Athabasca Potash (API-T) has reported a significant boost to resources at its Burr project in Saskatchewan.
Measured and indicated resources now total 425 million tonnes grading 22.54% potassium oxide. The previous estimate release last September had the project containing 241 million tonnes grading 23% potassium oxide under the indicated category.
Inferred resources are about 187 million tonnes grading 23.55% potassium oxide.
Under the previous estimate there were inferred 183 million tonnes grading 23.2% potassium oxide, plus another separate inferred resource on the Upper Patience lake sub-member area of 39 million tonnes grading 13.2% potassium oxide. Patience Lake was not separated in the latest estimate.
This time around the company tested three additional wells bringing the total to 17.
Athabasca Potash president and CEO, Dawn Zhou, said that the updated resource estimate makes the Burr project look promising.
“This resource update confirms management’s assumptions and validates the potential development of the Burr project as a potential low operating cost convetional potash mine,” she said in a statement.
Athabasca Potash is working on a prefeasibility study for the Burr project right now. The company expects that SNC Lavalin will have it completed by the third quarter.
An ideal site for the mill and shaft have already been identified on the east central part of the project area.
The Burr project covers an area of 320 sq. km and is about 107 km east of Saskatoon. It’s about 13.5 km north of Potash Corp. of Saskatchewan’s Lanigan mine headframe.
The company reported a net loss of $1 million in the first quarter, spending about $3.4 million in operating, investing activities, and leaving it with a cash balance of about $28 million. Athabasca said it’s presently taking a cash conservative approach, focusing on available human resources and short-term expenditures for the most critical activities. The company is going ahead with environmental impact studies, and tailings management and site study for the prefeasibility study.
Athabasca Potash shares rose 4% today, or 21¢, to $4.90 apiece on a trading volume of 456,000 shares.
Be the first to comment on "Athabasca Potash ups Burr resource"