We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 : 6028N
Salt Lake Potash Limited
21 May 2020
21 May 2020 AIM/ASX Code: SO4 SALT LAKE POTASH LIMITED -------------------------
PALEOCHANNEL BORE EXHIBITS STRONG FLOW RATES AND HIGH GRADES
Salt Lake Potash Limited (SO4 or the Company) is pleased to announce positive results from the pumping of its paleochannel brine extraction bore at Lake Way.
HIGHLIGHTS
-- Pumping of the initial brine extraction bore drilled into the Lake Way paleochannel delivered flow rates of 18 litres per second with a consistent Potassium grade of 7,100mg per litre (15.9kg/m(3) SOP), sustained over a 17 day period.
-- The results are significantly above average flow rates used in the Bankable Feasibility Study (BFS) announced 11 October 2019 of 8.4 litres per second (per bore) and average interpolated brine grades within the paleochannel of 6,100mg per litre (13.7kg/m(3) SOP).
-- Drawdown of brine observed in monitoring bores located next to the pumping bore aligned with hydrogeological assumptions used in the BFS.
-- The response to pumping observed in a monitoring bore 1.6 km away indicates continuity of the aquifer, whilst brine samples also indicate a consistent grade within this zone of the paleochannel.
-- Two additional brine extraction bores have been completed along the paleochannel with pumping expected to commence in the near term. In each case the primary basal sand aquifer was encountered in line with our geological model prediction.
TONY SWIERICZUK, Chief Executive Officer
"Strong results from pumping our first brine abstraction bore validates work undertaken as part of the BFS and highlights the value of the paleochannel resource which will be a significant contributor of brine supply to our ponds over the life of the project."
paleochannel drilling
In April SO4 commenced drilling its first brine extraction bore into the paleochannel basal sands at Lake Way.
The bore was located at Pad 17 with two monitoring bores also drilled adjacent. Test pumping was sustained over a 17 day period.
During the test pumping, brine samples were taken every 24 hours. Potassium and Sulphate grades were consistent throughout, averaging 7,100mg per litre and 29,700mg per litre respectively (15.9kg/m(3) SOP) . The 17 day duration of the test and constant pumping rate of 18 litres per second was sufficient to stress the aquifer and to model the longterm aquifer response to pumping.
Brine levels were measured in all three bores at Pad 17 and also in a monitoring bore at Pad 21 approximately 1.6km to the North.
Drawdown observed in the monitoring bores located at Pad 17 demonstrated that brine flow is sourced from lateral flow within the basal sand aquifer as well as from downward vertical leakage from the overlying paleovalley clays. This is consistent with modelling assumptions set out in the BFS.
Furthermore, drawdown was observed in the monitoring bore at Pad 21, indicating a strong continuity of flow and grade within this zone of the paleochannel. A brine sample taken from the monitoring bore at Pad 21 reported a grade of 7,230mg per litre Potassium (16.2kg/m(3) ) and 29,500 mg per litre Sulphate, consistent with that seen at Pad 17.
In the months ahead SO4 will drill and test pump further brine extraction bores along the Eastern side of Lake Way. During May bores have been completed at Pads 8 and 21, with test pumping expected to be completed in the near term. In each case the primary basal sand aquifer was encountered in line with our geological model prediction.
Bore Name Drilled Casing Intersected Modelled Easting Northing Elevation Depth Diameter and Screened Sand interval (mahd) (m) (mm) Interval (mbgl) ------------------------- -------- ---------- -------------- --------------- -------- --------- ---------- 92.5 - Pad 17: Pumping 113 255 94.4 - 112.4 111 239817 7040119 491 ------------------------- -------- ---------- -------------- --------------- -------- --------- ---------- 92.5 - Pad 17: Deep Monitoring 115 153 95 - 113 111 239804 7040107 491 ------------------------- -------- ---------- -------------- --------------- -------- --------- ---------- Pad 17: Shallow 92.5 - Monitoring 72 50 66.2 - 72.2 111 239812 7040119 491 ------------------------- -------- ---------- -------------- --------------- -------- --------- ---------- 90.5 - Pad 21: Deep Monitoring 114 255 93 - 111 109 238761 7041336 493 ------------------------- -------- ---------- -------------- --------------- -------- --------- ---------- Pad 8: Deep Monitoring 114 153 99 - 111 88 - 104 251766 7028264 492 ------------------------- -------- ---------- -------------- --------------- -------- --------- ----------
Note: Drilled depth equates to end of hole and all holes are vertical.
