25th Sep 2015 09:51
LONDON (Alliance News) - Wildhorse Energy Ltd on Friday reported a narrowed pretax loss for its most recently ended financial year, and reiterated the potential of its recently acquired Lake Wells project in Western Australia.
In April, the company acquired Australia Sale Lake Potash Pty Ltd, which holds a number of large, salt lake brine projects in Western Australia and the Northern Territory
For the year to end-June, the company reported a pretax loss of USD537,632, narrowed significantly from a pretax loss of USD3.2 million a year before, as in the previous year it had reported a USD2.0 million loss on the disposals of US companies.
The company said it will now undertake further drilling, pump testing process testwork and evaporation trials to form the basis of an initial resource estimate and scoping study at Lake Wells.
Elsewhere it has identified a number of other Salt Lakes with the potential to generate sulphate of potash, and said it now also holds exploration licences or applications covering all or parts of Lake Ballard, Lake Irwin, Lake Minigwal and Lake Marmion in Western Australia, Lake Lewis in the Northern Territory and Lake Macfarlane and Island Lagoon in South Australia.
Shares in Wildhorse Energy were untraded Friday morning. They last closed at 6.10 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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