incised into the Archaean granite and greenstone basement. In places, there are silcrete and sandy intervals within the plasticine clay providing a different stratigraphy to other paleodrainages. The basal sands are commonly fine to coarse-grained sand that form a deeper aquifer being about 80m bgl (below ground level) in the west (estimated from ground-based geophysics) and about 120m bgl at the east of Lake Ballard.
Geophysics Survey Underway
Salt Lake Potash engaged Atlas Geophysics to undertake a geophysical survey at Lake Ballard with the primary objectives of resolving the geometry of the paleovalley, and to define the position, depth and thickness of the paleochannel.
Gravity data was collected on 14 transects during November and December 2016. Transect lengths were between 6 and 20 km with gravity data collected at 100 m intervals.
Preliminary interpretation of the gravity data confirmed the presence of the paleochannel thalweg (deepest part of the paleochannel) beneath Lake Ballard and deepening towards Lake Marmion. There is good correlation between the preliminary gravity profiles and geological data from the exploratory drilling transects drilled by the Geological Survey of Western Australia in the late 1980s - this further demonstrates the continuation of the paleochannel between Lakes Ballard and Marmion.
In addition to the ground gravity survey, historical gravity data was also obtained from previous leaseholders. This data was collected from airborne surveys in the mid-2000s at 500 m intervals along 1000 m spaced N-S lines that extended over the eastern portion of Lake Ballard and Lake Marmion. Combined with the ground gravity data over Lake Ballard, a preliminary analysis was undertaken by Core Geophysics suggesting the combined datasets would be useful for more precise mapping of the paleochannel.
In the next quarter, the existing datasets will be further analysed and interpreted to generate a 3-D appreciation of the paleochannel extent and distribution. There will be specific modelling of each gravity profile and integration with the historical airborne data to support site selection for proposed exploratory drilling.
The geophysical survey work completed has confirmed the deep paleochannel aquifer has been encountered in the west and east of the lake, supporting the inferred paleochannel being continuous beneath the lake. The inferred paleochannel is interpreted to have a depth of between 80 and 120m below ground level.
Planned Further Work
During the quarter, the Company completed heritage surveys of Lakes Ballard and Marmion with a number of senior traditional custodians, in conjunction with Company personnel and led by Daniel de Gand (anthropologist).
The surveys concluded that the current proposed exploration work will not affect any Sites of Significance.
A field team will mobilise shortly to undertake a comprehensive staged work program at Lake Ballard. This program will likely include:
1) Ground reconnaissance and mapping. 2) Completion of geophysical surveying and modelling. 3) Widespread surface brine sampling. 4) Investigation of surface geology and aquifer (to 4.5m) using an amphibious excavator. 5) Excavating and test pumping a number of surface trenches. 6) Shallow core drilling across the lake. 7) Drilling and test pumping of deep paleochannel sand targets.
CORPORATE
Golden Eagle Uranium and Vanadium Project
During the quarter, Salt Lake disposed of its residual exploration interest in the Golden Eagle Uranium and Vanadium Project. This was achieved through the sale of the Company's US subsidiary, Golden Eagle Uranium LLC, in exchange for a nominal amount. The disposal allows management to focus on the development of the SOP Potash Projects. The Company's interest in the Golden Eagle Uranium LLC has previously been fully impaired.
Competent Persons Statement
The information in this report that relates to Exploration Results, or Mineral Resources for Lake Wells is based on information compiled by Mr Ben Jeuken, who is a member Australian Institute of Mining and Metallurgy. Mr Jeuken is employed by Groundwater Science Pty Ltd, an independent consulting company. Mr Jeuken has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Jeuken consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this report that relates to geophysical data and interpretation for Lake Ballard is based on information compiled by Mr Seth Johnson, who is a member of the Australian Institute of Geoscienctists and International Association of Hydrogeology. Mr Johnson is a consultant of Hydroconcept Pty Ltd. ("Hydroconcept"). Hydroconcept is engaged as a consultant by Salt Potash Limited. Mr Johnson has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Johnson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this report that relates to Process Testwork Results is based on, and fairly represents, information compiled by Mr Bryn Jones, BAppSc (Chem), MEng (Mining) who is a Fellow of the AusIMM, a 'Recognised Professional Organisation' (RPO) included in a list promulgated by the ASX from time to time. Mr Jones is a consultant of Inception Consulting Engineers Pty Ltd. ("Inception"). Inception is engaged as a consultant by Salt Potash Limited. Mr Jones has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Jones consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Table 2 - Summary of Exploration and Mining Tenements
