Upgrades Wapiti Phosphate Resource
Perth, May 12, 2015 AEST (ABN Newswire) - Fertoz Limited (
ASX:FTZ) ("Fertoz" or the "Company") is pleased to announce the upgrade of its JORC Resource at the Company's 100%-owned, Wapiti phosphate project in British Columbia. The 806kt at 22.3% P2O5 Indicated phosphate Resource represents a conversion of 52% of the previous Inferred JORC Resource. The remaining material retains its Inferred JORC classification.
Managing Director Les Szonyi said: "The upgrade to an Indicated JORC Resource progresses our core strategy of producing and selling phosphate rock products in North America utilising phosphate feedstock from Wapiti and Fernie. The upgrade, together with the finalisation of a scoping study, expected shortly, and the approval of a small mine application, expected later this year, gives us the confidence that significant cash flow could be realised from Wapiti in the near term."
Fertoz implemented a bulk sampling/trial mining program in late 2014. Results from this program have been collected, analysed and, in conjunction with observations from preliminary product processing and sales, have provided support for the upgrading of a large proportion of the JORC resource to Indicated status.
The combined Inferred and Indicated Resource of 1.54Mt @ 21.6% P2O5 (at a 7% cut-off) has been calculated to a depth of 30m along a strike length of 12.5km. The resource classification is shown below in Table 1.
Inferred and Indicated JORC Resource
Exploration at Wapiti has included 81 diamond drill holes and multiple trenches and surface samples between 1978 and 2013. This information has been used by J.T. Shearer, M. Sc., P. Geo., and G. Shevchenko, B. Sc. (Eng.) of Coastal Resource Mapping to estimate a mineral resource and exploration target in accordance with JORC 2012 to estimate initially an Inferred JORC Resource (August 2014) and now, with subsequent work in 2014, an Inferred and Indicated JORC Resource. Resources are calculated using the Polygonal-Weighted Average method.
Table 1: Wapiti East Resource
Depth below Category Tonnes P2O5 Al2O3 CaO MgO SiO2 Fe2O3surface max (m) (M) (%) (%) (%) (%) (%) (%) 30 Inferred 0.73 21.3 1.9 43.6 1.3 13.7 1.2 30 Indicated 0.81 22.3 1.96 43.1 1.3 14.0 1.3 30 Total 1.54 21.6 1.9 43.4 1.3 13.8 1.3
Note: Estimated using a 7% P2O5 cut-off, Density of 2.85g/cm3, polygonal method
About Wapiti
The Wapiti Project (which includes the Wapiti East and Wapiti West tenements) totals an area of 19,161ha and is located near Tumbler Ridge, in British Columbia, Canada. The project is easily accessible by sealed roads and forest service roads and has rail access within 80km. The Company is focused on the Wapiti East tenements and previous work indicates a consistent and continuous at-surface phosphate-bearing horizon which has a potential strike length of up to 39km. Results of phosphate testing indicates up to 10% availability which makes the product at Wapiti East particularly attractive to the North American organic sector, the largest organic market in the world.
To view tables and figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-FTZ-857224.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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