(Alliance News) - Kore Potash PLC on Wednesday said that work has commenced on a definitive feasibility study for its Dougou extension, or DX, project in the Republic of Congo.
The DX project occupies an area of approximately 10 kilometres by 15 km immediately west of the Dougou deposit. Kore Potash says it is one of the highest grade undeveloped potash deposits globally.
The potash explorer said that a drilling programme consisting of the drilling and analysis of up to 5 new holes is planned to begin in October.
The definitive feasibility study is divided into two phases. Phase one is focussed on further drilling work to define measured mineral resources and proved and probable ore reserves for the project along with technical design aspects of the mine.
Phase one is planned for completion in May, 2021.
Chief Executive Brad Sampson said: "I am very pleased that work on the DX definitive feasibility study has commenced. 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.
"As we complete the constituent parts of the definitive feasibility study and beyond, Kore gets closer to constructing its projects. Whilst this is a several years long endeavour for any mine of this scale, I am confident that we will deliver for shareholders, employees, and all Republic of the Congo stakeholders," he added.
Kore Potash shares were down 4.7% at 0.68 pence each in London on Wednesday afternoon. In Johannesburg, the stock was quoted at ZAR0.14, unchanged on the day. It is down 36% in 2020 to date on the JSE.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Kore Potash (KP2)