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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 |
TIDMSO4
RNS Number : 3378H
Salt Lake Potash Limited
12 March 2018
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12 March 2018 AIM/ASX Code: SO4
SALT LAKE POTASH LIMITED
MOU With Blackham Resources For Potential Development Of Lake Way
--------------------------------------------------------------------
Salt Lake Potash (SLP) is pleased to announce that the Company has entered a Memorandum of Understanding (MOU) with Blackham Resources Limited (Blackham) to investigate the potential development of a Sulphate of Potash (SOP) operation based at Lake Way, near Wiluna.
SLP holds approximately 290km(2) of tenure over the Lake Way Paleochannel, as part of the Goldfields Salt Lakes Project (GSLP). Blackham is the owner of the Matilda-Wiluna Gold Operation and holds approximately 64km(2) at the Northern End of the Lake. This surrounds the former Williamson Pit, last mined in 2006 and now filled with brine at an exceptional grade of 25kg/m(3) of SOP.
Under the MOU, SLP will acquire Blackham's brine rights and Blackham will acquire gold rights to SLP's Lake Way holdings, with each company retaining a royalty on their respective holdings. The parties will also co-operate to exchange data and facilitate activities on each other properties.
SLP will investigate the development of an SOP operation at Lake Way, including initially a 40-50,000tpa Demonstration Plant. SLP will sole fund the evaluation and development of any SOP operation at Lake Way. Lake Way has some compelling advantages which make it potentially an ideal site for an SOP operation, including:
-- Substantial capital and operating savings from sharing overheads and infrastructure with the Wiluna Gold Mine, benefits which both Companies would capture. This includes potentially the accommodation camp, flights, power, maintenance, infrastructure and other costs.
-- The site has an excellent freight solution, located 2km from Goldfields Highway, which is permitted for heavy haulage 4 trailer road trains to the railhead at Leonora. It is also adjacent to the Goldfields Gas Pipeline.
-- A Demonstration Plant would likely be built on Blackham's existing Mining Licences, already subject of a Native Title Agreement.
-- SLP would dewater the existing Williamson Pit, prior to Blackham mining, planned for early 2019. The pit contains an estimated 1.2GL of brine at the exceptional grade of 25kg/m(3) of SOP (Refer Appendix 1 for Williamson Pit brine samples details). This brine is potentially the ideal starter feed for evaporation ponds, having already evaporated from the normal Lake Way brine grade, which averages around 14kg/m(3) (.)
-- The high grade brines at Lake Way will result in lower capital and operating costs due to lower extraction and evaporation requirements.
-- There would be substantial savings to both parties from co-operating on activities on each other's ground.
-- Historical exploration and initial sampling indicate the presence of clays in the upper levels of the lake which should be amenable to low cost, on-lake evaporation pond construction.
SLP will complete a Scoping Study for a potential SOP operation at Lake Way, including a Demonstration Plant, by mid-2018, in time to allow a decision on dewatering the Williamson Pit. There is substantial historical data available for Lake Way and the companies have already undertaken preliminary sampling in the Blackham area. Along with the extensive, high quality technical work undertaken at SLP's other lakes, which has substantial application at Lake Way, a Scoping Study can be reliably undertaken in a much shorter timeframe than would normally be the case.
SLP CEO Matt Syme said "we are pleased to reach this agreement with Blackham which could potentially bring very substantial benefit to both companies, and adds significant value from mineral rights to which neither company ascribed value as a standalone. Lake Way appears to be an ideal site for our SOP Demonstration Plant and subsequent expansions. We expect it would result in material time and cost savings for us and also bring significant benefits to the Wiluna Community. It appears to have the best combination in Australia of scale, brine chemistry, permitting and infrastructure access and justifies the effort to prove its potential. Work will continue in parallel at Lake Wells, where our Mining Lease Application is in progress."
LAKE WAY
Lake Way is located in the Goldfields region of Western Australia, less than 15km south of Wiluna. The surface area of the Lake is over 200km(2) .
