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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 : 9618Y
Salt Lake Potash Limited
11 December 2017
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11 December 2017 AIM/ASX Code: SO4
SALT LAKE POTASH LIMITED
Emerging World Class SOP Potential Supported By Lake Way Reconnaissance Work
------------------------------------------------------------------------------
Salt Lake Potash Limited (SLP or the Company) is pleased to announce the results of reconnaissance surface sampling at Lake Way, with brine samples averaging 15kg/m(3) of Sulphate of Potash (SOP) equivalent.
In conjunction with extensive historical exploration data, these results indicate excellent potential for Lake Way to host a large high-grade SOP brine resource, substantially enhancing the prospects of the Company's Goldfields Salt Lakes Project (GSLP).
Highlights of Lake Way:
Ø Preliminary surface sampling indicate excellent chemistry for potential SOP production:
Brine Chemistry K Mg SO(4) TDS SOP*
Equivalent
--------------------------------------
(mg/L) (mg/L) (mg/L) (mg/L) (kg/m(3) )
-------------------------------------- ------- ------- ------- -------- ------------
Surface Sampling (average 8 samples) 6,859 7,734 25,900 243,000 15.25
-------------------------------------- ------- ------- ------- -------- ------------
* Conversion factor of K to SOP (K(2) SO(4) equivalent) is 2.23
Ø Extensive historical exploration in the area supports the brine chemistry at depth and also indicates the presence of a potentially high yielding paleochannel aquifer, with a number of Constant Rate Pumping Tests (CRT) producing yields between 520kL/day and 840kL/day.
Ø Large surface area for potential extraction of brine via trenches and construction of on-lake evaporation ponds.
Ø Lake Way is located less than 15km from Wiluna adjacent to the Goldfields Highway, Goldfields Gas Pipeline and 280km from the Leonora railhead.
Commenting on the Lake Way results, SLP's CEO, Matt Syme, said:
"These reconnaissance sampling results, in combination with the review of historical exploration data, provides an exciting opportunity at Lake Way. Lake Way itself appears capable of supporting a high quality standalone SOP project, but also offers significant opportunity to be integrated into the GSLP - an emerging and potentially world class SOP province. The Company will follow these initial results with a comprehensive exploration program in the new year."
LAKE WAY
Lake Way is located in the Goldfields region of Western Australia, less than 15km south of Wiluna. The Project comprises 210km(2) of granted and 77km(2) of pending exploration license applications, substantially covering the Lake Way playa. The surface area of the Lake is approximately 170km(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 western side of the Lake.
The Wiluna area is subject to Native Title in favour of the Wiluna People represented by the Tarlka Matuwa Piarku Aboriginal Corporation (TMPAC). In July 2016, TMPAC reached a Mining Agreement with Toro Energy Limited, a uranium developer near Lake Way. SLP will seek to enter a dialogue and similar agreement with TMPAC.
Reconnaissance and Pit Sampling Program
The Company conducted an initial reconnaissance surface sampling program at Lake Way in November 2017. A total of 8 pit samples were collected at Lake Way encountering brine at a standing water level from less than 1 metre from surface. The average brine chemistry of the samples was:
Brine Chemistry K Mg SO(4) TDS SOP*
Equivalent
--------------------------------------
(mg/L) (mg/L) (mg/L) (mg/L) (kg/m(3) )
-------------------------------------- ------- ------- ------- -------- ------------
Surface Sampling (average 8 samples) 6,859 7,734 25,900 243,000 15.25
-------------------------------------- ------- ------- ------- -------- ------------
* Conversion factor of K to SOP (K(2) SO(4) equivalent) is 2.23
Exploration History
Significant historical exploration work has been completed in the Lake Way area focusing on nickel, gold and uranium. The Company has reviewed multiple publicly available documents including relevant information on Lake Way's hydrogeology and geology.
The Lake Way drainage is incised into the Archean basement and now in-filled with a mixed sedimentary sequence, the paleochannel sands occurring only in the deepest portion. The mixed sediments include sand, silts and clays of lacustrine, aeolin, fluvial and colluvial depositional origins. The surficial deposits also include chemical sediments comprising calcrete, silcrete and ferricrete. The infill sediments provide a potential reservoir for large quantities of groundwater.
Groundwater exploration was undertaken in the early 1990s by AGC Woodward Clyde to locate and secure a process water supply for WMC Resources Limited's Mt Keith nickel operation. There was a wide and extensive program of exploration over 40 km of palaeodrainage that focused on both the shallow alluvium and deeper palaeochannel aquifers.
The comprehensive drilling program comprised 64 air-core drillholes totalling 4,336m and five test production bores (two of which were within SLP's exploration licences). The aquifers identified were a deep palaeochannel sand unit encountered along the length of the Lake Way investigation area and a shallow aquifer from surface to a depth of approximately 30m.
The shallow aquifer comprises a mixture of alluvium, colluvium and lake sediments extending beyond the lake playa and continuing downstream. Bore yields from Constant Rate Tests (CRT) in the shallow aquifer ranged from 60kL/day up to 590kL/day in permeable coarse-grained sand.
The deep palaeochannel sand aquifer is confined beneath plasticine clay up to 70m thick. The sand comprises medium to coarse grained quartz grains with little clay - it is approximately 30m thick and from 400m to 900m in width. Five test production bores were developed, of which two are within SLP's tenements. CRT bore yields ranged from 520kL/day up to 840kL/day in permeable coarse-grained sand.
