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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Kore Potash Plc | LSE:KP2 | London | Ordinary Share | GB00BYP2QJ94 | ORD USD0.001 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.52 | 0.50 | 0.54 | 0.52 | 0.52 | 0.52 | 2,048,714 | 07:31:43 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMKP2
RNS Number : 8512C
Kore Potash PLC
22 October 2020
22 October 2020
Kore Potash Plc
("Kore Potash" or the Company")
Drilling Campaign at DX Project Commences
Kore Potash plc ("the Company"), the potash development company with 97%-ownership of the Kola and DX Potash Projects in the Sintoukola Basin, is pleased to announce that it has commenced the planned drilling programme for the Phase 1 of Definitive Feasibility Study ("DFS") for the Company's DX Project ("DX").
Highlights
-- The drilling programme on Kore Potash's DX Project consisting of the drilling and analysis of up to 5 new diamond drill holes has commenced - these will improve confidence in the value of DX
-- The drilling is being done utilising Kore owned mud rotary and diamond drill rigs -- Phase One of the DX DFS is planned for completion in May 2021
Background
The drilling campaign has been designed to provide additional intercepts of the targeted sylvinite horizons and improve confidence in the DX Mineral Resources and Ore Reserves.
Kore Potash acquired two drill rigs, a mud rotary and a diamond drill rig in 2019 and previously utilised these drill rigs to complete the DX PFS drilling programme. These drill rigs will be used for this current drilling programme.
The same team of drilling professionals have been contracted to carry out this drilling campaign as those that undertook the PFS drilling campaign. Their local knowledge and understanding of the drill rigs are a positive in terms of safely completing the drilling programme at the lowest cost.
Drilling Programme
The Company is planning to drill up to 5 additional diamond drill holes within the DX Deposit which sits within the Dougou Permit area.
The drilling programme is designed to improve confidence in the Mineral Resources and Ore Reserves of the DX Deposit. The drill holes are designed to intersect the targeted potash seams approximately 400 metres below surface. The sylvinite seams at DX are at shallow depths compared to other potash deposits globally.
Drilling has commenced and two rotary drill holes will initially be drilled to the anhydrite layer that overlies the potash bearing "salt formation." Once these two holes have reached this point a further drilling team will be mobilised to commence with the diamond drilling of core on these two holes, while the mud rotary rig continues to drill the upper parts of the next holes.
Brad Sampson, Chief Executive of Kore Potash, said:
"It is very pleasing to be able to commence this drilling programme at DX on time and as planned."
"The majority of our drilling staff have been employed from the communities nearby the DX project area, and we are delighted to be able to find this capability locally and to continue contributing to the local economy."
Authorised for release by the Board of Directors.
SFor further information, please visit www.korepotash.com or contact:
Kore Potash Tel: +27 11 469 9140 Brad Sampson - CEO Tavistock Communications Tel: +44 (0) 20 7920 3150 Jos Simson Edward Lee Canaccord Genuity - Nomad and Tel: +44 (0) 20 7523 4600 Broker James Asensio Henry Fitzgerald-O'Connor Shore Capital - Joint Broker Tel: +44 (0) 20 7408 4050 Jerry Keen Toby Gibbs James Thomas
About Kore Potash's Projects
Kore Potash is an advanced stage mineral exploration and development company whose primary asset is 97%-owned interest in the Sintoukola project, a potash project located in the Republic of Congo. The Sintoukola project comprises the Dougou Extension sylvinite Deposit, the Kola sylvinite and carnallite Deposits, and the Dougou carnallite Deposit. These deposits are within the Dougou and Kola Mining Licenses. The Sintoukola project also includes the Sintoukola 2 Exploration License.
Sintoukola is located approximately 80 km to the north of the city of Pointe Noire which has a major port facility, and within 30 km of the Atlantic coast. Sintoukola has the potential to be among the world's lowest-cost potash producers and its location near the coast offers a transport cost advantage to global fertilizer markets.
The Dougou Extension sylvinite Deposit contains a total sylvinite Mineral Resource Estimate of 145 Mt grading 39.7% KCl, hosted by two seams. The results of a Pre- Feasibility Study ("PFS") were announced on 13 May 2020, which determined Ore Reserves of 17.7 Mt with an average grade of 41.7% KCl. Dougou Extension is located 15 km southwest of Kola. The deposit is open laterally; an Exploration Target for the northward extension of sylvinite was announced on the 21 November 2018.
The Kola sylvinite Deposit has a Measured and Indicated sylvinite Mineral Resource Estimate of 508 million tonnes grading 35.4% KCl. The results of a Definitive Feasibility Study ("DFS") were announced on 29 January 2019, which determined Ore Reserves of 152 Mt with an average grade of 32.5% KCl. The deposit is open laterally; an Exploration Target for the Southward extension of sylvinite was announced on the 21 November 2018.
