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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 |
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0 | 0 | N/A | 0 |
TIDMSO4
RNS Number : 1600O
Salt Lake Potash Limited
28 May 2020
28 May 2020 AIM/ASX Code: SO4 SALT LAKE POTASH LIMITED -------------------------
HARVEST SALT RESULTS REPORT ABOVE MODELLED POTASSIUM GRADES
Salt Lake Potash Limited (SO4 or the Company) is pleased to announce results of chemical analysis on a bulk sample from its Kainite harvest ponds at the Lake Way Project, showing above the modelled average Potassium grades.
HIGHLIGHTS
-- A bulk sample of Harvest Salt from the Stage 1 Kainite Ponds was collected in March to confirm plant feed grades and produce mass samples of premium quality SOP for end user customers.
-- Chemical analysis of these Harvest Salts has indicated potassium salts kainite and schoenite (as modelled) are present with a potassium concentration of 7.5%, above the modelled assumed plant feed of 6.8%. Sulphate concentration of 20.9% also matched expectations.
-- Results for other compounds, namely Sodium and Magnesium align with the anticipated plant feed grade.
-- The bulk sample confirms the Lake Way operation is precipitating plant feed Harvest Salts suitable for conversion to premium quality SOP in the designed flowsheet. This will be further confirmed via process testwork at Saskatchewan Research Council (SRC) in Saskatoon, Canada.
TONY SWIERICZUK, Chief Executive Officer
"These positive results confirm our Stage 1 ponds are operating within design parameters and are producing high grade potassium feed salts which can be converted to premium quality SOP. Following the strong results from pumping our first brine abstraction bore reported last week, today's results further highlights the extent to which the Lake Way Project and our on-lake production process has been de-risked over the last twelve months."
harvest salt chemical testwork
In March 2020 the Company harvested a bulk sample (277kg) of Harvest Salts from a single point location in Kainite Pond 1, Cell C4 (Figure 2) in the 125ha Stage 1 pond network. Brine feed to the Stage 1 ponds is from both the on-lake trenches and the Williamson Pit.
Following collection, the Harvest Salts were de-brined and homogenised. A representative 0.25kg sample was sent to the Bureau Veritas laboratory in Perth for chemical analysis.
The chemical composition of the sample is outlined in Table 1 and aligns with SO4's evaporation model, based on a series of comprehensive evaporation trials undertaken in 2018 and early 2019. The potassium grade of 7.5% is within the range of expected outcomes and is above the average BFS feed grade of 6.8%. Readings for all other elements were within the range of expected outcomes. XRD results are pending.
Harvest Salt element Wt % ---------------------- ------ Mg 3.3% ====================== ====== Ca 0.01% ====================== ====== Na 24.4% ====================== ====== K 7.5% ====================== ====== Cl 40.4% ====================== ====== SO4 20.9% ====================== ====== Mg 3.3% ====================== ======
Table 1: Table of Bureau Veritas sample results chemistry
Having confirmed that the chemical composition of the bulk sample aligns with SO4's modelling and the grades are within the expected ranges, the remainder of the bulk sample of Harvest Salts is now being shipped to SRC in Canada for confirmatory testwork to produce premium high grade SOP to generate further samples to provide to offtakers.
The Stage 1 pond network commenced commissioning in May 2019 and has been in operation for 12 months, with the continuous inflow of brine into the Halite Pond. Brine evaporates and increases in concentration as it flows through the pond cells. Halite salts form in the early cells prior to the higher concentrate brine being pumped into the Kainite harvest pond cells for the precipitation of the potassium rich harvest salts.
At the end of April 2020, 2.7GL of brine has been pumped into the Stage 1 pond network.
For further information or to view a full version of this announcement, please visit www.so4.com.au or contact:
Tony Swiericzuk / Richard Knights Salt Lake Potash Limited Tel: +61 8 6559 5800 Colin Aaronson / Richard Tonthat / Seamus Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383 5100 Fricker Derrick Lee / Peter Lynch Cenkos Securities plc (Joint Broker) Tel: +44 (0) 131 220 6939 Rupert Fane / Ernest Bell Hannam & Partners (Joint Broker) Tel: +44 (0) 20 7907 8500
This announcement has been authorised for release by the Company's Managing Director, Mr Tony Swiericzuk.
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.
Appendix A - Competent Person Statement and Disclaimer
Competent Persons Statement
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 Australasian Institute of Mining and Metallurgy. Mr Jones is a holder of shares and performance rights in, and is a Director of, Salt Lake 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.
