21st Oct 2014 08:30
LONDON (Alliance News) - African Potash Ltd Tuesday said it has completed multiple potash seams at its second exploration drill hole at its Lac Dinga Potash project in the Republic of Congo, successfully intersecting potash mineralisation.
Potash is the common name given to a group of potassium-bearing minerals and a potash seam is a collection of potassium bearing minerals.
The company intersected a 112 metre thick salt sequence, which included multiple potash seams totalling 48 metres, which represents 43% of the total interval, it said in a statement. The salt sequence confirms lateral potash mineralisation and further underpins the opportunity for the site to host a commcercial deposit, it added.
The company believes 250 square kilometres of the license area contain salt bearing areas and potential potash seams, which it expects to find at depth between 300 metres and 420 metres.
The potash mineralisation and salt sequence found at LDDH_002 is similar to the company's first exploration hole, LDDH_001, which is a positive indication of finding potash mineralisation, said African Potash. No analytical results are available as of yet as the core awaits processing and sampling.
"The successful intersection of multiple potash seams at Lac Dinga from our first two hole exploration drill programme is an exceptional endorsement for our exploration concept and supports our confidence that the Project has the potential to host a large-scale commercial potash mine," said Chief Executive Edward Marlow.
"We can now move forward with confidence and plan further exploration activities in order to continue to prove-up the tangible value of the project," he added.
African Potash shares were up 3.2% to 2.45 pence per share Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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