Table 1: Paleochannel drilling summary
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 announcement that relates to Exploration Results for Lake Way is based on, and fairly represents, information compiled by Mr Ben Jeuken, who is a member of the Australasian Institute of Mining and Metallurgy and a member of the International Association of Hydrogeologists. 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 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 Drill cuttings were * Nature and quality of sampling (e.g. cut channels, sampled every 2m. The mud random chips, or specific specialised industry rotary method used means standard measurement tools appropriate to the that the samples are minerals under investigation, such as downhole gamma only considered sondes, or handheld XRF instruments, etc.). These representative of the examples should not be taken as limiting the broad geology which is meaning of sampling. sufficient for the purposes of planning the construction of the * Include reference to measures taken to ensure sample brine pumping bore in presentively and the appropriate calibration of any this instance. measurement tools or systems used. A brine sample and duplicate were taken from
* Aspects of the determination of mineralisation that every bore after are Material to the Public Report. development. Brine samples and duplicates were taken * In cases where 'industry standard' work has been done, from the pumping bore at this would be relatively simple (e.g. 'reverse 1 hour after pumping circulation drilling was used to obtain 1 m samples commenced, 24 hours after from which 3 kg was pulverised to produce a 30 g pumping commenced and charge for fire assay'). In other cases, more every 24 hours for the explanation may be required, such as where there is remainder of the test coarse gold that has inherent sampling problems. duration. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed Samples were taken information. manually from a sampling valve on the side of the pump headworks. Prior to taking the sample the bottle was rinsed with brine from the pumping bore. Samples were analysed for K, Mg, Ca, Na, Cl, SO(4) , HCO(3) , NO(3) , pH, TDS and specific gravity. Test pumping entailed pumping from 90m below ground level (4m above the top of the screens) using a submersible electric pump. Water levels in the pumping bore and monitoring bores were measured manually and by pressure transducers with barometric pressure and brine density correction. ------------------------------------------------------------- -------------------------- Drilling techniques Mud rotary drilling was * Drill type (e.g. core, reverse circulation, open-hole used in all cases. The hammer, rotary air blast, auger, Bangka, sonic, etc.) pumping bore at Pad 17 and details (e.g. core diameter, triple or standard and the monitoring bore tube, depth of diamond tails, face-sampling bit or at Pad 21 were drilled to other type, whether core is oriented and if so, by 113m - 114m depth at 15" what method, etc.). diameter and completed with 10" PVC casing and wire wrap screens. 18m of screen were placed in the Pad 17 bore from 94.5mbgl to 112.5mbgl and in the Pad 21 bore from 93 - 111mbgl. The annulus was gravel packed with 1.6 - 3.2mm washed gravel from total depth to 10m above the screens a cement plug was installed from 74mbgl to 84mbgl and the bore backfilled with gravel to surface where a 6m sanitary cement seal was emplaced.. The deep monitoring bores at Pads 17 and 8 were drilled to 114m - 115m depth at a diameter of 9 7/8" and cased with 6" slotted and blank PVC, the bore was gravel packed to the surface using 1.6 - 3.2mm washed gravel. A 6 m sanitary cement seal was emplaced at the surface. The clay monitoring bore was drilled to 73.5mbgl to a diameter of 6". It was completed with 6m of 50mm PVC screen at the base (66.2mbgl to 72.2mbgl) - and blank 50mm PVC to surface. The bore was gravel packed with 1.6 - 3.2mm washed gravel and a neat
cement seal with 5% bentonite was installed via tremmie between 52 and 62m. All bores were developed using airlift techniques including surging until the discharge was clear of drill muds and sand . ------------------------------------------------------------- -------------------------- Drill sample recovery Drill cutting were * Method of recording and assessing core and chip collected at the top of sample recoveries and results assessed. the hole using a sieve every 2m. Chip trays were also completed for future * Measures taken to maximise sample recovery and ensure reference. representative nature of the samples. The sample provides an indication of the * Whether a relationship exists between sample recovery lithology only. There is and grade and whether sample bias may have occurred not a relationship due to preferential loss/gain of fine/coarse between material. the geology and brine grade. Flow and grade cannot be sampled during drilling when the mud rotary method is used. ------------------------------------------------------------- -------------------------- Logging The geological logging is * Whether core and chip samples have been geologically sufficient for the and geotechnically logged to a level of detail to purposes of identifying support appropriate Mineral Resource estimation, variations in sand/ clay mining studies and metallurgical studies. and silt fraction within the paleochannel lithology. * Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. For a brine abstraction project, the key parameters are the * The total length and percentage of the relevant hydraulic conductivity intersections logged. and