LONDON (Alliance News) - Salt Lake Potash Ltd on Monday said a mineral resource estimate for its Lake Way project in Western Australia confirms both a significant size and a high-grade resource.
Shares in the potash company were up 7.2% at 30.55 pence on Monday.
Following an exploration programme, the initial mineral resource estimate for Lake Way is for 73 million tonnes of sulphate of potash, including a measured resource at Lake Way Playa of 6.9 million tonnes at 15.4 kilogrammes per cubic metre of brine.
Salt Lake Potash said that Lake Way was confirmed as being "very high-grade" and containing consistent brine chemistry with an average grade of 14.5 kilogrammes of sulphate of potash per cubic metre of brine.
Salt Lake Potash Chief Executive Tony Swiericzuk said: "It is extremely pleasing to present the Lake Way mineral resource estimate for the 'whole of lake" that confirms the significant size and very high-grade resource at Lake Way.
"It reinforces our current review process to consider a larger scale scenario at Lake Way and we anticipate releasing the technical results of the larger scale scenario towards the end of Q2 2019."
