Collaborative effort by SOP industry group leads to formal brine resource framework
JORC Adopts Brine Guideline
Perth, April 24, 2019 AEST (ABN Newswire) - Australian Potash Limited (ASX:APC) (APC or the Company) is pleased to advise that the Joint Ore Reserves Committee (JORC) has formally adopted the Brine Guideline developed by an AMEC lead sub-committee of hydrogeologists.
The Guideline is intended to describe the unique technical considerations that are required to report brine mineralisation, Resources and Reserves in relation to the JORC Code (2012).
The Guideline requires among other things, consideration by the Competent Person(s) of the temporal component of brine composition and grade during abstraction, and applying this consideration during the conversion of Mineral Resources to Ore Reserves.
This is necessary because unlike solid minerals the valuable elements in the brine (for example SOP and other minerals) are mobile, as they are dissolved in the brine.
Managing Director and CEO, Matt Shackleton, commented: "APC has developed a strong relationship with expert sub-committee member firm AQ2, since we began understanding the potential of the Lake Wells SOP project. Their guidance lends significant confidence to us around APC's published Resource estimates and the work programs we have underway to finalise the pending Reserve estimate. Not surprisingly, APC is in full compliance with the JORC 2012 Brine Guildline.
"With the nascent SOP brine industry developing rapidly in Western Australia it is gratifying to see a formal, professional structure established around that most integral of mining concepts, the Resource estimate. This can only lead to better quality investor information."
About Australian Potash Ltd
Australian Potash Limited (ASX:APC) is an ASX-listed Sulphate of Potash (SOP) developer. The Company holds a 100% interest in the Lake Wells Potash Project located approximately 500kms northeast of Kalgoorlie, in Western Australia's Eastern Goldfields.
Following the release of a Scoping Study in 2017, APC has been conducting a Definitive Feasibility Study (DFS) into the development of the Lake Wells Potash Project. The Company is aiming to release the findings of the DFS in H2 2019.
The Lake Wells Potash Project is a palaeochannel brine hosted sulphate of potash project. Palaeochannel bore fields supply large volumes of brine to many existing mining operations throughout Western Australia, and this technique is a well understood and proven method for extracting brine. APC will use this technically low-risk and commonly used brine extraction model to further develop a bore-field into the palaeochannel hosting the Lake Wells SOP resource.
A Scoping Study on the Lake Wells Potash Project was completed and released on 23 March 2017. The Scoping Study exceeded expectations and confirmed that the Project's economic and technical aspects are all exceptionally strong, and highlights APC's potential to become a significant long-life, low capital and high margin sulphate of potash (SOP) producer.
Australian Potash Ltd