Half Year Financial Report For Period Ended 31 December 2013
Brisbane, Feb 18, 2014 AEST (ABN Newswire) - Fertoz Ltd (
ASX:FTZ) has made some significant progress in the half year towards its vision of becoming a fertilizer producer. In September 2013 the Company listed on the ASX raising $4,000,000 (before costs) through an issue of 20,000,000 ordinary shares at 20 cents per share.
While completing the listing on the ASX the Company started an exploration program on the Company's Wapiti East Project. The Company completed 2,098 metres of diamond drilling (62 drill holes) at Wapiti East between August and October. Consistent and continuous phosphate-bearing horizon drilled and mapped along East and West Limbs identified a total of 17 kilometres of strike length. Potential strike length based on past results of phosphate-bearing horizon is now estimated at over 27km. The average grade varied between 13% and 27% P2O5 within the phosphate horizon.
In addition to the drilling at Wapiti East the Company collected a two-tonne bulk sample from a small trial pit mining operation. Sampling averaged 24.3% P2O5 with low levels of heavy metal impurities (a pre-requisite for use in the organic fertiliser market) whilst also providing sufficient levels of macro and micro nutrients.
The Company doubled the size of the Barnes Lake Project to 1,238 hectares by applying for additional ground during the half year. The additional tenement area was secured as a result of a site visit to plan the trenching and drilling program for 2014. During the site visit, the Company located historical drill holes from previous work carried out in 1968 and 1978 that were outside the existing tenement boundary. Subsequent research showed that these holes displayed phosphate occurrences within 10m of the surface. As such, the existing claim holdings were extended to include these drill holes areas.
On 10 December 2013 the Company expanded its portfolio of projects in North America by acquiring an option to purchase 100% of the Dry Ridge Project in Idaho, USA. The project is ideally located in an established phosphate mining area. The Company has the right to explore the project until 30 August 2016 and an option to purchase 80% of the Project for $600,000 prior to that date. In addition, the Company has a further right to acquire the remaining 20% any time up to 9 December 2016 for an additional $200,000.
Subsequent to the half-year end, the Company acquired the Marten Project proximate to the Company's Barnes Lake and Crows Nest Projects. The Marten Project exhibits some historical results that the Company considers worth pursuing in more detail, as phosphate was extracted from a small exploration mine on the Project in 1929 and 1930.
To view the full report, please visit:
http://media.abnnewswire.net/media/en/docs/76655-ASX-FTZ-782854.pdf
About Fertoz Ltd
Fertoz (ASX:FTZ) is an Australian-based phosphate exploration and development company with a range of projects in British Columbia, Canada as well as Queensland and the Northern Territory. The Company is focused on becoming a fertiliser producer as quickly as possible, initially focusing on the Canadian/USA markets.
Fertoz plans to develop its exploration assets in Canada in order to identify any potential Direct Shipping Ore (DSO) projects. It intends to seek joint venture partners to assist in funding the exploration projects in Australia.
Phosphate is a commodity necessary for feeding the world, and Fertoz is ready to capitalise on this growing demand.
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