Vancouver — Champion Resources (CHL-V) has tendered its wholly owned Farim phosphate project in Guinea Bissau, West Africa.
The company says it has received numerous inquiries concerning development and off-take proposals and has decided to proceed with a structured tendering process to identify a serious partner to help develop the property.
The Farim resource now stands at 166 million tonnes grading 29.1%P2O5, including 37 million tonnes grading 31% P2O5, which are scheduled for the first 15 years of mine production. Processed rock concentrate will grade 33% P2O5, with high recoveries and low CaO/ P2O5ratios, as well as low cadmium content.
Phosphate is formed through the evaporation of phosphorous-rich brine contained in shallow saltwater basins. Subsequently, salts precipitate and are deposited on the sea floor, where they form an evaporate. More than 90% of all phosphate mined is used to produce fertilizer.
The Farim deposit is hosted in an Eocene-aged sedimentary sequence. It was deposited in a large basin that covered West Africa more than 50 million years ago. The flat-lying phosphate horizon extends over 37.7 sq. km and ranges from 1 metre to 6 metres in thickness (the average thickness is 3.5 metres). The deposit, which is covered by an average of 30 metres of weathered overburden, was enriched by the chemical weathering of phosphate-rich limestone — a process that boosted the average P2O5content to almost 30% from 17%.
The political situation in Guinea Bissau is stable and Farim has the full support of the local and national governments. Champion intends to proceed with development when it has concluded a suitable joint-venture agreement.
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