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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 | |
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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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TIDMSO4
RNS Number : 7656M
Salt Lake Potash Limited
18 September 2019
18 September 2019 AIM/ASX Code: SO4 SALT LAKE POTASH LIMITED PREMIUM GRADE WATER SOLUBLE SULPHATE OF POTASH PRODUCED FROM LAKE WAY SALTS ------------------------------------------------
Highlights
Ø Salt Lake Potash has completed Pilot Plant test work on Lake Way confirming a premium SOP product with a +53% K2O grade
Ø The Pilot Plant operation was conducted by SRC over two separate trials utilising 5 tonnes of salt harvested from Lake Way
Ø Potassium Chloride (KCl) was successfully added into the process to utilise the excess of sulphate naturally present in the Lake Way brine
Ø The Lake Way process flowsheet confirms the addition of KCl provides an increase in the SOP output from equivalent Lake Way brine volumes with no material additional capital expenditure
Ø Testing demonstrates Lake Way SOP to be highly water soluble, positioning the product in the highest premium SOP market
Salt Lake Potash Limited (Salt Lake Potash or the Company) is pleased to announce it has completed the Pilot Plant test work of the Lake Way salts at the Saskatchewan Research Council (SRC). The test work has yielded a premium Sulphate of Potash (SOP) product that is highly water soluble with a +53% K2O grade.
SRC, the world leading potash processing laboratory, has completed a Pilot Plant operation that is representative of the proposed Lake Way Project process flowsheet. The Pilot Plant operation included the addition of Potassium Chloride to take advantage of the excess sulphate that naturally occurs within the Lake Way brine.
SRC has completed two separate Pilot Plant runs utilising 5 tonnes of salt harvested from Lake Way site evaporation trials, producing premium grade, highly water soluble SOP. The Total Solubility and Dissolution Rate indicates the product would be suitable for application in drip irrigation (otherwise known as fertigation) systems.
Table 1: Lake Way Pilot Plant 2 Specifications
Specification(1) Potassium K(2) O >53% ----------------------- ----------------- Sulphate SO(4) >55% ----------------------- ----------------- Chloride Cl <0.1% ----------------------- ----------------- Insolubles <0.1% ----------------------- ----------------- Total Solubility (g/100g H(2) O) 11.8 ----------------------- ----------------- Dissolution Rate % in 1 minute 95% ----------------------- -----------------
Note 1: Results of composite sample from Pilot Plant 2.
The Pilot Plant runs successfully confirmed that high quality soluble SOP can be generated via the process flowsheet with the inclusion of KCl. Importantly the positive results of the inclusion of the KCl within the process flowsheet will provide significant benefits to the Lake Way Project by increasing the SOP output from an equivalent volume of Lake Way brine. This can be achieved without significant changes to the processing equipment and no material additional capital expenditure.
The outstanding results achieved from the Pilot Plant indicate that the product is comparable with other premium grade soluble products on the market and supports Salt Lake Potash's marketing strategy to supply into the premium SOP market. The premium achievable for soluble grade SOP can be up to 20% (CRU SOP Market Study May 2019) above the standard pricing.
The process flowsheet that has been developed and confirmed as part of the Pilot Plant test work has been incorporated in the Lake Way Bankable Feasibility Study (BFS) which is scheduled for completion in early October 2019.
Salt Lake Potash's Chief Executive Officer, Mr Tony Swiericzuk, said:
"The outstanding results from the Pilot Plant testwork confirm the addition of KCl into the process will enable Salt Lake Potash to utilise the excess sulphate within the Lake Way brine to produce additional premium grade SOP.
This is a significant outcome for the Company and will strengthen the already compelling economics for the Lake Way Project. We are focussed on finalising the BFS which will reflect the Pilot Plant results and confirm the excellent potential of Lake Way."