The Dougou Extension and Kola sylvinite Deposits are considered high grade relative to most potash deposits globally and have the advantage of having very low content of insoluble material, less than 0.3% which provides a further processing advantage.
Glossary of Terms & Abbreviations
Hot Features
Premium
Term Explanation
classification (of The determination of the level of confidence
Resources and Reserves) of the estimations, in this case using the
categories of the JORC Code
-------------------------------------------------------
(Definitive) Feasibility A (Definitive) Feasibility Study is a comprehensive
Study technical and economic study of the selected
development option for a mineral project
that includes appropriately detailed assessments
of applicable Modifying Factors together
with any other relevant operational factors
and detailed financial analysis that are
necessary to demonstrate at the time of reporting
that extraction is reasonably justified (economically
mineable). The results of the study may reasonably
serve as the basis for a final decision by
a proponent or financial institution to proceed
with, or finance, the development of the
project. The confidence level of the study
will be higher than that of a Pre-Feasibility
Study.
-------------------------------------------------------
Indicated Mineral An 'Indicated Mineral Resource' is that part
Resource of a Mineral Resource for which quantity,
grade (or quality), densities, shape and
physical characteristics are estimated with
sufficient confidence to allow the application
of Modifying Factors in sufficient detail
to support mine planning and evaluation of
the economic viability of the deposit. Geological
evidence is derived from adequately detailed
and reliable exploration, sampling and testing
gathered through appropriate techniques from
locations such as outcrops, trenches, pits,
workings and drill holes, and is sufficient
to assume geological and grade (or quality)
continuity between points of observation
where data and samples are gathered. An Indicated
Mineral Resource has a lower level of confidence
than that applying to a Measured Mineral
Resource and may only be converted to a Probable
Ore Reserve.
-------------------------------------------------------
Inferred Mineral An 'Inferred Mineral Resource' is that part
Resource of a Mineral Resource for which quantity
and grade (or quality) are estimated on the
basis of limited geological evidence and
sampling. Geological evidence is sufficient
to imply but not verify geological and grade
(or quality) continuity. It is based on exploration,
sampling and testing information gathered
through appropriate techniques from locations
such as outcrops, trenches, pits, workings
and drill holes. An Inferred Mineral Resource
has a lower level of confidence than that
applying to an Indicated Mineral Resource
and must not be converted to an Ore Reserve.
It is reasonably expected that the majority
of Inferred Mineral Resources could be upgraded
to Indicated Mineral Resources with continued
exploration.
-------------------------------------------------------
Measured Mineral A 'Measured Mineral Resource' is that part
Resource of a Mineral Resource for which quantity,
grade (or quality), densities, shape, and
physical characteristics are estimated with
confidence sufficient to allow the application
of Modifying Factors to support detailed
mine planning and final evaluation of the
economic viability of the deposit. Geological
evidence is derived from detailed and reliable
exploration, sampling and testing gathered
through appropriate techniques from locations
such as outcrops, trenches, pits, workings
and drill holes, and is sufficient to confirm
geological and grade (or quality) continuity
between points of observation where data
and samples are gathered. A Measured Mineral
Resource has a higher level of confidence
than that applying to either an Indicated
Mineral Resource or an Inferred Mineral Resource.
It may be converted to a Proved Ore Reserve
or under certain circumstances to a Probable
Ore Reserve.
-------------------------------------------------------
Mineral Deposit A mineral deposit is a natural concentration
of minerals in the earth's crust.
-------------------------------------------------------
Mineral Reserve the economically mineable part of a Measured
and/or Indicated Mineral Resource. It includes
diluting materials and allowances for losses,
which may occur when the material is mined
or extracted and is defined by studies at
Pre-Feasibility or Feasibility level as appropriate
that include application of Modifying Factors.
Such studies demonstrate that, at the time
of reporting, extraction could reasonably
be justified
-------------------------------------------------------
Mineral Resource A 'Mineral Resource' is a concentration or
occurrence of solid material of economic
interest in or on the Earth's crust in such
form, grade (or quality), and quantity that
there are reasonable prospects for eventual
economic extraction. The location, quantity,
grade (or quality), continuity and other
geological characteristics of a Mineral Resource
are known, estimated or interpreted from
specific geological evidence and knowledge,
including sampling. Mineral Resources are
sub-divided, in order of increasing geological
confidence, into Inferred, Indicated and
Measured categories.
-------------------------------------------------------
Muriate of Potash The saleable form of potassium chloride,
(MoP) comprising a minimum of 95% KCl
-------------------------------------------------------
Ore and orebody Ore is the economically and technically mineable
material. The orebody is the mineable part
of the deposit comprising the Ore Reserves
-------------------------------------------------------
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October 22, 2020 02:00 ET (06:00 GMT)
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