12th Feb 2014 12:23
LONDON (Alliance News) - Premier African Minerals Ltd Wednesday said a first compliant mineral resource estimate has been announced for the Danakil potash deposit in Ethiopia.
The natural resource company with mineral projects in Africa has a 42% holding in AgriMinco Corp, which has a joint venture agreement with the owner and operator of the Danakil site, Danakil Potash Corporation.
Danakil announced an indicated sylvinite resource of 227 million tonnes at 25.9% potassium chloride and an inferred resource of 357 million tonnes at 25.2% potassium chloride.
The results were a total indicated resource of 708 million tonnes at 19.4% potassium chloride and a total inferred resource of 1.12 billion tonnes at 19.1% potassium chloride.
Danakil said that only 14% of the tenement has been explored so far and the sylvinite resource has an average thickness of 6.13 metres.
Sylvinite is a key ore in the production of potash, which is mostly used to make fertilisers.
Premier African Minerals shares were down 8.3% at 1.10 pence on Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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