For further information please visit www.so4.com.au or contact:
Tony Swiericzuk Salt Lake Potash Limited Tel: +61 8 6559 5800 Colin Aaronson / Richard Tonthat / Grant Thornton UK LLP Tel: +44 (0) 20 7383 5100 Ben Roberts (Nominated Adviser) Derrick Lee / Beth McKiernan Cenkos Securities plc (Joint Tel: +44 (0) 131 220 6939 Broker) Rupert Fane / Ernest Bell Hannam & Partners (Joint Broker) Tel: +44 (0) 20 7907 8500
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.
Forward Looking Statements
This announcement may include forward-looking statements. These forward-looking statements are based on Salt Lake Potash Limited'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 Limited, which could cause actual results to differ materially from such statements. Salt Lake Potash Limited 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.
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 AusIMM. Mr Jones is a Director of Salt 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.
Appendix A: JORC Table One
Section 1: Sampling Techniques and Data
Criteria JORC Code explanation Commentary Sampling The Pilot Plant operation processed a bulk sample of techniques * Nature and quality of sampling (e.g. cut channels, nearly 5 tonnes of harvested salts from random chips, or specific specialised industry the Lake Way Site Evaporation Trials (SET). standard measurement tools appropriate to the The SET utilised solar ponds consisting of re-purposed minerals under investigation, such as downhole gamma temporary above-ground swimming pools sondes, or handheld XRF instruments, etc.). These and HDPE aquaculture tubs. These solar ponds were filled examples should not be taken as limiting the broad with brine drawn from either the meaning of sampling. Lake Way playa brine from a 4m deep test pit excavated next to the trial, or from the Williamson Pit directly. The majority (99%) of the harvest salts * Include reference to measures taken to ensure sample processed in the Pilot Plant operation presentively and the appropriate calibration of any were from Lake Way playa brine. measurement tools or systems used. Brine samples were taken from each solar evaporation pond regularly and routinely during the solar evaporation process. * Aspects of the determination of mineralisation that Brine samples were taken manually by initially rinsing are Material to the Public Report. out the sample bottle with brine from the source then filling the bottle. Samples were analysed for K, Mg, Ca, Na, Cl, SO4, TDS
* In cases where 'industry standard' work has been done, and specific gravity. this would be relatively simple (e.g. 'reverse The temperature and level in each pond were logged circulation drilling was used to obtain 1 m samples electronically with piezometers. from which 3 kg was pulverised to produce a 30 g Once the brine in a particular solar pond had charge for fire assay'). In other cases, more concentrated to pre-determined point it was explanation may be required, such as where there is pumped to another solar pond downstream in the process. coarse gold that has inherent sampling problems. Salt was then extracted from the drained Unusual commodities or mineralisation types (e.g. solar pond. submarine nodules) may warrant disclosure of detailed Process test work results for the production of harvest information. salts from the Lake Way Site Evaporation Trials were previously reported on 29 January 2019. Metallurgical test work and the pilot plant operation were conducted under control conditions by laboratory professionals with experience in operating and handling salts and potash processes at Saskatchewan Research Council (SRC). The continuous pilot plant operation involved a small closed circuit operation whereby harvested salt from the SET was crushed before reverse flotation to remove halite. The flotation concentrate then underwent a two stage decomposition process, complete with brine recycle, to form the SOP product. In circuit samples were taken regularly for process control and monitoring purposes. Final samples of SOP product were taken every 4 hours from 8hrs to 56hr during the pilot operation. The product slurry was collected and dewatered in a centrifuge. Each dewatered 4hr sample was homogenised and sub-sampled for assay. The total 4 hour composite sample quantity was typically 19 kg. ------------------------------------------------------------- ----------------------------------------------------------------------- Drilling No drilling was undertaken. Metallurgical testing techniques * Drill type (e.g. core, reverse circulation, open-hole involved processing harvested salt from hammer, rotary air blast, auger, Bangka, sonic, etc.) the SET. and details (e.g. core diameter, triple or standard Process test work results for the production of harvest tube, depth of diamond tails, face-sampling bit or salts from the Lake Way Site Evaporation other type, whether core is oriented and if so, by Trials were previously reported on 29 January 2019. what method, etc.). ------------------------------------------------------------- ----------------------------------------------------------------------- Drill sample No drilling was undertaken. Metallurgical testing recovery * Method of recording and assessing core and chip involved the processing harvested salt from sample recoveries and results assessed. site evaporation trials. Process test work results for the production of harvest salts from the Lake Way Site Evaporation * Measures taken to maximise sample recovery and ensure Trials were previously reported on 29 January 2019. 