Lake Way was identified due to its strategic location and significant infrastructure advantages. The Wiluna region is an historic mining precinct dating back to the late 19th century. It has been a prolific nickel and gold mining region and therefore has well developed, high quality infrastructure in place.
The Goldfields Highway is a high quality sealed road permitted to carry quad road trains and passes 2km from the Lake. The Goldfields Gas Pipeline is adjacent to SLP's tenements, running past the eastern side of the Lake.
As described in SLP's ASX Announcement dated 12 December 2017, Lake Way has been extensively explored and mined previously. A paleochannel has been well defined along the Eastern edge of the lake, including brine sampling at depth and test pumping of the basal aquifer.
Competent Persons Statement
The information in this report that relates to Exploration Results for Lake Way 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.
Forward Looking Statements
This announcement may include forward-looking statements. These forward-looking statements are based on Salt Lake's expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Salt Lake, which could cause actual results to differ materially from such statements. Salt Lake makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement.
APPIX 1 - BRINE CHEMISTRY ANALYSIS
PIT SAMPLE Depth (m) K Cl Na Ca Mg SO(4) TDS
East North (mg/L) (mg/L) (mg/L) (mg/L) (mg/L) (mg/L) (g/L)
------------ ------- -------- ---------- -------- -------- -------- -------- -------- -------- -------
Y800006 233338 7035669 1 11,400 180,250 106,000 173 14,400 47,700 371
------------ ------- -------- ---------- -------- -------- -------- -------- -------- -------- -------
Y800008 233338 7035669 20 11,400 181,300 106,000 175 14,400 48,000 371
------------ ------- -------- ---------- -------- -------- -------- -------- -------- -------- -------
Y800010 233338 7035669 35 11,300 180,800 107,000 174 14,700 48,300 373
------------ ------- -------- ---------- -------- -------- -------- -------- -------- -------- -------
Y800012 233334 7035874 1 11,100 179,050 106,000 171 14,200 47,100 368
------------ ------- -------- ---------- -------- -------- -------- -------- -------- -------- -------
Y800014 233334 7035874 20 11,400 171,150 107,000 180 14,400 47,100 378
------------ ------- -------- ---------- -------- -------- -------- -------- -------- -------- -------
Y800016 233334 7035874 35 11,500 182,000 111,000 179 14,700 49,200 373
------------ ------- -------- ---------- -------- -------- -------- -------- -------- -------- -------
Y800018 233335 7036022 1 11,300 179,400 106,000 177 14,300 47,400 367
------------ ------- -------- ---------- -------- -------- -------- -------- -------- -------- -------
Y800020 233335 7036022 20 11,400 181,150 107,000 177 14,500 48,300 375
------------ ------- -------- ---------- -------- -------- -------- -------- -------- -------- -------
Y800022 233335 7036022 35 11,400 181,150 107,000 179 14,800 48,900 376
------------ ------- -------- ---------- -------- -------- -------- -------- -------- -------- -------
APPIX 2 - JORC TABLE ONE
Section 1: Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling techniques Nature and quality of sampling (eg Brine samples were collected from
cut channels, random chips, or Williamson Pit at various depths.
specific specialised industry
standard measurement tools
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, reverse Not applicable
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 assessing Not applicable
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 samples have Not applicable
been geologically and geotechnically
logged to a level
of detail to support 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 and sample If core, whether cut or sawn and Sample bottles are rinsed with brine
preparation whether quarter, half or all core which is discarded prior to sampling.
taken. All brine samples taken in the field
If non-core, whether riffled, tube are split into two sub-samples:
sampled, rotary split, etc and primary and duplicate.
whether sampled wet or dry. Reference samples were analysed at a
For all sample types, the nature, separate laboratory for QA/QC.
quality and 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 laboratory The nature, quality and Primary samples were sent to Bureau
tests appropriateness of the assaying and Veritas Minerals Laboratory, Perth.
laboratory procedures used and Brine samples were analysed using
whether the technique is considered ICP-AES for K, Na, Mg, Ca, with
partial or total. chloride determined by Mohr
For geophysical tools, spectrometers, titration and alkalinity determined
handheld XRF instruments, etc, the volumetrically. Sulphate was
parameters used in calculated from the ICP-AES
determining the analysis including sulphur analysis.
