Quarterly Activities Report
Perth, Nov 1, 2018 AEST (ABN Newswire) - Australian Potash Limited (
ASX:APC) (APC or the Company) is pleased to provide shareholders with its Quarterly Activities Report for the period ended 30 September 2018.
Highlights:
Corporate
- Appointment of highly experienced and respected industry veteran Jim Walker to Chair the Board of APC
Lake Wells Sulphate of Potash (SOP) Project - 100% Owned, Western Australia
- Grant of Mining Leases covering proposed development envelopes of approximately 30,000Ha
- Co-operation agreement executed between APC and neighbouring SOP project developer Salt Lake Potash Limited (ASX:SO4)
- First successful transfer of brine from the pre-concentration pond to harvest pond 1 at the Pilot Evaporation Pond network at site
- Agreement entered into with Shire of Laverton to off-set Mining Lease rates against maintenance and upgrade of the Lake Wells access road
- Shire of Laverton commits to road-surfacing project for an additional 100kms of the Great Central Road, adding an additional 70kms of sealed road to the Lake Wells SOP Project's logistics solution
Lake Wells Gold Project - 100% Owned, Western Australia
- APC and St Barbara Limited (ASX:SBM) entered into a A$7M Earn In & Joint Venture Agreement covering tenure at the Lake Wells Gold Project
- $1.25M cash payment received from SBM post-quarter end
Managing Director and CEO, Matt Shackleton, commented: "We were very pleased to have Jim Walker agree to Chair the Company. Jim is a person of extensive experience across the sector, with a rich and successful history with some of the State's most iconic companies. I am looking forward to working closely with Jim as the definitive feasibility study comes to a head and we move into the next phase of the project life cycle.
"We achieved some important operational milestones during the quarter with the grant of mining leases required to develop and operate the Lake Wells SOP Project as well as the first successful transfer of brine. Over the next several weeks, among other activities the Company will produce trade samples of SOP, finalise reserve estimation work, and determine final evaporation pond design criteria. We are looking forward to early 2019 as we push towards finishing the Definitive Feasibility Study.
"We have always been very aware of the inherent value of the Lake Wells Gold Project. The Earn-In and Joint Venture Agreement we struck with St Barbara Limited supports the belief we hold in the exploration potential of the Yamarna region in general and our ground holding across it in particular. We are convinced that with a partner of the calibre of St Barbara our shareholders will be given the best chance of success."
"We are looking forward to building our relationship with the St Barbara team. I am confident that we now have the right people, right companies and right project area in place to generate some significant success at what is one of the State's very prospective and important mineral regions."
To view the full report, please visit:
http://abnnewswire.net/lnk/Y87FWT3J
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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