Forward Looking Statements
This announcement may include forward-looking statements. These forward-looking statements are based on Salt Lake Potash'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 Potash, which could cause actual results to differ materially from such statements. Salt Lake Potash 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 B - JORC CODE, 2012 EDITION - TABLE 1
Section 1 - Sampling Techniques and Data
Criteria JORC Code explanation Commentary Sampling techniques Sampling involved * Nature and quality of sampling (e.g. cut channels, extraction of a small random chips, or specific specialised industry sample of harvest salt standard measurement tools appropriate to the from the Stage 1 kainite minerals under investigation, such as downhole gamma harvest sondes, or handheld XRF instruments, etc.). These ponds (C4) at Lake Way. examples should not be taken as limiting the broad The harvest ponds are meaning of sampling. large solar evaporation ponds which receive brine from the * Include reference to measures taken to ensure sample surrounding lake aquifer. presentively and the appropriate calibration of any Brine is pumped into the measurement tools or systems used. solar evaporation ponds and the chemistry is monitored and controlled * Aspects of the determination of mineralisation that to ensure the potassium are Material to the Public Report. salts are formed in the harvest ponds. A salt sample was taken from * In cases where 'industry standard' work has been done, a single point location this would be relatively simple (e.g. 'reverse in TK1C4, approximately circulation drilling was used to obtain 1 m samples 10m in from the centre of from which 3 kg was pulverised to produce a 30 g the western edge charge for fire assay'). In other cases, more of the pond, on 28 March explanation may be required, such as where there is 2020. coarse gold that has inherent sampling problems. The salt sample was taken Unusual commodities or mineralisation types (e.g. from the surface of the submarine nodules) may warrant disclosure of detailed salt pavement to a depth
information. of approximately 5cm. The salt sample was drained and placed into a total eight buckets (277kg gross) and shipped to Perth for analysis. Once received at the SO4 laboratory in Perth, the salt was further de-brined by draining the harvested salt through a strainer, then the drained salts were crushed by hand using hand tools (shovels and paving tamper) to nominally all passing 25mm, where the typical particle size is <5mm. The crushed salts were homogenised (overturned and mixed using shovels on a tarpaulin, then coned and quartered multiple times until a 1kg representative salt sample was obtained. A 250g sub sample was provided to Bureau Veritas for ICP-OES and XRD analysis. In addition to the salt sample, brine samples are taken from each solar evaporation pond regularly and routinely to monitor the solar evaporation process. Brine samples were taken manually by initially rinsing out the sample bottle with brine from the source then filling the bottle. Samples were analysed for K, Mg, Ca, Na, Cl, SO4, TDS and specific gravity. The temperature and pressure in each pond were logged electronically with piezometers. Brine is a homogenous fluid below the surface, while salt samples are cone and quartered to provide a homogenous sample. ------------------------------------------------------------- -------------------------- Drilling techniques No drilling was * Drill type (e.g. core, reverse circulation, open-hole undertaken during hammer, rotary air blast, auger, Bangka, sonic, etc.) sampling. The salt sample and details (e.g. core diameter, triple or standard was taken manually by tube, depth of diamond tails, face-sampling bit or shovel from other type, whether core is oriented and if so, by the surface of the salt what method, etc.). pavement. ------------------------------------------------------------- -------------------------- Drill sample recovery No drilling was * Method of recording and assessing core and chip undertaken during sample recoveries and results assessed. sampling. Brine samples taken from the ponds, were sampled * Measures taken to maximise sample recovery and ensure from beneath the surface representative nature of the samples. of the ponds, thus were representative of the entire pond as the * Whether a relationship exists between sample recovery ponds are small enough to and grade and whether sample bias may have occurred act as a homogeneous due to preferential loss/gain of fine/coarse liquid bodies. material. Salt samples were crushed, coned and quartered to ensure sample representativeness. The crushing and homogenisation lowers the risk of preferential
loss/gain of one size fraction over another. ------------------------------------------------------------- -------------------------- Logging No logging was undertaken * Whether core and chip samples have been geologically during sampling. 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 Not applicable, no and sample preparation * If core, whether cut or sawn and whether quarter, drilling was undertaken half or all core taken. during sampling. Not applicable, no drilling was undertaken * If non-core, whether riffled, tube sampled, rotary during sampling. split, etc. and whether sampled wet or dry. The brine samples were taken in sterile plastic bottles of 50ml or 250ml * For all sample types, the nature, quality and capacity. Brine is appropriateness of the sample preparation technique. a homogenous fluid below the surface, while salt is cone and quartered to * Quality control procedures adopted for all homogenise and sample. sub-sampling stages to maximise representivity of Brine was diluted (1:50 samples. in de-ionised water) at the lab to ensure accurate determination by * Measures taken to ensure that the sampling is ICP. representative of the insitu material collected, Salt was crushed to <25mm including for instance results for field and homogenising to duplicate/second-half sampling. ensure that the 250g subsample taken is representative * Whether sample sizes are appropriate to the grain for the grain size. 50g size of the material being sampled. of the wet homogenised sample is air dried at ambient temperature and sent for XRD. Following this the sample is crushed with a mortar and pestle to <120um. It is then packed into a pellet to undergo XRD analysis. 