Asia Pacific funds Thai potash study

Financing is in place for completion of a 2-year program aimed at delineating a potash resource at the Udon Thani concession in northeast Thailand.

Asia Pacific Resources (VSE) holds a 75% interest while Thai Central Chemical owns 15%. The Thai government holds the balance.

Asia Pacific has completed a private placement of 4 million units at $1.50 per unit. It expects to spend about $3 million on the property this year and a further $3 million in 1995.

A high-grade potash deposit has been identified at a shallow depth and up to 40 holes will be drilled this year to confirm grade, thickness and continuity. Previous drilling returned grades ranging from 20% to 30.8% potassium oxide over widths ranging from 2 to 7.8 metres at a depth of about 300 metres.