As at 31 March 2017, the Company holds interests in the following tenements:
Australian Projects:
Project Status Type of Change License Number Area (km(2) ) Term Grant Date Date of First Relinquish-ment Interest (%) Interest
1-Jan-17 (%)
31-Mar-17
Western Australia
================== =========== ================= ================================ =================== ============================== ============= ===========
Lake Wells
5
Central Granted - E38/2710 192.2 years 05-Sep-12 4-Sep-17 100% 100%
============ ================ ================== ================= ============== ====== =========== ============================== ============= ===========
5
South Granted - E38/2821 131.5 years 19-Nov-13 18-Nov-18 100% 100%
5
North Granted - E38/2824 198.2 years 04-Nov-13 3-Nov-18 100% 100%
============ ================ ================== ================= ============== ====== =========== ============================== ============= ===========
5
Outer East Granted - E38/3055 298.8 years 16-Oct-15 16-Oct-20 100% 100%
Single 5
Block Granted - E38/3056 3.0 years 16-Oct-15 16-Oct-20 100% 100%
============ ================ ================== ================= ============== ====== =========== ============================== ============= ===========
5
Outer West Granted - E38/3057 301.9 years 16-Oct-15 16-Oct-20 100% 100%
5
North West Granted - E38/3124 39.0 years 30-Nov-16 29-Nov-21 100% 100%
============ ================ ================== ================= ============== ====== =========== ============================== ============= ===========
20
West Granted Granted L38/262 113.0 years 3-Feb-17 2-Feb-38 100% 100%
20
East Granted Granted L38/263 28.6 years 3-Feb-17 2-Feb-38 100% 100%
============ ================ ================== ================= ============== ====== =========== ============================== ============= ===========
20
South West Granted Granted L38/264 32.6 years 3-Feb-17 2-Feb-38 100% 100%
Lake
Ballard
=========== ===== =========== ================= ================================ =================== ============================== ============= ===========
5
West Granted - E29/912 607.0 years 10-Apr-15 10-Apr-20 100% 100%
5
East Granted - E29/913 73.2 years 10-Apr-15 10-Apr-20 100% 100%
============ ================ ================== ================= ============== ====== =========== ============================== ============= ===========
5
North Granted - E29/948 94.5 years 22-Sep-15 21-Sep-20 100% 100%
5
South Granted - E29/958 30.0 years 20-Jan-16 19-Jan-21 100% 100%
============ ================ ================== ================= ============== ====== =========== ============================== ============= ===========
South East Application - E29/1011 68.2 - - - - 100%
Lake Irwin
=========== ===== =========== ================= ================================ =================== ============================== ============= ===========
5
West Granted - E37/1233 203.0 years 08-Mar-16 07-Mar-21 100% 100%
5
Central Granted - E39/1892 203.0 years 23-Mar-16 22-Mar-21 100% 100%
============ ================ ================== ================= ============== ====== =========== ============================== ============= ===========
5
East Granted - E38/3087 139.2 years 23-Mar-16 22-Mar-21 100% 100%
5
North Granted - E37/1261 107.3 years 14-Oct-16 13-Oct-21 100% 100%
============ ================ ================== ================= ============== ====== =========== ============================== ============= ===========
Central 5
East Granted - E38/3113 203.0 years 14-Oct-16 13-Oct-21 100% 100%
5
South Granted - E39/1955 118.9 years 14-Oct-16 13-Oct-21 100% 100%
============ ================ ================== ================= ============== ====== =========== ============================== ============= ===========
North West Application - E37/1260 203.0 - - - 100% 100%
South West Application - E39/1956 110.2 - - - 100% 100%
============ ================ ================== ================= ============== ====== =========== ============================== ============= ===========
Lake
Minigwal
5
West Granted - E39/1893 246.2 years 01-Apr-16 31-Mar-21 100% 100%
============ ================ ================== ================= ============== ====== =========== ============================== ============= ===========
5
East Granted - E39/1894 158.1 years 01-Apr-16 31-Mar-21 100% 100%
5
Central Granted - E39/1962 369.0 years 8-Nov-16 7-Nov-21 100% 100%
============ ================ ================== ================= ============== ====== =========== ============================== ============= ===========
Central 5
East Granted - E39/1963 93.0 years 8-Nov-16 7-Nov-21 100% 100%
5
South Granted - E39/1964 99.0 years 8-Nov-16 7-Nov-21 100% 100%
============ ================ ================== ================= ============== ====== =========== ============================== ============= ===========
South West Application - E39/1965 89.9 - - - 100% 100%
Lake Way