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 No logging was undertaken. Metallurgical testing involved * Whether core and chip samples have been geologically the processing harvested salt from and geotechnically logged to a level of detail to site evaporation trials. support appropriate Mineral Resource estimation, Process test work results for the production of harvest mining studies and metallurgical studies. salts from the Lake Way Site Evaporation Trials were previously reported on 29 January 2019. * 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 Core sampling is not applicable, to process test work. techniques * If core, whether cut or sawn and whether quarter, Process test work results for the production of harvest and sample half or all core taken. salts from the Lake Way Site Evaporation preparation Trials were previously reported on 29 January 2019. Wet harvest salts or process generated samples are * If non-core, whether riffled, tube sampled, rotary homogenised and split using a riffle splitter. split, etc. and whether sampled wet or dry. Brine samples are typically taken in sterile plastic bottles of 50ml or 250ml capacity. Brine
is a homogenous fluid below the surface, while salt is * For all sample types, the nature, quality and coned and quartered to homogenise and appropriateness of the sample preparation technique. sample. Salt samples are crushed to -2mm and 100-200g sub sample taken (representative for the grain * Quality control procedures adopted for all size) using a riffle splitter. The sub sample is sub-sampling stages to maximise representivity of pulverized to -106 microns using a puck and samples. ring grinding mill. The pulp is then transferred to a labelled plastic snap top vial. An aliquot of pulp is placed in a test-tube with 15 mls * Measures taken to ensure that the sampling is of 30degC DI water. The sample is representative of the insitu material collected, shaken. The soluble solution is then analyzed by ICP-OES. including for instance results for field If XRD is required, approximately 50 g of the wet duplicate/second-half sampling. homogenised sample is air dried at ambient temperature and sent for XRD. The XRD sample is typically crushed with a mortar and pestle * Whether sample sizes are appropriate to the grain to <120um. It is then packed into a pellet to undergo XRD size of the material being sampled. analysis. ------------------------------------------------------------- ----------------------------------------------------------------------- Quality of The samples were taken, prepared and analysed by assay data * The nature, quality and appropriateness of the Saskatchewan Research Council (SRC) and SRC and assaying and laboratory procedures used and whether Geoanalytical Laboratories. laboratory the technique is considered partial or total. ICP-OES analysis to determine the chemical ion analysis, tests and ICP-MS to determine chloride content was performed by SRC Geoanalytical Laboratories. * For geophysical tools, spectrometers, handheld XRF XRD analysis to determine the salt crystal mineralogy at instruments, etc., the parameters used in determining was performed by SRC. the analysis including instrument make and model, No laboratory analysis was undertaken with geophysical reading times, calibrations factors applied and their tools. derivation, etc. SRC Geoanalytical Laboratories' management system operates in accordance with ISO/IEC 17025:2005 (CAN-P-4E), General Requirements for the Competence of * Nature of quality control procedures adopted (e.g. Mineral Testing and Calibration Laboratories. standards, blanks, duplicates, external laboratory The Potash Method for Analysis of Major Water Soluble checks) and whether acceptable levels of accuracy Components of Evaporites are accredited (i.e. lack of bias) and precision have been by the Standards Council of Canada. established. Geoanalytical Laboratories participates in a number of interlaboratory analyses. These results are used to assess the quality of all the methods used at the laboratory. The quality control processes at the laboratory are continuously monitored by our Quality Assurance Department. Quality