10g of the wet homogenised sample is air dried at ambient temperature. Residual moisture is determined by acetone-displacement wash followed by drying at a temperature of 60 degrees Celsius. Following this drying, the salt sample is dissolved in 100ml of de-ionised water, and is sent for ICP analysis. ------------------------------------------------------------- -------------------------- Quality of assay data and The brine and salt laboratory tests * The nature, quality and appropriateness of the samples were sent to assaying and laboratory procedures used and whether Bureau Veritas (BV) the technique is considered partial or total. Laboratories in Perth, WA. ICP and XRD preparation * For geophysical tools, spectrometers, handheld XRF undertaken at BV. instruments, etc., the parameters used in determining ICP analysis to determine the analysis including instrument make and model, the chemical ion reading times, calibrations factors applied and their analysis, and wet derivation, etc. chemistry titration to determine chloride content was * Nature of quality control procedures adopted (e.g. performed by Bureau standards, blanks, duplicates, external laboratory Veritas, Canning Vale, checks) and whether acceptable levels of accuracy WA. (i.e. lack of bias) and precision have been Sub samples prepared at established. BV were sent for XRD analysis to determine the salt crystal mineralogy at Microanalysis in Perth, WA. No laboratory analysis was undertaken with geophysical tools. All BV laboratories work
to documented procedures compliant with ISO 9001 Quality Management Systems. Rigorous quality control and quality assurance measures are applied throughout the entire process in their laboratories. Standard quality assurance procedures include: -- Analysis of blanks within each batch. -- The routine testing of suitable certified reference materials from national and international suppliers, in addition to in-house and client supplied standards. Standards will be selected based on the elements of interest, expected range of concentration, and the analytical method used. -- Duplicate samples are included in each batch to ensure that reproducible results are being achieved. Duplicate samples may be solutions, pulps or coarse splits as requested. -- Re-assay of anomalous results by our quality control staff using techniques considered appropriate for the level of analytes encountered. -- All sample results are reported. All blanks and standards are reported on request. Microanalysis uses XRD, which is semi-quantitative, as it does not take into account preferred orientation, strain or crystallite size. The amorphous content is estimated using the background ratio rather than an internal spike. All procedures are internally validated. Microanalysis Australia has an established QA/QC system of procedures for receipt, preparation and analysis of samples. All instruments are calibrated monthly with a certified reference standard. They run a calibration check using a certified Panalytical silicon standard monthly and monitor source decay. Repeatability studies have been undertaken to verify subsampling procedures. Every tenth sample is repeated to verify repeatability and consistency of results. ------------------------------------------------------------- -------------------------- Verification of sampling Not applicable, brine is and assaying * The verification of significant intersections by a homogenous fluid below either independent or alternative company personnel. the surface.
Not applicable, brine is a homogenous fluid below * The use of twinned holes. the surface. All sampling and assaying is well documented and * Documentation of primary data, data entry procedures, contained in SO4's data verification, data storage (physical and internal databases. electronic) protocols. No adjustments have been made to assay data. * Discuss any adjustment to assay data. ------------------------------------------------------------- -------------------------- Location of data points Location data is not * Accuracy and quality of surveys used to locate drill relevant for this process holes (collar and down-hole surveys), trenches, mine test and so was not workings and other locations used in Mineral Resource taken. estimation. * Specification of the grid system used. * Quality and adequacy of topographic control. ------------------------------------------------------------- -------------------------- Data spacing and Brine samples were taken distribution * Data spacing for reporting of Exploration Results. at appropriate time intervals, either weekly or biweekly, to gain * Whether the data spacing and distribution is sufficient resolution on sufficient to establish the degree of geological and the brines' evaporation grade continuity appropriate for the Mineral Resource pathway. and Ore Reserve estimation procedure(s) and The salt sample was taken classifications applied. from cell 4 of 5 cells in the Stage 1 harvest pond, whilst the brine * Whether sample compositing has been applied. chemistry of the cell was within the targeted "harvest zone" (where potassium salt is expected to be produced). The sample is therefore is indicative of the type of harvest salt produced in the potassium harvest ponds. Sample compositing has not been applied. ------------------------------------------------------------- -------------------------- Orientation of data in Not applicable as harvest relation to geological * Whether the orientation of sampling achieves unbiased salts were homogenised. structure sampling of possible structures and the extent to Drilling orientation is which this is known, considering the deposit type. not applicable. The entire mass of the salt sample produced by the * If the relationship between the drilling orientation solar pond was harvested, and the orientation of key mineralised structures is homogenised and sent for considered to have introduced a sampling bias, this assay. should be assessed and reported if material. ------------------------------------------------------------- -------------------------- Sample security SO4 operations personnel * The measures taken to ensure sample security. and engineers were responsible for sampling and homogenising all brine and salt samples prior to shipping to the BV lab in Perth and the SO4 lab/warehouse. The security measures for the material and type of sampling at hand was appropriate. ------------------------------------------------------------- -------------------------- Audits or reviews Data review is undertaken * The results of any audits or reviews of sampling in the report and techniques and data. included an assessment of the quality of assay data and laboratory tests and verification of sampling and assaying. No audits of sampling techniques and data have been undertaken. ------------------------------------------------------------- --------------------------
