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3D Seismic Program and Comprehensive Update

7 Dec 2023 07:00

RNS Number : 9549V
Gensource Potash Corporation
07 December 2023
 

FOR IMMEDIATE RELEASE - NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Gensource Potash Announces 2023 Vanguard North 3D Seismic Program and Provides Comprehensive Update

SASKATOON, Saskatchewan, and London, U.K. - December 7, 2023 - Gensource Potash Corporation ("Gensource" or the "Company") (AIM/TSXV: GSP), a leading fertilizer development company committed to sustainable potash production, is delighted to share key developments regarding the 2023 Vanguard North 3D Seismic Program and critical updates on project financing.

2023 Vanguard North 3D Seismic Program Commencement

Following a successful flow-through program financing, Gensource officially initiated the 2023 Vanguard North 3D Seismic program in September 2023, with the following strategic objectives:

· Exploration and Resource Confirmation: Commence exploration and confirm the resources of Sub-surface Mineral Permit SMP200, acquired in November 2021. SMP200 is strategically positioned to the North of KL245, the location of the first Vanguard Area project, the Tugaske Project, and contiguous with its designated mining area. More information is available at gensourcepotash.ca.

· Expansion of Data: Expand dataset for the existing resource defined in KL245 for the Tugaske Project. The 2023 Vanguard North 3D Seismic program aims to enlarge the contiguous 3D seismic coverage of the regional resource, positively impacting the currently defined Resource and Reserve. The results will be quantified in a subsequent NI 43-101 Technical Report.

Design of the Program

The 2023 Vanguard North 3D Seismic program is meticulously designed to augment existing knowledge of the regional resource. It covers an approximate area of 12 km² in the southern part of SMP200, coordinates with, and adds to, the 2017 Vanguard 3D Seismic coverage, and accelerates the potential expansion of the Tugaske Project.

Strategic Partnerships Gensource values collaboration and partnership. Joining forces on the 2023 Vanguard North 3D Seismic program are key experts in the field:

· Terra Modelling Services: Geological consulting and program design.

· Respec Saskatoon: Program management and coordination.

· RPS Energy: 3D Seismic detailed design, data analysis, and interpretation.

· Raymac Surveys Ltd.: Site surveying.

· Echo Seismic Ltd.: Recording.

· Black Gold Medical Ltd.: Field medics.

Project Financing Update

In tandem with the seismic program, Gensource has been actively engaged in discussions with several financial institutions to secure full project financing for its Tugaske Project. Following detailed negotiations with private funding groups during the summer, the Company is focused on reaching an agreement with a preferred funding entity. The objective is to swiftly conclude ongoing negotiations and progress in stages toward full project financing, enabling the Tugaske Project to transition into construction and operational phases. While timing remains challenging to estimate, the Company is dedicated to expediting the negotiation process.

About Gensource:

Gensource is a fertilizer development company based in Saskatoon, Saskatchewan and is on track to become the next fertilizer production company in that province. With a modular and environmentally leading approach to potash production, Gensource believes its technical and business model will be the future of the industry. Gensource operates under a business plan that has two key components: (1) vertical integration with the market to ensure that all production capacity built is directed, and pre-sold, to a specific market, eliminating market-side risk; and (2) technical innovation which will allow for a modular and economic potash production facility, that demonstrates environmental leadership within the industry, producing no salt tailings, therefore eliminating decommissioning.

For further information on Gensource Potash, please contact:

Gensource Potash Corporation Mike Ferguson - President & CEO +1-306-974-6414Strand Hanson Limited (Nominated & Financial Adviser) +44 (0) 20 7409 3494Ritchie Balmer / Rory Murphy / Charles Hammond Peel Hunt LLP (Broker)  +44 (0) 20 7418 8900Ross Allister / David McKeown / Georgia Langoulant

For any press enquiries please contact Gensource at 306-974-6414.