control measures applied at the laboratory include: * Sample preparation QC checks * Analysis of Certified Reference Standards * Analysis of in-house reference materials and standards * Traceable calibration standards for instrumentation * Analyzing duplicate and blind QC samples * Spiking samples to monitor process recoveries * Proficiency Testing and Interlaboratory Comparisons QC monitoring https://www.src.sk.ca/labs/quality-assurance ------------------------------------------------------------- ----------------------------------------------------------------------- Verification Significant intersections not applicable to process of sampling * The verification of significant intersections by flowsheet test work. Harvest salt bulk and assaying either independent or alternative company personnel. samples are crushed, homogenised and sampled to ensure representative mineral characterisation. Twinned holes not applicable to process flowsheet test * The use of twinned holes. work. All sampling and assaying results are reported in test report documentation, SRC Publication * Documentation of primary data, data entry procedures, No. 14205-3C19, subject to standard SRC protocols. data verification, data storage (physical and No adjustments have been made to assay data. electronic) protocols. * Discuss any adjustment to assay data. ------------------------------------------------------------- -----------------------------------------------------------------------
Location of Location data is not relevant for this process test and data points * Accuracy and quality of surveys used to locate drill so was not taken. holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. * Specification of the grid system used. * Quality and adequacy of topographic control. ------------------------------------------------------------- ----------------------------------------------------------------------- Data spacing Not applicable to this process flowsheet test work. The and * Data spacing for reporting of Exploration Results. Company is not reporting a Mineral distribution Resource estimate in this announcement. Process samples for the pilot plant operation were taken * Whether the data spacing and distribution is regularly and composite samples were sufficient to establish the degree of geological and taken every 4 hours. grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. * Whether sample compositing has been applied. ------------------------------------------------------------- ----------------------------------------------------------------------- Orientation Not applicable as harvest salts were homogenised. of data in * Whether the orientation of sampling achieves unbiased Drilling orientation is not applicable to this process relation to sampling of possible structures and the extent to flowsheet test work. The entire mass geological which this is known, considering the deposit type. of salt produced by the solar pond was harvested, structure homogenised and sent for assay. * 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 Process test work, sampling and analysis was conducted security * The measures taken to ensure sample security. solely by SRC in accordance with their protocols. ------------------------------------------------------------- ----------------------------------------------------------------------- Audits or All processes performed at SRC Geoanalytical laboratory reviews * The results of any audits or reviews of sampling are subject to a strict audit program, techniques and data. which is performed by approved, trained professionals. https://www.src.sk.ca/labs/quality-assurance ------------------------------------------------------------- -----------------------------------------------------------------------
Section 2: Reporting of Exploration Results
Criteria JORC Code explanation Commentary Mineral The Lake Way tenement and * Type, reference name/number, location and ownership Project comprises land tenure including agreements or material issues with third tenements held by status parties such as joint ventures, partnerships, Salt Lake Potash overriding royalties, native title interests, and Blackham historical sites, wilderness or national park and Resources Limited environmental settings. (Blackham). Salt Lake Potash holds tenements * The security of the tenure held at the time of covering the reporting along with any known impediments to south east of the obtaining a licence to operate in the area. lake, including granted Exploration licences E53/1878, E53/1897, Exploration Licence Applications E53/2057, E53/2059 and E53/2060, and Mining Lease application M53/1102. On the 9th March 2018 Salt Lake Potash and Blackham signed a gold and brine minerals memorandum of understanding. Under this MOU Blackham has granted the brine rights on its Lake Way tenement free from encumbrances to Salt Lake Potash.