============ ================ ================== ================= ============== ====== =========== ============================== ============= ===========
5
Central Granted - E53/1878 217.0 years 12-Oct-16 11-Oct-21 100% 100%
South Application - E53/1897 77.5 - - - 100% 100%
============ ================ ================== ================= ============== ====== =========== ============================== ============= ===========
Lake
Marmion
North Application - E29/1000 167.4 - - - 100% 100%
============ ================ ================== ================= ============== ====== =========== ============================== ============= ===========
Central Application - E29/1001 204.6 - - - 100% 100%
South Application - E29/1002 186.0 - - - 100% 100%
============ ================ ================== ================= ============== ====== =========== ============================== ============= ===========
West Application - E29/1011 68.2 - - - - 100%
Lake
Noondie
============ ================ ================== ================= ============== ====== =========== ============================== ============= ===========
Application
North Application Lodged E57/1062 217.0 - - - - 100%
Application
Central Application Lodged E57/1063 217.0 - - - - 100%
============ ================ ================== ================= ============== ====== =========== ============================== ============= ===========
Application
South Application Lodged E57/1064 55.8 - - - - 100%
Application
West Application Lodged E57/1065 120.9 - - - - 100%
============ ================ ================== ================= ============== ====== =========== ============================== ============= ===========
Lake Barlee
Application
North Application Lodged E49/495 217.0 - - - - 100%
============ ================ ================== ================= ============== ====== =========== ============================== ============= ===========
Application
Central Application Lodged E49/496 220.1 - - - - 100%
Application
South Application Lodged E77/2441 173.6 - - - - 100%
============ ================ ================== ================= ============== ====== =========== ============================== ============= ===========
Lake
Raeside
Application
North Application Lodged E37/1305 155.0 - - - - 100%
============ ================ ================== ================= ============== ====== =========== ============================== ============= ===========
Northern
Territory
Lake Lewis
=========== ===== ============ ================ ================================ =================== ============================== ============= ===========
6
South Granted - EL 29787 146.4 years 08-Jul-13 7-Jul-19 100% 100%
6
North Granted - EL 29903 125.1 years 21-Feb-14 20-Feb-19 100% 100%
============ ================ ================== ================= ============== ====== =========== ============================== ============= ===========
Other Projects:
Location Status Type of Change Name Resolution Number Percentage Interest Percentage Interest
(1-Jan-17) (31-Mar-17)
USA - Colorado - Disposed C-SR-10 C-SR-10 80% -
=============== ======= =============== ========= ================== ==================== ====================
USA - Colorado - Disposed C-JD-5A C-JD-5A 80% -
USA - Colorado - Disposed C-SR-11A C-SR-11A 80% -
=============== ======= =============== ========= ================== ==================== ====================
USA - Colorado - Disposed C-SR-15A C-SR-15A 80% -
USA - Colorado - Disposed C-SR-16 C-SR-16 80% -
=============== ======= =============== ========= ================== ==================== ====================
USA - Colorado - Disposed C-WM-17 C-WM-17 80% -
USA - Colorado - Disposed C-LP-22A C-LP-22A 80% -
=============== ======= =============== ========= ================== ==================== ====================
USA - Colorado - Disposed C-LP-23 C-LP-23 80% -
=============== ======= =============== ========= ================== ==================== ====================
APPIX 1 - LAKE WELLS TEST PIT LOCATION DATA
Hole_ID East North EOH Hole_ID East North EOH --------- ------- -------- ----- -------- ------- -------- ----- LWTT129 540306 6995187 3.8 LWTT194 539457 6997068 3.5 --------- ------- -------- ----- -------- ------- -------- ----- LWTT130 540500 6995350 3.8 LWTT195 536166 6997791 3.25 --------- ------- -------- ----- -------- ------- -------- ----- LWTT131 540692 6995471 3.5 LWTT196 536158 6997916 3.5 --------- ------- -------- ----- -------- ------- -------- ----- LWTT132 540922 6995561 3.1 LWTT197 536144 6998092 3.4 --------- ------- -------- ----- -------- ------- -------- ----- LWTT133 540922 6995561 3.3 LWTT198 536115 6998427 3.6 --------- ------- -------- ----- -------- ------- -------- ----- LWTT134 541357 6995668 2.5 LWTT199 536106 6998559 3.6 --------- ------- -------- ----- -------- ------- -------- ----- LWTT135 541590 6995088 4 LWTT200 536091 6998728 3.5 --------- ------- -------- ----- -------- ------- -------- ----- LWTT136 541781 6995552 4 LWTT201 536076 6998871 3.5 --------- ------- -------- ----- -------- ------- -------- ----- LWTT137 541777 6995303 4 LWTT202 536051 6999077 3.6 --------- ------- -------- ----- -------- ------- -------- ----- LWTT138 544404 6993831 4 LWTT203 536035 6999283 3.6 --------- ------- -------- ----- -------- ------- -------- ----- LWTT139 544259 6994144 1.5 LWTT204 536015 6999456 3.45 --------- ------- -------- ----- -------- ------- -------- ----- LWTT140 544275 6994099 2 LWTT205 536860 6999324 3.15 --------- ------- -------- ----- -------- ------- -------- ----- LWTT141 544303 6994058 4 LWTT206 536662 6999264 3.5 --------- ------- -------- ----- -------- ------- -------- ----- LWTT142 544324 6994011 3.5 LWTT207 536465 6999203 2.5 --------- ------- -------- ----- -------- ------- -------- ----- LWTT143 544345 6993966 3.2 LWTT208 531201 7041850 3 --------- ------- -------- ----- -------- ------- -------- ----- LWTT144 544338 6993989 3.2 LWTT209 530963 7041563 3.5 --------- ------- -------- ----- -------- ------- -------- ----- LWTT145 544311 6994035 4 LWTT210 530685 7041256 2.5 --------- ------- -------- ----- -------- ------- -------- ----- LWTT147 542857 6993193 3 LWTT211 530428 7040959 2.5 --------- ------- -------- ----- -------- ------- -------- ----- LWTT148 542892 6993287 3.1 LWTT212 530180 7040681 2.4 --------- ------- -------- ----- -------- ------- -------- ----- LWTT149 542938 6993373 3.9 LWTT213 529953 7040394 3.2 --------- ------- -------- ----- -------- ------- -------- ----- LWTT150 542967 6993474 3 LWTT214 529636 7040107 3.5 --------- ------- -------- ----- -------- ------- -------- ----- LWTT151 542967 6993474 3.5 LWTT215 529339 7039800 3.8 --------- ------- -------- ----- -------- ------- -------- ----- LWTT152 543050 6993650 3 LWTT216 529052 7039503 3.5 --------- ------- -------- ----- -------- ------- -------- ----- LWTT153 543052 6993750 3 LWTT217 528784 7039216 3.5 --------- ------- -------- ----- -------- ------- -------- ----- LWTT154 543138 6993851 3 LWTT218 528527 7038959 3.5 --------- ------- -------- ----- -------- ------- -------- ----- LWTT155 543136 6993949 3.5 --------- ------- -------- ----- LWTT156 543227 6994050 3.4 --------- ------- -------- ----- LWTT157 543268 6994144 2.5 --------- ------- -------- ----- LWTT158 543306 6994254 3.25 --------- ------- -------- ----- LWTT159 543335 6994351 4.2 --------- ------- -------- ----- LWTT160 543369 6994452 4 --------- ------- -------- ----- LWTT161 543406 6994552 4.1 --------- ------- -------- ----- LWTT162 543435 6995149 3.5 --------- ------- -------- ----- LWTT163 543508 6995356 4 --------- ------- -------- ----- LWTT164 543577 6995759 3.7 --------- ------- -------- ----- LWTT165 543610 6995953 3.25 --------- ------- -------- ----- LWTT166 543647 6996151 3.1 --------- ------- -------- ----- LWTT167 543695 6996350 3 --------- ------- -------- ----- LWTT168 543743 6996550 3.5 --------- ------- -------- ----- LWTT169 543795 6996754 3.4 --------- ------- -------- ----- LWTT170 543818 6996960 3.5 --------- ------- -------- ----- LWTT171 543625 6997093 3 --------- ------- -------- ----- LWTT172 543472 6997184 3.5 --------- ------- -------- ----- LWTT173 543279 6997265 3.5 --------- ------- -------- ----- LWTT175 542862 6997295 2.2 --------- ------- -------- ----- LWTT178 542662 6997312 3 --------- ------- -------- ----- LWTT179 542471 6997301 3 --------- ------- -------- ----- LWTT180 542262 6997275 3.5 --------- ------- -------- ----- LWTT181 542066 6997211 3.6 --------- ------- -------- ----- LWTT182 541864 6997128 3 --------- ------- -------- ----- LWTT183 541663 6997068 3.6 --------- ------- -------- ----- LWTT184 541463 6997042 2.75 --------- ------- -------- ----- LWTT185 541259 6997026 3.6 --------- ------- -------- ----- LWTT186 541061 6997040 3.2 --------- ------- -------- ----- LWTT187 540862 6997054 4.2 --------- ------- -------- ----- LWTT188 540659 6997061 3.6 --------- ------- -------- ----- LWTT189 540457 6997080 3.5 --------- ------- -------- ----- LWTT190 540261 6997095 3 --------- ------- -------- ----- LWTT191 540051 6997085 3.5 --------- ------- -------- ----- LWTT192 539855 6997076 3.4 --------- ------- -------- ----- LWTT193 539655 6997071 3 --------- ------- -------- -----
APPIX 2 - BRINE CHEMISTRY ANALYSIS
HOLE ID From To K Cl Na Ca Mg SO(4) TDS
(m) (m) (kg/m(3) ) (kg/m(3) ) (kg/m(3) ) (kg/m(3) ) (kg/m(3) ) (kg/m(3) ) (g/kg)
--------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ --------
LWTT138 0 4.2 4.250 148.800 87.900 0.704 5.050 13100 260
--------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ --------
LWTT139 0 1.5 4.600 154.900 90.500 0.669 6.100 13700 270
--------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ --------
LWTT140 0 1.5 4.510 163.100 93.400 0.611 6.270 13500 281
--------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ --------
Trench
P1e 0 2.5 4.350 154.900 90.600 0.654 5.590 13500 270
--------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ --------
Trench
P1e 0 2.5 4.680 166.500 95.800 0.573 6.370 14300 288
--------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ --------
Trench
P1e 0 2.5 4.820 166.250 96.200 0.559 6.550 14200 289
--------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ --------
LWTT147 0 3 4.750 168.350 99.500 0.546 7.320 15300 296
--------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ --------
