- Agrimin (AMN) has updated the mineral resource estimate at its Mackay Potash Project
- The estimate is now at 123 million tonnes of sulphate of Potash over 20 years
- These results mean Lake Mackay is confirmed as Australia’s largest SOP deposit
- Agrimin remains unchanged at market close, selling at 46 cent each
West Australian based minerals company Agrimin (AMN) has updated the mineral resource estimate at its Mackay Potash Project by 470 percent.
The Drainable Mineral Resource estimate now sits at 123 million tonnes of sulphate of potash (SOP), and the in-situ mineral resource exceeds 1 billion tonnes.
Former estimates indicated SOP extracted from the project would be 26.1 million tonnes over it’s assumed 20 year lifespan.
This increased estimate now confirms Lake Mackay as Australia’s largest SOP deposit.
Agrimin CEO Mark Savich says the company is thrilled with the results.
“We are delighted to announce a very significant upgrade to the Mineral Resource for the Mackay Potash Project,” Mark said.
“This is the culmination of several years of data collection and extensive hydrogeological modelling, which we believe to represent an industry leading level of rigour in de-risking the project,” he told the market.
“Importantly, the outcomes exceed the parameters used in the 2018 Pre-Feasibility Study,” he added
Pre Feasibility Study Updated
The PFS for the project was completed in May 2018, following which, Agrimin appointed USA based company Stantec Consulting Services to update the Mineral Resource.
As well as the update, Stantec were asked to complete the Ore Reserve and DFS mine planning.
The Mackay Project has now been de-risked, including over two years of trench pumping tests.
Agrimin is currently completing a Definitive Feasibility Study for the project, which is scheduled for Q2-2020.
News of the upgrade follows Agrimin’s announcement to the market on December third, which indicated a joint venture with transport company Newhaul.
Newhaul will transport Agrimin’s potash from the Mackay Project to Wyndham Port.
An Ore Reserve for the project is scheduled for completion in Q1-2020.
Agrimin remains unchanged at market close, selling at 46 cent each.