Section 2: Reporting of Exploration Results
Criteria JORC Code explanation Commentary Mineral tenement and land The Lake Way Project tenure status * Type, reference name/number, location and ownership comprises tenements held including agreements or material issues with third by Piper Preston Pty Ltd, parties such as joint ventures, partnerships, a wholly owned subsidiary overriding royalties, native title interests, of Salt Lake Potash historical sites, wilderness or national park and Limited (SO4 or the environmental settings. Company). * 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 No prior process (solar parties * Acknowledgment and appraisal of exploration by other evaporation) test work has parties. been undertaken by other parties on the brine from Williamson Pit or Lake Way Playa. The Company has previously reported a brine resource for the Lake Way Project - refer ASX Announcement 11 October 2019. There has been significant mineral exploration on and around Lake Way. The primary source for the information is the publicly available Western Australian Mineral Exploration (WAMEX) report data base. The majority of previous work has been concerned with investigating the bedrock and calcrete for gold and uranium, and it is of limited value in defining the stratigraphy of the lakebed sediments. The data has been shown to be useful in the determination of the top of the paleochannel basal sand and for the calibration of the passive seismic data. The data from previous exploration work by other parties has not been used in appraising the results of the process testwork included in this announcement. ------------------------------------------------------------ --------------------------- Geology The deposit is a salt-lake * Deposit type, geological setting and style of brine deposit. mineralisation. The lake setting is typical of a Western Australian palaeovalley environment. Ancient hydrological systems have incised palaeovalleys into Archaean basement rocks, which were then infilled by Tertiary-aged sediments typically comprising a coarse-grained fluvial basal sand overlaid by palaeovalley clay with some coarser grained interbeds. The clay is overlaid by recent Cainozoic material including lacustrine sediment, calcrete, evaporite and aeolian deposits. The brine is concentrated in solar evaporation ponds and the salt is precipitated into the evaporation ponds as fine (0.5 - 5mm) crystals that form a single, homogeneous salt bed. ------------------------------------------------------------ --------------------------- Drill hole Information No drilling was * A summary of all information material to the undertaken. understanding of the exploration results including a The brine source for the tabulation of the following information for all Stage 1 solar evaporation Material drill holes: pond, was initially sourced from the Williamson * easting and northing of the drill hole collar pit, and subsequently from an array of trenches constructed on the surface
* elevation or RL (Reduced Level - elevation above sea of Lake Way in level in metres) of the drill hole collar the vicinity of Stage 1 solar evaporation pond. * dip and azimuth of the hole * downhole length and interception depth * 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 Harvested salt from the * In reporting Exploration Results, weighting averaging solar evaporation ponds techniques, maximum and/or minimum grade truncations was homogenised, assayed (e.g. cutting of high grades) and cut-off grades are weighed to provide usually Material and should be stated. the estimated grade at the time of sampling. * 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 Not applicable to process mineralisation widths and * These relationships are particularly important in the testwork. intercept lengths 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 downhole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known'). ------------------------------------------------------------ --------------------------- Diagrams Maps and sections not * Appropriate maps and sections (with scales) and included for process tabulations of intercepts should be included for any testwork. Refer prior ASX significant discovery being reported These should Announcement dated 25 include, but not be limited to a plan view of drill February 2020. hole collar locations and appropriate sectional views. ------------------------------------------------------------ --------------------------- Balanced reporting All results have been * Where comprehensive reporting of all Exploration included in the body Results is not practicable, representative reporting of the report. of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. ------------------------------------------------------------ --------------------------- Other substantive All material process data exploration data * Other exploration data, if meaningful and material, has been reported. 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 Brine evaporation from the * The nature and scale of planned further work (e.g. solar ponds is ongoing, as tests for lateral extensions or depth extensions or the brine concentration large-scale step-out drilling). progresses to the target concentration points. * Diagrams clearly highlighting the areas of possible Downstream metallurgical extensions, including the main geological test work on the harvested interpretations and future drilling areas, provided salts will be undertaken this information is not commercially sensitive. by a world leading potash research laboratory to convert the harvest salt to a process intermediate (schoenite). The schoenite will then be tested by the crystalliser supplier. Brine and salt samples will continue to be collected during the establishment of a fully operational solar evaporation pond system. ------------------------------------------------------------ ---------------------------
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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