Completion of Agreement to Triple Potash Project Area
Perth, Dec 11, 2015 AEST (ABN Newswire) - Goldphyre Resources Limited (
ASX:GPH) ("Goldphyre" or "the Company") is pleased to announce that it has completed the Sale and Split Commodity Agreement ("Agreement") with Lake Wells Exploration Pty Ltd, a company controlled by prospector Mark Creasy's investment vehicle Yandal Investments Pty Ltd (refer ASX announcement 2 December 2015).
Under the agreement with Lake Wells Exploration Pty Ltd ("LWE"), Goldphyre will acquire 100% of the potash rights on a large 1,000km2 ground package held by LWE immediately adjacent to the Lake Wells Potash Project, which is located 500km north-east of Kalgoorlie in WA (see Figures 1 & 2).
This will triple the size of Goldphyre's exploration land-holding to over 1,500km2, and the total area of the Lake Wells playa, which hosts the previously discovered high-grade potash mineralisation, to approximately 200km2. Mr Creasy's investment vehicle will emerge with a 19.9% holding in the Company.
Goldphyre will immediately commence a seismic program on the LWE ground with a view to incorporating these tenements in a maiden Exploration Target scheduled for release 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 Inferred Resource during H1 2016.
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, meaning that palaeovalley bedrock was not intersected.
Goldphyre's Executive Chairman Matt Shackleton said, "We are actively exploring the depth and grade potential of the palaeovalley running through our project area, and the completion of this transaction, which increases our exploration area by 1,000km2, opens up the potential to increase the 'strike' of the palaeovalley significantly."
The Company will now move to satisfying the balance of the terms and conditions of the Agreement, including issuing the Consideration Securities within six months of today's completion date.
To view figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-GPH-746173.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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