LWTT148 0 3.1 4.310 153.350 91.300 0.672 6.660 13800 270
--------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ --------
LWTT149 0 3.9 3.480 124.150 73.000 0.876 5.320 12600 219
--------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ --------
LWTT150 0 3 3.110 106.350 61.700 1.030 4.390 11500 188
--------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ --------
LWTT151 0 3.5 3.260 104.950 62.000 1.090 4.090 10600 186
--------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ --------
LWTT152 0 3 3.740 117.000 68.400 1.030 4.460 11200 206
--------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ --------
LWTT153 0 3 4.070 131.000 76.100 0.887 4.470 11300 228
--------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ --------
LWTT154 0 3 4.550 147.550 88.900 0.742 5.400 12900 260 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT155 0 3.6 3.380 66.200 40.400 0.046 2.330 7200 120 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT156 0 3.4 4.500 146.000 86.800 0.732 5.600 13100 257 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT157 0 2.5 4.490 143.900 86.600 0.771 5.470 12800 254 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT158 0 3.25 3.330 107.950 64.700 1.050 4.150 11300 192 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT159 0 4.2 2.300 79.650 47.100 1.260 3.460 9720 143 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT160 0 4 2.110 77.000 46.100 1.190 3.330 10000 140 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT161 0 4.1 1.530 60.450 35.500 1.300 2.480 8220 109 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT162 0 3.5 2.060 82.600 48.100 1.100 4.120 11200 149 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT162 0 3.5 2.090 81.750 48.800 1.100 4.150 11500 149 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT163 0 4 4.580 154.050 91.300 0.718 6.150 12600 269 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT165 0 3.25 4.950 160.850 94.700 0.615 6.020 13300 280 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT166 0 3.1 4.770 151.750 90.800 0.715 5.790 13000 267 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT167 0 3 5.180 156.650 94.300 0.707 5.230 12500 275 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT168 0 3.5 3.420 107.400 65.000 1.130 3.920 10500 191 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT169 0 3.4 4.540 145.500 85.400 0.863 5.130 11100 253 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT178 0 3 4.730 173.750 101.000 0.475 8.180 16700 305 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT179 0 3 4.740 173.750 101.000 0.449 8.510 17400 306 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT180 0 3.5 4.930 171.650 101.000 0.474 7.760 16800 303 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT181 0 3.6 4.350 143.400 84.400 0.684 6.130 14600 254 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT182 0 3 4.250 155.950 92.900 0.601 6.560 15800 276 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT183 0 3.6 3.970 148.250 89.700 0.640 6.100 15000 264 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT184 0 2.75 4.590 167.300 99.400 0.502 7.420 16300 296 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT185 0 3.6 4.280 158.750 92.700 0.551 7.110 16300 280 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT186 0 3.2 4.120 157.000 90.400 0.574 7.310 15900 275 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT187 0 4.2 4.020 152.450 90.200 0.577 7.080 15800 270 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT188 0 3.6 4.480 165.900 96.200 0.495 7.270 16500 291 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT189 0 3.5 4.560 153.850 90.400 0.575 6.440 15600 271 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT190 0 3 4.150 142.350 83.700 0.683 5.740 13900 251 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT191 0 3.5 4.400 143.400 87.600 0.683 5.880 15.100 257 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT192 0 3.4 4.240 139.900 83.100 0.688 5.630 14.900 248 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT193 0 3 4.420 139.900 84.900 0.682 5.390 14.900 250 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT194 0 3.5 3.720 144.100 85.700 0.609 6.320 15.800 256 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT195 0 3.25 3.150 121.550 71.500 0.742 6.190 15.000 218 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT197 0 3.4 3.840 146.500 85.300 0.521 7.810 18.900 263 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT198 0 3.6 3.970 148.600 87.200 0.537 7.580 18.900 267 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT201 0 3.5 3.980 128.000 77.100 0.709 5.550 15.500 231 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT202 0 3.6 2.180 70.900 41.900 1.150 3.210 10.700 130 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT202 0 3.6 2.150 70.200 42.100 1.130 3.200 10.700 129 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT203 0 3.6 1.500 48.050 28.800 0.910 2.140 7.620 89 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT205 0 3.15 4.090 141.650 86.000 0.660 5.740 15.700 254 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT206 0 3.5 4.290 136.750 82.100 0.661 5.410 16.100 245 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT147 0 3 4.630 169.050 99.000 0.531 7.250 14.900 295
