ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

SO4 Salt Lake Potash Limited

2.45
0.00 (0.00%)
19 Apr 2024 - Closed
Delayed by 15 minutes
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

Salt Lake Potash Limited Lake Way Water Soluble Sulphate of Potash Produced (7656M)

18/09/2019 7:01am

UK Regulatory


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.

END

UPDLPMATMBIBMTL

(END) Dow Jones Newswires

September 18, 2019 02:01 ET (06:01 GMT)

1 Year Salt Lake Potash Chart

1 Year Salt Lake Potash Chart

1 Month Salt Lake Potash Chart

1 Month Salt Lake Potash Chart

Your Recent History

Delayed Upgrade Clock