Receives EIS Drilling Grant
Perth, Dec 7, 2015 AEST (ABN Newswire) - Goldphyre Resources Limited (
ASX:GPH) is pleased to advise that it has been awarded a $108,000 grant by the WA Government to co-fund exploration drilling at the Company's Lake Wells Potash Project, 500km north-east of Kalgoorlie.
The funding, which will be provided under the Exploration Incentive Scheme administered by the Department of Mines and Petroleum, will be put towards the drilling program planned as part of Goldphyre's strategy to establish a maiden Resource at Lake Wells by mid-2016.
Goldphyre announced last week that it will triple the size of its Lake Wells project holding to 1500km2 under a transaction with a company controlled by prospector Mark Creasy (see ASX announcement 2 December 2015).
Under the agreement with Lake Wells Exploration Pty Ltd ("LWE"), a subsidiary of Creasy's investment vehicle Yandal Investments Pty Ltd, Goldphyre will acquire 100% of the potash rights over a 1000km2 ground package held by LWE immediately adjacent to the Company's Lake Wells Potash Project (Figure 1 in link below).
The transaction will see Mr Creasy's company emerge as Goldphyre's largest shareholder with a 19.9 per cent holding.
Upon completion of the transaction, Goldphyre will immediately conduct a seismic program on the LWE ground with a view to releasing a maiden Exploration Target for the entire project in February 2016.
Goldphyre will then conduct a drilling program on its and the LWE ground as part of its strategy to publish a maiden Resource by the middle of next year.
The expanded Lake Wells Potash Project is a brine-hosted sulphate of potash (SOP) project, which is aiming to supply the Australian domestic demand for SOP. Goldphyre has reported high-grade potash from surface to depths of over 135m, with 3 of 17 holes being effectively open ended at this depth.
To view figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-GPH-745566.pdf
About Australian Potash Ltd
Australian Potash Limited (ASX:APC) is an ASX-listed Sulphate of Potash (SOP) developer. The Company holds a 100% interest in the Lake Wells Potash Project located approximately 500kms northeast of Kalgoorlie, in Western Australia's Eastern Goldfields.
Following the release of a Scoping Study in 2017, APC has been conducting a Definitive Feasibility Study (DFS) into the development of the Lake Wells Potash Project. The Company is aiming to release the findings of the DFS in H2 2019.
The Lake Wells Potash Project is a palaeochannel brine hosted sulphate of potash project. Palaeochannel bore fields supply large volumes of brine to many existing mining operations throughout Western Australia, and this technique is a well understood and proven method for extracting brine. APC will use this technically low-risk and commonly used brine extraction model to further develop a bore-field into the palaeochannel hosting the Lake Wells SOP resource.
A Scoping Study on the Lake Wells Potash Project was completed and released on 23 March 2017. The Scoping Study exceeded expectations and confirmed that the Project's economic and technical aspects are all exceptionally strong, and highlights APC's potential to become a significant long-life, low capital and high margin sulphate of potash (SOP) producer.
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