--------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT148 0 3 4.430 162.750 95.200 0.573 6.970 15.100 285 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT149 0 3 3.570 129.750 75.900 0.815 5.510 13.300 229 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT150 0 3.2 3.250 110.350 65.700 1.020 4.640 11.800 197 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT152 0 3.2 3.910 120.700 72.300 0.966 4.490 11.300 214 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT154 0 3.2 4.900 199.600 97.400 0.627 5.610 13.600 322 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT156 0 3 4.660 150.550 91.200 0.711 5.680 13.700 267 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT158 0 3 3.490 111.050 68.900 1.090 4.350 11.600 200 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT61 0 3 4.040 125.750 76.300 0.975 4.330 11.200 223 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT62 0 3.5 4.110 126.250 75.100 0.966 4.260 11.200 222 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT63 0 3.5 4.030 123.100 75.000 0.957 4.270 11.600 219 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT64 0 3 3.750 111.750 69.800 1.090 3.880 11.100 201 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT41 0 3 5.560 169.950 104.000 0.589 5.890 13.700 300 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT42 0 3 4.680 147.900 90.800 0.748 5.240 12.900 262 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT43 0 3.2 4.280 149.850 91.200 0.696 5.810 15.200 267 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT44 0 3.5 4.050 125.900 77.300 0.886 4.540 12.300 225 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT77 0 3.5 3.870 113.850 69.200 1.040 3.980 11.000 203 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT78 0 3.2 4.110 118.250 72.200 1.000 4.110 11.700 211 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT79 0 3.2 4.980 140.950 87.200 0.825 4.770 12.700 251 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT80 0 3.5 4.340 132.550 80.800 0.829 4.770 13.100 236 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT160 0 3 2.190 78.050 47.900 1.260 3.420 10.200 143 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT28 0 3.5 5.220 173.400 107.000 0.519 6.630 15.300 308 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT29 0 3.5 5.370 171.300 109.000 0.562 6.630 15.000 308 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTT30 0 3.5 5.200 170.300 106.000 0.575 6.650 14.800 304 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- Trench P1e 0 3 5.300 179.550 111.000 0.500 7.260 15.000 319 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- Trench P1e 0 3 5.320 178.500 110.000 0.495 7.090 15.200 317 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- Trench P1e 0 3 6.730 187.200 114.000 0.362 9.400 19.100 337 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ -------- LWTB011 0 60 4.120 136.900 85.300 0.579 7.050 18.600 253 --------- ------ ----- ------------ ------------ ------------ ------------ ------------ ------------ --------
APPIX 3 - JORC TABLE ONE
Section 1: Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling techniques Nature and quality of Geological samples were obtained from the excavator bucket
sampling (eg cut channels, at regular depth intervals.
random chips, or specific
specialised industry Brine samples were taken from the discharge of trench
standard measurement tools dewatering pumps
appropriate to the
minerals under
investigation, such as
down hole
gamma sondes, or handheld
XRF instruments, etc).
These examples should not
be taken as limiting
the broad meaning of
sampling.
Include reference to
measures taken to ensure
sample representivity and
the appropriate
calibration
of any measurement tools
or systems used.
Aspects of the
determination of
mineralisation that are
Material to the Public
Report.
In cases where 'industry
standard' work has been
done this would be
relatively simple (eg
'reverse circulation
drilling was used to
obtain 1 m samples from
which 3 kg was pulverised
to produce a 30 g charge
for fire assay'). In other
cases more explanation may
be required,
such as where there is
coarse gold that has
inherent sampling
problems. Unusual
commodities
or mineralisation types
(eg submarine nodules) may
warrant disclosure of
detailed information.
=========================== =========================== ============================================================
Drilling techniques Drill type (eg core, Excavation with a low ground pressure excavator
reverse circulation,
open-hole hammer, rotary
air blast, auger, Bangka,
sonic, etc) and details
(eg core diameter, triple
or standard tube, depth of
diamond tails,
face-sampling bit or other
type, whether core is
oriented and if so, by
what method, etc).
Drill sample recovery Method of recording and Not Applicable
assessing core and chip
sample recoveries and
results assessed.
Measures taken to maximise
sample recovery and ensure
representative nature of
the samples.
Whether a relationship
exists between sample
recovery and grade and
whether sample bias may
have occurred due to
preferential loss/gain of
fine/coarse material.
