(Alliance News) - Kore Potash PLC on Thursday said the drilling program for phase 1 of the DX solution mining project definitive feasibility study has been completed.
The Congo-focused potash developer said the results confirmed the locations of the targeted hanging wall and top potash seams and also identified areas containing carnallite that will be excluded and not considered for extraction in future mine planning for the DX project.
The DX project refers to the Dougou extension located in the Kouilou district of the Republic of Congo.
Kore Potash said drilling results at DX meant that before proceeding further with a definitive feasibility study, it needed to develop a new geological model to take into account the latest data.
This work, which is expected to be completed before the end of 2021, would determine whether more drilling or seismic studies were required.
Chief Executive Officer Brad Sampson said: "The recent drilling campaign at our DX project has improved our knowledge of the location of the sylvinite and carnallite potash mineralisation which was the main objective for the drilling. This further data will be used to incorporate an updated geological model as part of the definitive feasibility study work we are undertaking for this shallow solution mining project. The update of the DX geological model will happen in parallel with the ongoing capital optimisation and financing activity for the development of the Kola project which is currently the company's main focus."
The stock closed down 8.3% at 0.94 pence in London on Thursday and down 4.4% at ZAR0.22 each in Johannesburg.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Kore Potash (KP2)