16th Jun 2016 09:40
LONDON (Alliance News) - Harvest Minerals Ltd on Thursday said an independent JORC compliant, indicated and inferred mineral resource estimate has been completed for the company's Mandacaru phosphate project in Brazil.
The fertiliser development company said the project contains a JORC compliant total resource of 4.38 million tonnes at 4.55% phosphorus pentoxide, which includes an indicated resource of 1.47 million tonnes at 5.30% phosphorus pentoxide and an inferred resource of 2.91 million tonnes at 4.18% phosphorus pentoxide.
The project has an estimated additional exploration potential of 4 million tonnes of phosphate ore with similar grades, Harvest Minerals said.
Harvest Minerals added that the development of the Arapua project is on track and that it expects to shortly announce a resource associated with the drilling programme conducted in the first quarter of 2016.
"Completion of this resource estimate, within months of the acquiring the asset in December 2015, demonstrates Harvest's ability to quickly and substantially add value to projects at minimal cost. With Arapua, Sergi, Capella and now Mandacaru, we are steadily building a portfolio of phosphate and potash assets that will enable us to realise our goal of becoming a significant South American fertiliser company," Executive Chairman Brian McMaster said.
"Whilst we continue to acquire and develop other projects, which meet our capital and cost requirements, the short-term focus remains on the development of the Arapua Phosphate Project which is progressing according to the company's expectations," he added.
Shares in Harvest Minerals were trading up 5.1% at 4.60 pence on Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Harvest Mi (di)