8th Aug 2018 12:48
LONDON (Alliance News) - Emmerson PLC said Wednesday it has been granted 15 additional research permits adjoining its Khemisset potash project in northern Morocco.
The permits granted from the Moroccan mining authorities cover an area of 239 square kilometres, expanding the Khemisset project to 815 square kilometres.
The company expects to release a JORC-compliant exploration target in the coming weeks which will demonstrate the exploration potential of the new area.
Chief Executive Hayden Locke said: "The Khemisset potash project already has a large inferred mineral resource of 311.4 million tonnes at 10% potassium oxide, which covers only a small portion of the broader Khemisset potash basin. Our desktop review of historical geological data indicates that the potash mineralisation is likely to continue for a number of kilometres to the north east.
"We believe our existing JORC-compliant resource is sufficiently large to support a mine life of over 20 years. Additional mineralisation in this region will only strengthen the overall fundamentals of the project and its multi-decade, multi-generational potential," he continued.
"In the meantime, the scoping study for Khemisset is well underway and we're confident of delivering it by the end of the first quarter of 2019. We continue to be excited by Khemisset's potential to be a low capital cost, high margin, potash project delivering outstanding returns regardless of the potash price."
Shares in Emmerson were up 6.3% Wednesday at 3.19 pence each.
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