Fertoz Increases Wapiti East Phosphate Zone by 12km to 39km
Brisbane, April 11, 2014 AEST (ABN Newswire) - Phosphate explorer and developer Fertoz Limited (
ASX:FTZ) ("Fertoz" or the "Company") has increased its phosphate tenement holding at its flagship Wapiti East Project in British Columbia, Canada.
- Increase prompted by high availability results for phosphate as a direct application organic fertiliser
- Wapiti East phosphate zone increased by 44% from 27km to 39km
- Phosphate outcropping on surface with 15% to 21% P2O5 over 1m to 2m widths
- Fertoz progressing small scale (up to 75,000 tpa) mining lease application
- Fertoz assessing options to commence supply to the US and Canadian organic markets in 2014
Managing Director Les Szonyi said, "The laboratory results show Wapiti has very high available phosphate when compared to similar organic fertilizers, and now we have farmers seeking out our product to test it on their farms.
The positive response to Wapiti phosphate has prompted us to extend our land holding to the south-east where the geology is similar, increasing the expected size of the phosphate resource.
We remain focused on targeting small, high-grade resources in the Americas that can be commercialised quickly and inexpensively with high-grade product sold to organic farmers or third-party fertilizer plants."
The new tenements extend the potential phosphate horizon by approximately 12km and increase the Company's prospective phosphate area in the Wapiti East Project to 11,099 hectares (110km2).
Fertoz has received a total of eight tenements (2,168 hectares) from the British Columbian Ministry of Energy and Mines. The majority of the new tenement area is located directly to the south-east of the existing tenements (see Figure 1). The additional 12km of potential phosphate zone is an extension of the East and West Limbs of the Red Deer Syncline which has been shifted some 10 km east of the Company's existing tenements due to horizontal faulting caused by regional tectonic activity.
The phosphate potential of the new tenements in the Mount Muinok area was investigated by Pacific Ridge Exploration in 2008. Shallow trenching samples produced results of 15% to 21% P2O5 over 1m to 2m wide intervals (Ref. 30718 Pacific Ridge Exploration Tumbler Ridge Report 2008).
Recent meetings between Fertoz and organic farmers in Canada have highlighted the huge potential for organic fertilisers and organic phosphate in the Americas. According to research completed by the International Federation of Organic Agriculture Movements (IFOAM) in February 2014, the U.S. organics market is the largest in the world and Canada is the fourth largest. U.S. organic food sales experienced double digit growth and rose by 10.2% to reach US$29 Billion in Sales in 2012 according to the Organic Trade Association survey.
Laboratory results on the Company's Wapiti phosphate revealed a very high phosphate availability (10% compared to many other organic fertilisers that have availability as low as 3%). In addition, the Wapiti phosphate contained important secondary and tertiary minerals required for good plant growth making it suitable for North American organic markets.
The Company has commenced discussions with potential marketing agents and distributors, with the aim of appointing one in 2014. As well, the Company has started on a small scale (up to 75,000 tpa) mining lease application which will include mine planning studies. The Company is reviewing a number of phosphate product options (such as bulk, pelletized and bagged phosphate) with the aim of supplying the US and Canadian organic markets in 2014.
About Wapiti
Wapiti East, near Tumbler Ridge, is one of five Fertoz phosphate projects in British Columbia. Drilling on Wapiti East in September 2013 showed a consistent and continuous surface phosphate-bearing horizon along East and West Limbs for a total of 17 kilometres of strike length. The potential strike length of the Wapiti East deposit, based on past results, is in excess of 27 kilometers (Ref. Cardinal DG, National Instrument 43-101 Technical Report on the Wapiti Phosphorite project, 10 February 2013). The recent acquisition has the potential to extend this by a further 12 kilometres.
To view diagrams, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-FTZ-792545.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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