storativity of the host rock, which will be determined during test pumping of the trenches. The logging is qualitative. The entire bore depth was logged in every case. ------------------------------------------------------------- -------------------------- Sub-sampling techniques Not applicable, mud and sample preparation * If core, whether cut or sawn and whether quarter, rotary drilling. half or all core taken. Not applicable, cutting sampled at the borehead * If non-core, whether riffled, tube sampled, rotary only. split, etc. and whether sampled wet or dry. The brine samples were taken after airlift * For all sample types, the nature, quality and development when each appropriateness of the sample preparation technique. bore was clear of drilling mud and residual sand. * Quality control procedures adopted for all sub-sampling stages to maximise representivity of Brine samples and samples. duplicates were taken during the test pumping at approximately 11am * Measures taken to ensure that the sampling is each representative of the insitu material collected, day of the test pump in including for instance results for field order to identify any duplicate/second-half sampling. variation in brine grade during the test pump duration. * Whether sample sizes are appropriate to the grain size of the material being sampled. All the samples taken were incorporated into a rigorous QA / QC program in which Standards and Duplicates were taken. The samples were taken in sterile plastic bottles of 125ml or 250ml capacity. The samples were labelled with the alphanumeric code Y20001, Y80002 ...etc. ------------------------------------------------------------- --------------------------
Quality of assay data and The brine samples were laboratory tests * The nature, quality and appropriateness of the sent to Bureau Veritas assaying and laboratory procedures used and whether Laboratories in Perth, WA the technique is considered partial or total. with the duplicates being held by SO4. Every 10th duplicate was sent * For geophysical tools, spectrometers, handheld XRF to Intertek, an alternate instruments, etc., the parameters used in determining laboratory for the analysis including instrument make and model, comparison purposes. reading times, calibrations factors applied and their derivation, etc. No analysis was undertaken with geophysical tools. * Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory QA/ QC procedures are checks) and whether acceptable levels of accuracy considered acceptable for (i.e. lack of bias) and precision have been this type exploration and established. sampling. ------------------------------------------------------------- -------------------------- Verification of sampling Not applicable for brine and assaying * The verification of significant intersections by sampling. either independent or alternative company personnel. Not applicable, however monitoring bores have * The use of twinned holes. been drilled to measure changes in water levels during test pumping. * Documentation of primary data, data entry procedures, data verification, data storage (physical and All sampling and assaying electronic) protocols. is well documented and contained on SO4's internal database. * Discuss any adjustment to assay data. No adjustments have been made to assay data. ------------------------------------------------------------- -------------------------- Location of data points All coordinates were * Accuracy and quality of surveys used to locate drill collected by handheld holes (collar and down-hole surveys), trenches, mine GPS. workings and other locations used in Mineral Resource estimation. The grid system is the Australian National Grid Zone MGA 51 (GDA 94). * Specification of the grid system used. There is no specific topographic control as * Quality and adequacy of topographic control. the depth of the hole is determined by the intersection of the target horizon and the end of the hole by the basement contact. ------------------------------------------------------------- -------------------------- Data spacing and The results provided distribution * Data spacing for reporting of Exploration Results. represent a single point. However, when this data point is incorporated * Whether the data spacing and distribution is with previous resource sufficient to establish the degree of geological and declarations it confirms grade continuity appropriate for the Mineral Resource previous assumptions and and Ore Reserve estimation procedure(s) and results. classifications applied. The data spacing and degree of grade * Whether sample compositing has been applied. continuity is not sufficient to upgrade the current resource estimate, however it does confirm the current estimate. Sample compositing not applicable . ------------------------------------------------------------- -------------------------- Orientation of data in The target aquifers are relation to geological * Whether the orientation of sampling achieves unbiased contained within structure sampling of possible structures and the extent to paleovalleys incised into which this is known, considering the deposit type. the granitic or greenstone basement. There are no * If the relationship between the drilling orientation structural controls that and the orientation of key mineralised structures is impact brine flow within considered to have introduced a sampling bias, this the basal sand aquifer. should be assessed and reported if material. Geological influence on the brine is limited to the aquifer parameters of the host rock, namely the hydraulic conductivity, total porosity and storativity.