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 and assaying The verification of significant Data entry is done in the field to
intersections by either independent minimise transposition errors.
or alternative company Brine assay results are received from
personnel. the laboratory in digital format,
The use of twinned holes. these data sets are
Documentation of primary data, data subject to the quality control
entry procedures, data verification, described above. All laboratory
data storage (physical results are entered in to the
and electronic) protocols. company's database and validation
Discuss any adjustment to assay data. completed.
Independent verification of
significant intercepts was not
considered warranted given the
relatively consistent nature of the
brine.
====================================== ====================================== ======================================
Location of data points Accuracy and quality of surveys used Sample co-ordinates were captured
to locate drill holes (collar and using hand held GPS.
down-hole surveys), Coordinates were provided in GDA
trenches, mine workings and other 94_MGA Zone 51.
locations used in Mineral Resource product.
estimation.
Specification of the grid system
used.
Quality and adequacy of topographic
control.
Data spacing and distribution Data spacing for reporting of Data spacing reported in Appendix 1
Exploration Results.
Whether the data spacing 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 relation to Whether the orientation of sampling Not Applicable
geological structure achieves unbiased 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 ensure sample All brine samples were marked and
security. kept onsite before 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 or reviews Data review is summarised in Quality
of sampling techniques and data. of assay data, laboratory tests and
Verification of sampling
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 Pit samples were taken from M53/253
status and ownership including agreements or owned by Blackham Resources Limited
material issues (held by Nova Energy
with third parties such as joint Ltd) under the permission of Blackham
ventures, partnerships, overriding Resources Limited.
royalties, native title
interests, historical sites,
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 Addressed in the announcement dated
exploration by other parties. 12 December 2017.
Geology Deposit type, geological setting and Salt Lake Brine Deposit
style of mineralisation.
====================================== ====================================== ======================================
Drill hole Information A summary of all information Not Applicable
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, No low grade cut-off or high grade
weighting averaging techniques, capping has been implemented.
maximum and/or minimum grade
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 Not applicable
widths and intercept lengths important in the reporting of
Exploration Results.
If the geometry of the mineralisation
with respect to the drill hole angle
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 Not Applicable
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 Addressed in the announcement.
and material, should be reported
including (but not
limited to): geological observations;
geophysical survey results;
geochemical survey results;
bulk samples - size and method of
treatment; metallurgical test
results; bulk density, groundwater,
geotechnical and rock
characteristics; potential
deleterious or contaminating
substances.
====================================== ====================================== ======================================
Further work The nature and scale of planned Addressed in the announcement.
further work (eg tests for lateral
extensions or depth extensions
or large-scale step-out drilling).
Diagrams clearly highlighting the
areas of possible extensions,
including the main geological
interpretations and future drilling
areas, provided this information is
not commercially sensitive.
====================================== ====================================== ======================================
For further information please visit www.saltlakepotash.com.au or contact:
Matt Syme/Sam Cordin Salt Lake Potash Limited Tel: +61 8 9322 6322 Jo Battershill Salt Lake Potash Limited Tel: +44 (0) 20 7478 3900 Colin Aaronson/Richard Tonthat Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383 5100 Derrick Lee/Beth McKiernan Cenkos Securities plc (Joint Broker) Tel: +44 (0) 131 220 6939 Jerry Keen/Toby Gibbs Shore Capital (Joint broker) Tel: +44 (0) 20 7468 7967
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUAUKRWRAOAAR
(END) Dow Jones Newswires
March 12, 2018 03:00 ET (07:00 GMT)
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