=========================== =========================== ============================================================
Logging Whether core and chip All trenches were geologically logged qualitatively by a
samples have been qualified geologist, noting in particular
geologically and moisture content of sediments, lithology, colour,
geotechnically logged to a induration, grainsize and shape, matrix
level and structural observations. Flow rate data was logged to
of detail to support note water inflow zones.
appropriate Mineral
Resource estimation,
mining studies and
metallurgical
studies.
Whether logging is
qualitative or
quantitative in nature.
Core (or costean, channel,
etc)
photography.
The total length and
percentage of the relevant
intersections logged.
Sub-sampling techniques If core, whether cut or Brine samples were taken from the discharge of trench
and sample preparation sawn and whether quarter, dewatering pumps.
half or all core taken. Sample bottles are rinsed with brine which is discarded
If non-core, whether prior to sampling.
riffled, tube sampled, All brine samples taken in the field are split into two
rotary split, etc and sub-samples: primary and duplicate.
whether sampled wet or Reference samples were analysed at a separate laboratory
dry. for QA/QC.
For all sample types, the Representative chip trays and bulk lithological samples are
nature, quality and kept for records.
appropriateness of the
sample preparation
technique.
Quality control procedures
adopted for all
sub-sampling stages to
maximise representivity
of samples.
Measures taken to ensure
that the sampling is
representative of the in
situ material collected,
including for instance
results for field
duplicate/second-half
sampling.
Whether sample sizes are
appropriate to the grain
size of the material being
sampled.
=========================== =========================== ============================================================
Quality of assay data and The nature, quality and Primary samples were sent to Bureau Veritas Minerals
laboratory tests appropriateness of the Laboratory, Perth.
assaying and laboratory Brine samples were analysed using ICP-AES for K, Na,
procedures used and Mg, Ca, with chloride determined by Mohr
whether the technique is titration and alkalinity determined volumetrically.
considered partial or Sulphate was calculated from the ICP-AES
total. sulphur analysis.
For geophysical tools, * Reference standard solutions were sent to Bureau
spectrometers, handheld Veritas Minerals Laboratory to check accuracy.
XRF instruments, etc, the
parameters used in
determining the analysis
including instrument make
and model, reading times,
calibrations
factors applied and their
derivation, etc.
Nature of quality control
procedures adopted (eg
standards, blanks,
duplicates, external
laboratory
checks) and whether
acceptable levels of
accuracy (ie lack of bias)
and precision have been
established.
Verification of sampling The verification of Data entry is done in the field to minimise transposition
and assaying significant intersections errors.
by either independent or Brine assay results are received from the laboratory in
alternative company digital format, these data sets are
personnel. subject to the quality control described above. All
The use of twinned holes. laboratory results are entered in to the
Documentation of primary company's database and validation completed.
data, data entry Independent verification of significant intercepts was not
procedures, data considered warranted given the
verification, data storage relatively consistent nature of the brine.
(physical
and electronic) protocols.
Discuss any adjustment to
assay data.
=========================== =========================== ============================================================
Location of data points Accuracy and quality of Trench co-ordinates were captured using hand held GPS.
surveys used to locate Coordinates were provided in GDA 94_MGA Zone 51.
drill holes (collar and Topographic control is obtained using Geoscience
down-hole surveys), Australia's 1-second digital elevation product.
trenches, mine workings
and other locations used
in Mineral Resource
estimation.
Specification of the grid
system used.
Quality and adequacy of
topographic control.
Data spacing and Data spacing for reporting Trench spacing is shown on the attached map and varies due
distribution of Exploration Results. to irregular access along the lake
Whether the data spacing edge.
and distribution is
sufficient to establish
the degree of geological
and grade continuity
appropriate for the
Mineral Resource and Ore
Reserve estimation
procedure(s)
and classifications
applied.
Whether sample compositing
has been applied.
=========================== =========================== ============================================================
Orientation of data in Whether the orientation of Trenches and pits were vertical. Geological structure is
relation to geological sampling achieves unbiased considered to be flat lying.
structure sampling of possible
structures and
the extent to which this
is known, considering the
deposit type.
If the relationship
between the drilling
orientation and the
orientation of key
mineralised
structures is considered
to have introduced a
sampling bias, this should
be assessed and reported
if material.
Sample security The measures taken to All brine samples were marked and kept onsite before
ensure sample security. transport to the laboratory.
All remaining sample and duplicates are stored in the Perth
office in climate-controlled conditions.
Chain of Custody system is maintained.
=========================== =========================== ============================================================
Audits or reviews The results of any audits Data review is summarised in Quality of assay data,
or reviews of sampling laboratory tests and Verification of sampling
techniques and data. and assaying. No audits were undertaken.
=========================== =========================== ============================================================
Section 2: Reporting of Exploration Results
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure Type, reference name/number, location Tenements drilled were granted
status and ownership including agreements or exploration licences 38/2710,
material issues 38/2821, 38/2824, 38/3055, 38/3056
with third parties such as joint and 38/3057 in Western Australia.
ventures, partnerships, overriding Exploration Licenses are held by
royalties, native title Piper Preston Pty Ltd (fully owned
interests, historical sites, subsidiary of ASLP).
wilderness or national park and
environmental settings.