------------------------------------------------------------- -------------------------- Sample security SO4 field geologists were * The measures taken to ensure sample security. responsible for bagging and tagging brine samples prior to shipping to the BV lab in Perth and the SO4 offices. The security measures for the material and type of sampling at hand was appropriate. ------------------------------------------------------------- -------------------------- Audits or reviews No audits or reviews of * The results of any audits or reviews of sampling sampling techniques and techniques and data. data have been undertaken. ------------------------------------------------------------- --------------------------
Section 2 - Reporting of Exploration Results
Criteria JORC Code explanation Commentary Mineral tenement and land Bore Pads 17, 21 and 8 are tenure status * Type, reference name/number, location and ownership on E53/1878. including agreements or material issues with third parties such as joint ventures, partnerships, All tenure is granted to overriding royalties, native title interests, Piper Preston Pty Ltd, a historical sites, wilderness or national park and wholly owned subsidiary of environmental settings. Salt Lake Potash Limited. * 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 There has been significant parties * Acknowledgment and appraisal of exploration by other mineral exploration on and parties. 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. Some bores drilled by WMC in 1992 for the Mt Keith mine water supply have proved useful in determining paleochannel grade and aquifer parameters. ------------------------------------------------------------ --------------------------- Geology The deposit is a * Deposit type, geological setting and style of paleochannel brine deposit mineralisation. lying beneath the eastern shore of Lake Way. The lake and paleochannel 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.
------------------------------------------------------------ --------------------------- Drill hole Information Bore coordinates and * A summary of all information material to the elevations were located understanding of the exploration results including a using a hand held GPS tabulation of the following information for all which is sufficient for Material drill holes: this type of exploration activity. * easting and northing of the drill hole collar All bores are vertical. Total drilled depths, * elevation or RL (Reduced Level - elevation above sea basal sand interceptions level in metres) of the drill hole collar and screened intervals are included in a table in the text for the * dip and azimuth of the hole abstraction bores and deep monitoring bores. The screened interval is * downhole length and interception depth also stated for the clay monitoring bores. * 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 No cut off grade is * In reporting Exploration Results, weighting averaging stated. techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are No data aggregation has usually Material and should be stated. been undertaken. * 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 The chemical analysis from mineralisation widths and * These relationships are particularly important in the the test pumping has shown intercept lengths reporting of Exploration Results. the that the brine resource is consistent and continuous within this * If the geometry of the mineralisation with respect to section of paleochannel. the drill hole angle is known, its nature should be The unit is flat lying and reported. the intersected thickness of the basal sands is equivalent to the * If it is not known and only the downhole lengths are vertical depth and the reported, there should be a clear statement to this thickness of effect (e.g. 'down hole length, true width not mineralisation. known'). ------------------------------------------------------------ --------------------------- Diagrams All location maps and * Appropriate maps and sections (with scales) and sections are contained tabulations of intercepts should be included for any within the body of ASX significant discovery being reported These should version of this include, but not be limited to a plan view of drill announcement hole collar locations and appropriate sectional available to view at views. www.so4.com.au . ------------------------------------------------------------ --------------------------- Balanced reporting A summary of the brine * Where comprehensive reporting of all Exploration grade results is Results is not practicable, representative reporting included in the of both low and high grades and/or widths should be report. practiced to avoid misleading reporting of Exploration Results. ------------------------------------------------------------ --------------------------- Other substantive All material exploration exploration data * Other exploration data, if meaningful and material, data 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 Ongoing * The nature and scale of planned further work (e.g. drilling and tests for lateral extensions or depth extensions or test pumping of large-scale step-out drilling). further bores within the programme. * Diagrams clearly highlighting the areas of possible extensions, including the main geological All approved interpretations and future drilling areas, provided future this information is not commercially sensitive. locations are shown on maps included in the ASX version of this announcement available to view at
www.so4.com.au . ------------------------------------------------------------ ---------------------------
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
DRLSEESWFESSEEI
(END) Dow Jones Newswires
May 21, 2020 03:30 ET (07:30 GMT)
1 Year Salt Lake Potash Chart |
1 Month Salt Lake Potash Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions