10th May 2016 08:48
LONDON (Alliance News) - Harvest Minerals Ltd on Tuesday said it has completed an initial air core drilling programme at the Maximus prospect in Minas Gerais in Brazil.
The Maximus prospect is part of Harvest's Arapua fertiliser project.
The drilling programme consisted of a total of 25 air core drill holes which were completed to a depth of between 4 to 24 metres.
Harvest said the results of the drilling programme were in line with its estimates for tonnage and grade, having identitified a mineralised area with the appropriate balance of minerals to support a direct application natural fertiliser product.
An environmental impact study for a trial mining permit has commenced, and application for a trial mining licence is expected to be made in the second quarter of 2016.
"The next steps are to scope the commercial viability of the project to produce a multi-nutrient direct application natural fertiliser, and scope a resource in line with a trial mining licence to provide sufficient product to potential clients," Executive Chairman Brian McMaster said in a statement.
"The resource consultants are on site this week and samples are currently being prepared for the metallurgical test work, with the results of both expected in late June. In anticipation of this, we have also commenced work for the lodgement of our trial mining licence, which we also expect to lodge in late June," he added.
Shares in Harvest Minerals were trading down 19% at 5.39 pence on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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