9th Sep 2014 07:37
LONDON (Alliance News) - African Potash Ltd shares jumped higher Tuesday after it said it has intersected potash mineralisation at its Lac Dinga Potash Project in the Republic of Congo, with drilling at a second hole within the project area already underway.
African Potash shares were Tuesday quoted up 11% at 3.20 pence in early trade on Tuesday, the second-biggest riser on the AIM All-Share.
In a statement, the company focused on sub-Saharan potash assets said the LDDH_001 drill hole intersected a 120 metre thick salt sequence from about 415m below surface.
The salt sequence includes multiple potash seams of about 40m, representing 35% of the total interval, according to African Potash.
According to the potash company, about 250 square kilometres of the licence area is interpreted to be underlain by salt-bearing strata and to occur at a depth of about 300m to 420m below surface.
The company said it expects the salt sequence to thicken from the basin margin to a maximum of about 400m in thickness in the south west of the licence area.
Drilling for LDDH_002, the second hole, began on Monday, according to African Potash.
It expects the drill hole to intersect the salt sequence between 350m and 400m below surface.
African Potash said that further details on the results of the drilling will following in due course.
By Samuel Agini; [email protected]; @samuelagini
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