LONDON (Alliance News) - Potash developer Emmerson PLC on Wednesday said it has found a "significant" exploration target at the Khemisset project in northern Morocco.
The target, it said, is between 264 million and 616 million tonnes of ore at an average grade of between 5.0% and 14% potassium oxide.
Emmerson said the target is immediately to the north-east of its existing 311.4 million tonnes resource, which is at an average grade of 10% potassium oxide.
There is the potential to now increase the 20 year plus life-of-mine target, Emmerson continued, and the target is also backed up by historical evaluation such as drilling, geophysical surveys, and geological modelling.
Emmerson hopes to start drilling at the target in the second half of 2019.
Shares were 5.7% lower on Wednesday at a price of 2.97 pence each.
Emmerson (EML)