Half Year Accounts
Perth, Feb 23, 2016 AEST (ABN Newswire) - During the half year ending 31 December 2015, Goldphyre Resources Ltd (
ASX:GPH) explored its 100% owned Lake Wells Potash Project.
In December 2015 the Company announced that it had entered into a Sale and Split Commodity Agreement with a company controlled by successful WA prospector Mark Creasy. The agreement grants the Company rights to all potash minerals on two tenements adjoining its existing Lake Wells Potash Project tenure, effectively tripling the Project. Within 6 months of completing the transaction, the Company will in turn issue to Mr Creasy's entity Yandal Investments Pty Ltd shares equalling 19.9 percent of its issued ordinary share capital at that time and a total of 6.8m options with exercise prices of 10 and 15 cents.
During the period ending 31 December 2015, the Company was awarded a $108,000 grant by the WA Government to co-fund exploration drilling at the Lake Wells Potash Project. The funding, which will be provided under the Exploration Incentive Scheme administered by the Department of Mines and Petroleum, will be put towards the core drilling program planned as part of the Company's strategy to establish a maiden potash Resource at Lake Wells by mid-2016.
To view the full financial report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-GPH-753643.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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