In April 2019, Salt Lake Potash and Blackham signed a binding Split Commodity and Access Agreement (in relation to the development of the Lake Way Project) on terms in line with the previously executed MOU. Tenure granted to Blackham and its subsidiaries that is covered by the Split Commodity Agreement includes: Exploration licence E53/1862, Exploration Licence applications E53/1905 and E53/1952, Mining Licences M53/121, M53/122, M53/123, M53/147, M53/253, M53/796, M53/797, M53/798 and M53/910, and Prospecting Licences P53/1642, P53/1646, P53/1666, P53/1667 and P53/1668. The Company has subsequently entered into a Sales Agreement with Blackham to acquire a package of tenements (including the tenements listed above plus the following additional tenure: Miscellaneous licence L53/51, L53/207, Exploration Licence 53/1863, Exploration Licence applications E53/1966 and E53/2049, and Prospecting Licences P53/1643, P53/1644 and P531645) and other key assets for the Lake Way Project. This acquisition is expected to complete in September 2019. ------------------------------------------------------------ ------------------------------- Exploration Process test work done by other * Acknowledgment and appraisal of exploration by other results for the parties parties. production of harvest salts from the Lake Way Site Evaporation
Trials were previously reported on 29 January 2019. Bench scale process flowsheet test work has previously been completed on potassium harvest salts generated from wind tunnel tests using Lake Way brine. The Company has previously reported a brine resource over the Blackham tenements - refer ASX Announcement 18 March 2019. There is a database of approximately 6200 boreholes across Lake Way of which some 1000 are within the Blackham tenements. The primary source for the information is the publicly available Western Australian Mineral Exploration (WAMEX) report data base. Recent sterilisation drilling has also been undertaken by Blackham Resources. 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 * Deposit type, geological setting and style of salt-lake brine mineralisation. deposit. 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 No drilling was Information * A summary of all information material to the undertaken. Lake understanding of the exploration results including a Way playa brine tabulation of the following information for all was sourced from Material drill holes: a pit next to the site evaporation trial with the * easting and northing of the drill hole collar following coordinates (26deg46'25.55"S, * elevation or RL (Reduced Level - elevation above sea 120deg18'27.46"E) level in metres) of the drill hole collar . Williamson pit brine was drawn from * dip and azimuth of the hole the bottom of the pit ramp. * 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 Process testwork aggregation * In reporting Exploration Results, weighting averaging results for the methods techniques, maximum and/or minimum grade truncations production of (e.g. cutting of high grades) and cut-off grades are harvest salts usually Material and should be stated. from the Lake Way Site Evaporation Trials were * Where aggregate intercepts incorporate short lengths previously of high grade results and longer lengths of low grade reported on 29 results, the procedure used for such aggregation January 2019. should be stated and some typical examples of such In process aggregations should be shown in detail. flowsheet test work, where sample quantities * The assumptions used for any reporting of metal are generated, equivalent values should be clearly stated. the entire sample is homogenised and a representative sub-sample is taken using a riffle splitter. The sub sample is assayed and reported. ------------------------------------------------------------ ------------------------------- Relationship Not applicable to between * These relationships are particularly important in the this process mineralisation reporting of Exploration Results. flowsheet test widths and work. intercept lengths * 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 * Appropriate maps and sections (with scales) and not included for tabulations of intercepts should be included for any process test significant discovery being reported These should work. include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. ------------------------------------------------------------ ------------------------------- Balanced An average composition of reporting * Where comprehensive reporting of all Exploration SOP has been reported. Results is not practicable, representative reporting Noting that all SOP of both low and high grades and/or widths should be product sample results practiced to avoid misleading reporting of have been included in the Exploration Results. body of SRC Publication No. 14205-3C19, which meet or exceed the reported average. ------------------------------------------------------------ ------------------------------- Other All material substantive * Other exploration data, if meaningful and material, process data has exploration should be reported including (but not limited to): been reported. data 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 Field evaporation * The nature and scale of planned further work (e.g. trials are tests for lateral extensions or depth extensions or ongoing, large-scale step-out drilling). including operation of a commercial scale * Diagrams clearly highlighting the areas of possible SOP evaporation extensions, including the main geological pond containing interpretations and future drilling areas, provided the brine from this information is not commercially sensitive. the Williamson Pit. Metallurgical test work and optimisation work will continue throughout the design phase, including; filtration, flotation, salt precipitation, and crystallisation tests. ------------------------------------------------------------ -------------------------------
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.
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