(Alliance News) - Kore Potash PLC on Tuesday said it has moved its DX project closer to production with the start of the first phase of the definitive feasibility study.
The mining company said the work to complete phase one of the DFS on its DX project - in the Sintoukola Basin, located within the Republic of Congo - has commenced and includes a programme consisting of the drilling and analysis of up to five new diamond drill holes. This is planned to begin during October and is expected to improve confidence in the value of DX.
Kore Potash said a number of local and international consultants have been engaged to support the environmental and technical aspects of the DFS.
Phase one of the DFS is planned for completion in May 2021.
Kore Potash noted that, as at September 30, it held USD7.83 million cash at bank.
"We have taken the DX project from discovery to commencement of definitive feasibility study within a two-year period which is rapid in any context," said Chief Executive Brad Sampson.
"The high grade of the DX deposit, and its strategic location help create a compelling investment case and we are excited to be commencing the definitive feasibility study and moving DX closer towards production," added Sampson.
Kore Potash shares were trading 7.1% lower in London on Tuesday at 0.65 pence each, while in Johannesburg the stock was untraded, last closing at ZAR0.14 a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Kore Potash (KP2)