30th Dec 2016 08:23
LONDON (Alliance News) - Harvest Minerals Ltd on Friday said results from the second air core drilling programme at the Maximus prospect within the Arapua fertilizer project in Brazil confirm the "consistent quality" of mineralisation.
The Arapua project is located in the Brazilian state of Minas Gerais.
Harvest Minerals said, under the second programme, a total of 39 vertical air core drill holes were completed within the Maximus prospect to a depth of between 6 and 40 metres, and providing a total of around 775 metres of drilling data.
All drill holes intersected "consistent" phosphate, potassium oxide, calcium oxide, and magnesium oxide enriched clay weathered kamafugite rocks, Harvest Minerals said.
Results from samples indicated average mineralised inceptions ranging from 1.23% to 5.93% phosphate, and from 1.86% to 5.86% potassium oxide, the group said.
Harvest Minerals has retained the services of independent consultants GE21 in light of the results, to revise the current resource using the additional drill data. The group said the consultants will be on site in mid-January to check the results. An updated resource is expected by mid February.
"These latest drilling results confirm the consistent quality of the mineralisation at Maximus. We have retained independent consultants GE21 to revise the current resource using this additional drill data. This is expected to be completed by mid February and should allow us to increase the potential production well above the 100,000 tonnes per annum over 7 years, based on the current resource as detailed in the scoping study," said Executive Chairman Brian McMaster.
"The wider spaced drilling, including of the (non-diamondiferous) kimberlite, indicates that the grades and thickness of the weathered mineralisation are consistent throughout the entire area we previously mapped and should provide enough material to support any future expansion plans," McMaster added.
Shares in Harvest Minerals were trading up 0.9% at 19.17 pence Friday morning.
By Hannah Boland; [email protected]; @Hannaheboland
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