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Gensource Potash Corp.
Summary
| Project: | Vanguard | |
|---|---|---|
| Deposit: | Vanguard | |
| Location: | Canada | |
| Commodities: | Potash | |
| Date: | 1/3/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 3-1-2019: Gensource Potash Corp. announces an Exploration/Drilling Update report for its Vanguard deposit at the Vanguard project. Drilling results incl. 15.7m @ 34.0% KCl. SASKATOON, Saskatchewan--(BUSINESS WIRE)--January 3, 2019--Gensource Potash Corpor | |
| Resources: | (Resource): 144.94Mt KCl @ 40% recovery (Ind.) and 329.73Mt KCl @ 40% recovery (Inf.) at project | |
| CP/QP: | [Overall Report]: Louis Fourie (Terra Modelling Services Inc.) | |
| ABSTRACT: | SASKATOON, Saskatchewan--(BUSINESS WIRE)--January 3, 2019--Gensource Potash Corporation (“Gensource” or the “Company”) (TSX-V: GSP) is pleased to provide a summary of the results obtained from the recent drilling on its 100% owned Vanguard Area in south-central Saskatchewan, completed in November 2018. The drilling, coring, and assay work has resulted in an overall increase in the Measured and Indicated Resource in the Vanguard area while showing a reduction in the Inferred Resource. Of particular note is a 65% increase in Measured Resource and a 68% increase in Indicated Resource. The bulk of the increases in the Measured and Indicated Resource categories represent an upgrading of Resource confidence levels to Measured from Indicated and to Indicated from Inferred, resulting in the decrease in Inferred Resource. Note that the Resource tables below show the Resource as final tonnes of salable product, including deductions for geological anomalies, processing losses, etc. This presentation is consistent with how the Resource and Reserve has been reported at Vanguard since its maiden resource. The Company uses 40% recovery as its base case to calculated total Resources and Reserves, but also shows sensitivity cases for 30% and 50% recovery for context, again consistent with the current Technical Report. The outcome of this work provides further evidence that the Vanguard area overlies a rich and thick potash resource, and, importantly, this Resource information provides a clear view to the Area’s capability to accommodate multiple small-scale Gensource potash facilities, each an independent economic entity on its own, referred to as a module. Detailed results from the drilling program are disclosed below. The current NI 43-101 Technical Report (“Technical Report”) for the Vanguard Area (dated February 23, 2018 and available on SEDAR or the Company’s website) summarizes the Feasibility Study and defines the Reserves for the Vanguard One project. By definition, a Feasibility Study relies, for all project economic and life-of-mine information, entirely on the defined Reserve in the Vanguard Area. Therefore, the definition of adjusted Resources in the Vanguard Area with no change to the Reserves, has no material impact on the current Technical Report. On that basis, the referenced Technical Report, dated February 23, 2018, remains the most current reference for the Vanguard Area and the Vanguard One Project. | |
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