Goldphyre Resources’ (ASX:GPH) recent reconnaissance brine potash pit sampling program has reinforced preliminary sampling and confirmed the high grade nature of the Lake Wells Project in the Yilgarn Craton, Western Australia.
The program returned very high potassium and potash with a significant lake area outlined by + 8 kg/m3 sulphate of potash (SOP) contour.
Results included a maximum value of 7.36 kg/m3 potassium equivalent to 16.41 kg/m3 SOP while the average across 11 pit samples is 4.84 kg/m3 K, equivalent to 10.79 kg/m3 SOP.
Historic and company drilling records show strong groundwater inflow and presence of a deep (+60m) palaeochannel in the central part of the project area.
The company is working to identify the best possible options to continue to progress the project.
The Lake Wells Potash Project is understood to be unique in that it is the only Australian potash project with extensive gold-base metals drill coverage over the central portion of the target area.
This has provided detailed lithological information which will assist the design of future potash drilling campaigns.
Parts of the Lake Wells lake system are located on adjacent tenure not held by Goldphyre and strategic partnerships to secure relevant tenure are progressing.
Potash brine exploration in Australia is growing strongly. Australia imports 100% of its annual SOP requirements, estimated at circa. 500,000 tonnes per annum, leaving Australian end users exposed to exchange rate fluctuations.
In addition, the relatively slow development progress of high CAPEX hard rock overseas potash projects, and global macro-economic circumstances more generally, provide strong incentives for the development of domestic potash supplies.
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