The groundwater is hypersaline and saturated near the lake surface with concentrations declining away from the lake. In the production bores within the SLP tenement, the potassium concentration was 4,000 mg/L K in the shallow aquifer and between 6,000 and 6,300 mg/L K in the deep aquifer.
Competent Persons Statement
The information in this report that relates to Exploration Results, or Mineral Resources 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.
APPIX 1 - BRINE CHEMISTRY ANALYSIS
HOLE ID K Cl Na Ca Mg SO(4) TDS
East North (mg/L) (mg/L) (mg/L) (mg/L) (mg/L) (mg/L) (mg/L)
--------- ------- -------- -------- -------- -------- -------- -------- -------- --------
Y700002 237500 7031600 8,110 149,750 86,800 359 8,930 30,600 288,000
--------- ------- -------- -------- -------- -------- -------- -------- -------- --------
Y700004 235968 7036128 6,950 124,750 74,200 503 7,280 28,000 240,000
--------- ------- -------- -------- -------- -------- -------- -------- -------- --------
Y700006 237015 7039115 6,980 132,800 79,200 445 8,470 31,800 258,000
--------- ------- -------- -------- -------- -------- -------- -------- -------- --------
Y700008 240508 7036136 6,440 142,100 78,300 407 12,000 33,000 274,000
--------- ------- -------- -------- -------- -------- -------- -------- -------- --------
Y700010 241352 7031891 7,210 127,200 72,800 593 6,630 22,500 238,000
--------- ------- -------- -------- -------- -------- -------- -------- -------- --------
Y700012 241855 7026999 7,090 114,750 67,000 638 5,450 21,900 216,000
--------- ------- -------- -------- -------- -------- -------- -------- -------- --------
Y700020 245022 7027585 6,930 123,700 73,000 624 6,440 22,100 231,000
--------- ------- -------- -------- -------- -------- -------- -------- -------- --------
Y700022 246105 7024796 5,160 109,300 59,700 803 6,670 17,300 201,000
--------- ------- -------- -------- -------- -------- -------- -------- -------- --------
Average 6,859 128,044 73,875 547 7,734 25,900 243,000
---------------------------- -------- -------- -------- -------- -------- -------- --------
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 shallow pits dug into the lake
specific specialised industry surface to a depth of 0.5
standard measurement tools to 0.75m. Brine samples are composite
appropriate to the minerals under samples from the water that filled
investigation, such as down hole the pit after digging.
gamma sondes, or handheld XRF The material in the pit was
instruments, etc). These examples geologically logged as a composite
should not be taken as limiting qualitative description for
the broad meaning of sampling. the entire pit.
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 All pits were geologically logged by
been geologically and geotechnically a qualified geologist, noting colour,
logged to a level induration, moisture
of detail to support appropriate content of sediments grain size
Mineral Resource estimation, mining distribution and lithology.
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 Representative chip trays and bulk
sample preparation technique. lithological samples are kept for
Quality control procedures adopted records.
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 Trench 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 Topographic control is obtained using
estimation. Geoscience Australia's 1-second
Specification of the grid system digital elevation product.
used.
Quality and adequacy of topographic
control.
Data spacing and distribution Data spacing for reporting of Data spacing is very wide and can
Exploration Results. only be considered to be
Whether the data spacing and reconnaissance level work.
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 Test pits were vertical. Geological
geological structure achieves unbiased sampling of structure is considered to be flat
possible structures and lying.
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 Tenement sampled 53/1878 in Western
status and ownership including agreements or Australia.
material issues Exploration Licenses are held by
with third parties such as joint Piper Preston Pty Ltd (fully owned
ventures, partnerships, overriding subsidiary of ASLP).
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.
exploration by other parties.
Geology Deposit type, geological setting and Salt Lake Brine Deposit
style of mineralisation.
====================================== ====================================== ======================================
Drill hole Information A summary of all information Hand dug pits as described above and
material to the understanding of presented in the announcement.
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 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 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 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 Further sampling and drilling to
further work (eg tests for lateral assess the occurrence of brine at
extensions or depth extensions depth.
or large-scale step-out drilling). Closer spaced, more evenly distribute
Diagrams clearly highlighting the drilling, particularly to define the
areas of possible extensions, thickness of the
including the main geological LPS unit.
interpretations and future drilling Hydraulic testing be undertaken, for
areas, provided this information is instance pumping tests from bores
not commercially sensitive. and/or trenches to
determine, aquifer properties,
expected production rates and
infrastructure design (trench
and bore size and spacing).
Lake recharge dynamics be studied to
determine the lake water balance and
subsequent production
water balance. For instance
simultaneous data recording of
rainfall and subsurface brine level
fluctuations to understand the
relationship between rainfall and
lake recharge, and hence
the brine recharge dynamics of the
Lake.
Study of the potential solid phase
soluble or exchangeable potassium
resource.
====================================== ====================================== ======================================
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) 207 478 3905 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 (Joint broker) Tel: +44 (0) 131 220 6939 Jerry Keen/Toby Gibbs Shore Capital (Joint broker) Tel: +44 (0 207 468 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
MSCEAEAFFSXXFFF
(END) Dow Jones Newswires
December 11, 2017 06:00 ET (11:00 GMT)
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