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LONDON (Alliance News) - Harvest Minerals Ltd on Tuesday said an independent indicated mineral resource estimate has been completed for its Arapua fertiliser project in Brazil.
The resource estimate is JORC 2012-compliant and is part of an ongoing technical report being compiled by GE21 Consultoria Mineral. Harvest Minerals expects results of the report to be announced in the current quarter.
The drilling programme conducted at the Maximus target identified a total indicated resource of 883,000 tonnes at 4.2% potassium oxide and 3.5% phosphorus pentoxide.
In the drilled area, there is an estimated additional exploration potential of 3 million tonnes of ore with potassium oxide grades of 2.7% to 3.5%.
"Completion of this resource provides a firm basis for developing the Maximus target into a DANF project. The higher-grade potassium oxide and phosphorus pentoxide zones provide more than enough material for us to commence trial mining and develop our product over the coming months," Executive Chairman Brian McMaster said in a statement.
"With this aim in mind we have already started a scoping study to delineate the potential economics of the project, requested quotes from potential contractors, started testwork on defining our initial product and applied for a trial mining permit. We will update shareholders as results are received as we develop into a significant South American fertiliser company," he added.
Shares in Harvest Minerals were trading down 8.8% at 4.90 pence on Tuesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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