 

Further information on Gensource Potash Corporation can be found at www.gensourcepotash.ca

Follow us on twitter @GensourcePotash

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Statements

This news release may contain forward looking information and Gensource cautions readers that forward- looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of Gensource included in this news release. This news release includes certain "forward-looking statements", which often, but not always, can be identified by the use of words such as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". These statements are based on information currently available to Gensource and Gensource provides no assurance that actual results will meet management's expectations.

Forward looking statements include estimates and statements with respect to Gensource's future plans, objectives or goals, to the effect that Gensource or management expects a stated condition or result to occur, including any offering of securities by Gensource. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated in such statements for many reasons such as: failure to finance the Tugaske Project or other projects on terms which are economic or at all; failure to settle a definitive joint venture agreement with a party and advance and finance the Tugaske Project; changes in general economic conditions and conditions in the financial markets; the ability to find and source off-take agreements; changes in demand and prices for potash; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Gensource's activities; an inability to predict and counteract the effects of COVID-19 on the business of Gensource, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, failure to obtain required regulatory approvals; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Gensource's forward-looking statements. These and other factors should be considered carefully, and readers should not place undue reliance on Gensource's forward-looking statements. Gensource does not undertake to update any forward-looking statement that may be made from time to time by Gensource or on its behalf, except in accordance with applicable securities laws.

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29th May 20247:30 amRNSSuspension - Gensource Potash Corporation
30th Apr 20247:00 amRNSFinal Results
7th Dec 20237:00 amRNS3D Seismic Program and Comprehensive Update
2nd Oct 20237:00 amRNSClosing of Non-Brokered Private Placement and TVR
28th Sep 20237:00 amRNS$700,000 Non-Brokered Private Placement
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30th May 20237:00 amRNSClosing of Non-Brokered Private Placement and TVR
26th May 20237:00 amRNSMailing of Information Circular
25th May 20237:00 amRNSCompletion of Nominated Adviser Due Diligence
22nd May 20237:00 amRNS$800,000 Non-Brokered Private Placement
9th May 20232:32 pmRNSGranting of Stock Options
4th May 202312:00 pmRNSAppointment of Director
24th Apr 20237:00 amRNSPDMR Dealings & Promissory Note Maturity Amendment
14th Apr 20237:00 amRNSDirector Resignation
3rd Apr 20237:00 amRNSFinal Results
23rd Feb 20237:00 amRNSStrategic Business Relationship and Project Update
14th Feb 20237:00 amRNSDirector Dealing
27th Jan 20237:00 amRNSClosing of Non-Brokered Private Placement & TVR
19th Jan 20237:00 amRNS2022 Year-end Update and Outlook for 2023
3rd Jan 20237:00 amRNSClosing of Non-Brokered Private Placement and TVR
1st Dec 20227:00 amRNS$6,000,000 Non-Brokered Private Placement
29th Nov 20227:00 amRNSFinancial Statements and Management's Discussion
13th Sep 20227:00 amRNSAIM Rules Related Party Transaction Opinion
30th Aug 20227:00 amRNS2nd Quarter Results
26th Aug 20227:00 amRNSShareholder Update Call
29th Jul 20227:00 amRNSGensource Potash Announces Director Dealing
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21st Jun 20227:00 amRNSHelm update and Intention to Increase Capacity
14th Jun 20227:00 amRNSDirector/PDMR Exercise of Options and Dealing
13th Jun 20227:00 amRNSGensource Potash Announces Director Dealing
31st May 20227:00 amRNSShareholder Meeting, Q1s + New Board Chair
26th May 20227:23 amRNSGensource Completes First On-Site Activities
13th Apr 20227:00 amRNSAgreement to Acquire Innovare Technologies Ltd.
1st Apr 20227:00 amRNSGensource Renews Investor Relations Contract
28th Mar 20227:08 amRNSFinal Results
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27th Jan 20227:00 amRNS2021 Year End Review and 2022 Outlook
21st Jan 20229:00 amRNSInvestor Presentation
21st Dec 20217:00 amRNSGensource Announces Increase in Potash Asset Base
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