21st Dec 2015 10:49
LONDON (Alliance News) - Harvest Minerals Ltd on Monday said it anticipates being awarded two exploration licences covering the Mandacaru phosphate project in Brazil.
The project is in the north east of Brazil, and the exploration licences cover a combined area of 3,956 hectares. Harvest said it has been advised it will be awarded the licences shortly.
Under former ownership, the area has had a 31-hole diamond drill programme conducted on it, and Harvest has acquired the existing exploration data from the former owner, B&A Mineração Ltda, by giving the company a 2% net smelter royalty fee capped at an aggregate USD1.0 million, it said.
Previous work on the area has shown intercepts with phosphate mineralisation ranging in thickness from 1.0 metre to over 25.0 metres with average grades varying from 2.5% to 14.4%.
Phosphates are mined to obtain phosphorus, which is used in agriculture and industry in products such as fertiliser, paints, cleaning products and many more.
Harvest shares were trading up 9.5% to 0.58 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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