(Sharecast News) - Potash development company Kore Potash announced on Wednesday that, following its recent equity fundraise, work has started on the definitive feasibility study for its DX Project in the Sintoukola Basin.
The AIM-traded firm said a drilling programme consisting of the drilling and analysis of up to five new holes was planned to begin in October, which it said would improve confidence in the value of DX.
A number of international consultants had been engaged to support the environmental and technical aspects of the definitive feasibility study.
SQM - a lithium and potassium producer, and one of Kore's major shareholders - was providing technical support for key aspects of the study, the board said.
It said the first phase was planned for completion in May.
"This is another important milestone towards bringing the DX project into production as a low cost potash producer at a time when demand for potash continues to grow," said chief executive officer Brad Sampson.
"The combination of DX's high grade and low cost nature is truly unique and we look forward to continuing to move the project forward.
"As we complete the constituent parts of the DFS and beyond, Kore gets closer to constructing its projects."
At 0822 BST, shares in Kore Potash were down 4.65% at 0.68p.
Kore Potash (KP2)30 May 2024 16:37