The security of the tenure held at
the time of reporting along with any
known impediments
to obtaining a licence to operate in
the area.
====================================== ====================================== ======================================
Exploration done by other parties Acknowledgment and appraisal of No other known exploration has
exploration by other parties. occurred on the Exploration Licenses.
Geology Deposit type, geological setting and Salt Lake Brine Deposit
style of mineralisation.
====================================== ====================================== ======================================
Drill hole Information A summary of all information Details are presented in the report.
material to the understanding of
the exploration results including
a tabulation of the following
information for all Material
drill holes:
o easting and northing of the
drill hole collar
o elevation or RL (Reduced Level
- elevation above sea level in
metres) of the drill hole
collar
o dip and azimuth of the hole
o down hole length and
interception depth
o hole length.
If the exclusion of this
information is justified on the
basis that the information is not
Material and this exclusion does
not detract from the
understanding of the report, the
Competent
Person should clearly explain why
this is the case.
Data aggregation methods In reporting Exploration Results, Within the salt lake extent no low
weighting averaging techniques, grade cut-off or high grade capping
maximum and/or minimum grade has been implemented.
truncations (eg cutting of high
grades) and cut-off grades are
usually Material and should
be stated.
Where aggregate intercepts
incorporate short lengths of high
grade results and longer lengths
of low grade results, the procedure
used for such aggregation should be
stated and some typical
examples of such aggregations should
be shown in detail.
The assumptions used for any
reporting of metal equivalent values
should be clearly stated.
====================================== ====================================== ======================================
Relationship between mineralisation These relationships are particularly The unit is flat lying and trenches
widths and intercept lengths important in the reporting of and pits are vertical hence the
Exploration Results. intersected downhole depth
If the geometry of the mineralisation is equivalent to the inferred
with respect to the drill hole angle thickness of mineralisation.
is known, its nature
should be reported.
If it is not known and only the down
hole lengths are reported, there
should be a clear statement
to this effect (eg 'down hole length,
true width not known').
Diagrams Appropriate maps and sections (with Addressed in the announcement.
scales) and tabulations of intercepts
should be included
for any significant discovery being
reported These should include, but
not be limited to a
plan view of drill hole collar
locations and appropriate sectional
views.
====================================== ====================================== ======================================
Balanced reporting Where comprehensive reporting of all All results have been included.
Exploration Results is not
practicable, representative
reporting of both low and high grades
and/or widths should be practiced to
avoid misleading
reporting of Exploration Results.
Other substantive exploration data Other exploration data, if meaningful Gravity survey was completed by Atlas
and material, should be reported Geophysics using a Hi Target V100
including (but not GNSS receiver for
limited to): geological observations; accurate positioning and CG-5 Digital
geophysical survey results; Automated Gravity Meter.
geochemical survey results; Gravity data was gained using the
bulk samples - size and method of contractors rapid acquisition, high
treatment; metallurgical test accuracy UTV borne techniques.
results; bulk density, groundwater, The company's own in-house reduction
geotechnical and rock and QA software was used to reduce
characteristics; potential the data on a daily
deleterious or contaminating basis to ensure quality and
substances. integrity. All gravity meters were
calibrated pre and post survey
and meter drift rates were monitored
daily. 3 to 5 % of the stations are
repeated for quality
control.
Western Geophysics were engaged to
manage and process the gravity
survey. Processing the survey
involved reducing the gravity data
and integrating to the regional data
to a residual anomaly
which shows there is a
semi-continuous distinct residual
gravity low of negative 2 to 2.5
milligals present along eastern to
central areas to the entire tenement
area.
====================================== ====================================== ======================================
Further work The nature and scale of planned Further trench testing and Numerical
further work (eg tests for lateral hydrogeological modelling to be
extensions or depth extensions completed that incorporates
or large-scale step-out drilling). the results of the test pumping. The
Diagrams clearly highlighting the model will be the basis of the annual
areas of possible extensions, brine abstraction
including the main geological rate and mine life.
interpretations and future drilling
areas, provided this information is
not commercially sensitive.
====================================== ====================================== ======================================
For further information please visit www.saltlakepotash.com.au or contact:
Matthew Syme/Sam Cordin Salt Lake Potash Limited Tel: +61 8 9322 6322 Colin Aaronson/Richard Tonthat/Daniel Bush Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 207 383 5100 Nick Tulloch/Beth McKiernan Cenkos Securities plc (Broker) Tel: +44 (0) 131 220 6939
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCDMGGKZMGGNZM
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May 02, 2017 02:01 ET (06:01 GMT)
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