('African Potash' or 'the Company')
Appointed Drill Contractor at Lac Dinga Potash Project
African Potash, the AIM listed exploration company focused on sub-Saharan potash assets, is pleased to announce that it has appointed RCT srl, ('RCT') to undertake a maiden 1,000m diamond drill programme at the Company's Lac Dinga Potash Exploration Project in the Republic of Congo ('Lac Dinga' or the 'Project').
· Maiden drill programme due to commence at Lac Dinga in July 2014 following on from the recent interpretation of seismic data
· Drilling to test the basin margin where favourable conditions are interpreted for the formation of high-grade potash mineralisation
· Initial drill programme to consist of two vertical rotary/diamond drill holes, which will be drilled to a depth of ~500m each at two high priority targets
· Total of four target areas identified to date as a result of recent seismic work
· Approximately 250km2 of Lac Dinga interpreted to be underlain by prospective salt bearing strata and to occur at a depth of about 250m to 350m below surface
· Drilling expected to be completed by September 2014
· RCT is also drilling for Eni S.p.A ('Eni') nearby, enabling African Potash to benefit from synergies and use of shared facilities
African Potash CEO, Edward Marlow, said, "The appointment of RCT represents further progress at our Lac Dinga Potash Project. With two highly prospective target areas identified and a drill team in place we are now well set to commence our maiden drilling programme in July 2014. Of note, RCT is also currently drilling for Eni nearby, enabling African Potash to benefit from synergies and use of shared facilities. In addition, the Project is located in a mineral-rich region, proven to host extensive potash mineralisation, and I look forward to proving up the value potential of our asset through this upcoming drill programme."
The objective for the maiden drilling programme, due to commence in July 2014, is to test the interpreted prospective salt sequence for the development of high-grade sylvinte (KCl) horizons within the basin-wide carnallite [KMgCl3 x 6(H2O)] layer. The initial programme will include two approximately 400m to 500m deep vertical drill holes.
It is expected that the holes will intersect the evaporite horizon between 300m and 350m below surface. The drill holes are planned to be drilled as open rotary holes through the cover sequence consisting of mainly poorly consolidated sandstones, limestone and dolomites, and to be cased to the top of the salt and then PQ size (~9cm diameter) core drilling into the evaporite formation.
A geological study conducted by CSA Global Pty Ltd resulted in a regional structural geological framework and an interpretation of the extent of the evaporite (rock salt and potash salts) sequence across the Project area. The study confirms stratigraphic-structural continuity of the salt (including potash horizons) into the Lac Dinga area. The evaporite sequence is interpreted to underlie approximately 250km2 of the Project area and to thicken to about 300m to 400m near the southern and western property boundary. The evaporite sequence appears to have relative consistent thickness up to the "salt basin" margin where it rapidly decreases in thickness over about 3km. The geometry of the evaporite sequence is controlled by a structure in the underlying rocks which defines the "salt basin" geometry. The seismic data shows no major disturbances in the salt formation, which implies laterally stable condition. Four drill target areas were identified near the basin margin where favourable conditions have been interpreted for the formation of high-grade potash mineralisation within the evaporite sequence.
The historic drill hole information confirms the development and presence of potash mineralisation in the form of sylvinite and carnallitite in the area immediately to the south (~5km) of the Project area. The records refer to layers of sylvinite and/or carnallitite developed in the same stratigraphic position as that exploited in the nearby Holle historic potash mine.
African Potash was established to invest in/acquire potash assets or projects in sub-Saharan Africa. The Directors believe the fundamentals of the global potash market, a key source of potassium fertiliser, represent a compelling opportunity to create shareholder value.
The Company is currently focused on the Lac Dinga Project in the Republic of Congo and has a highly experienced Board with a proven track record in identifying, operating and developing resource projects in Africa.
This information is provided by RNS
The company news service from the London Stock Exchange