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Infinity Lithium reveals maiden resource as potash price rises 50% in one year

Potash prices have recovered strongly in the past 12 months from about US$200/tonne to well in excess of US$300/tonne now.

potash
The resource includes high-grade sylvinite and carnallite

Infinity Lithium Corporation Ltd (ASX:INF) has revealed a maiden potash resource of 1.67 billion tonnes at 16.1% KCl (potassium chloride) at the Banio Potash Project in southern Gabon.

The resource includes high-grade sylvinite and carnallite and is based on testing a limited portion of the 2016 exploration target.

Banio inferred mineral resource at 12% KCl cut-off

The Banio Potash Project has been on care and maintenance from 2017 in a period of weak potash pricing and the emergence of the San Jose Lithium-Tin Project in Spain as the flagship for Infinity.

Potash prices have risen strongly in the past 12 months (up +50%) and with the acquisition of some recent downhole data, a maiden resource has been calculated.

Infinity managing director Ryan Parkin said: “The delivery of this very large resource of sylvinite and carnallite at a relatively shallow depth validates acquisition and the work done previously.

“At a project level it is a very significant step in the development of the project at such an early stage.

“More importantly, this resource is based on just two exploration holes in the Alpha Section of the project demonstrating that a JORC resource could be estimated by testing only a small portion of the area covered in the previously reported exploration target.”

Global demand for potash is forecast to rise through 2025

Parkin added “This resource has the potential to increase in size significantly with the next phase of drilling on the property.

“Currently, although no technical studies have been completed, management is of the view that this resource will be highly amenable to the lower-cost, in-situ leach mining extraction method.”

READ: Infinity Lithium’s hard rock lithium holds market advantage over brine producers

The company remains focused on the San Jose Lithium-Tin Project and expects to shortly release a scoping study on the production of lithium hydroxide on site.

San Jose has the potential to be a fully integrated lithium hydroxide production project and hosts the second largest lithium JORC Resource in Europe.

The next stage for Infinity as it drives San Jose forward is to find a strategic partner or enter into a corporate transaction which builds shareholder value.

Quick facts: Infinity Lithium Corporation Ltd

Price: 0.06 AUD

ASX:INF
Market: ASX
Market Cap: $12.7 m
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