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Highfield Resources set to lift potash bounty with strong results from Spanish project

The aim of the current drilling program is to confirm and delineate the Muga deposit in the western-most area.

Highfield Resources Ltd - Highfield Resources intersects potash in exploration drilling at Spanish Muga – Vipasca – Sierra del Perdón permits
Highfield’s Muga-Vipasca, Pintanos, and Sierra del Perdón projects are in the potash producing Ebro Basin in northern Spain

Highfield Resources Ltd (ASX:HFR) has intersected potash at encouraging grades and mineable depths in exploration drilling at permit areas around the Muga project in Spain.

The results from Sierra del Perdón (SdP) and Vipasca permit areas have strengthened the potential of the Vipasca deposit to contribute to the broader Muga project.

A notable result was drill hole V18-03 that confirmed the continuity of the Vipasca deposit, which remains open towards the west.

This hole intersected a total of 30.2 metres of potash including:

  • 1.5 metres at an average grade of 11.98% K2O from 1022 metres;
  • 1.8 metres at 11.29% from 1060 metres; and
  • 1.5 metres at 12.79% from 1070 metres.

Another hole, V18-05, demonstrated the extension and continuity of potash mineralisation between the Muga project and Vipasca, thereby linking these two deposits.

Increased dataset

Chairman and interim CEO Richard Crookes said: “The positive results specifically at V18-03 further reinforce the importance of Vipasca to the Muga project.

“These results provide Highfield with an increased dataset to evaluate and develop a single resource across Vipasca and Muga.”

Shares have been more than 8% higher to 39.5 cents intra-day and are up from 26 cents at close on March 23.

The main aim of the current drilling campaign is to confirm and delineate the Muga deposit in its western-most area.

Highfield believes results obtained to date confirm that the overall geological setting at Vipasca including the lithologies, seams and other geological features are similar to those previously defined by drilling at Muga.

Sierra del Perdón tenement area

The company’s SdP tenement area is southeast of Pamplona, covering an area of around 120 square kilometres.

SdP is a brownfield target which previously hosted two potash mines and operated from the 1960s until the late 1990s, producing nearly 500,000 tonnes of K60 Muriate of Potash (MOP) per annum.

Highfield is targeting potential for potash exploitation in the other unmined and under-explored, areas in the SdP tenement area.

Although the company’s second three-year extension application for the Adiós and Quiñones permits had been rejected by the mining department of the Government of Navarra in 2018, Highfield has obtained legal advice and is continuing an appeal process with regards to this decision.

The first drill-hole AA-01 at the Ampliación de Adiós Investigation Permit has been carried out in the tenement, which was designed to test continuity of the shallow potash mineralisation towards the south of the former potash operation of Potasas de Subiza.

The Upper Potash Interval yielded 2.1 metres with an average grade of 7.02% potassium oxide, the Middle Potash Interval yielded 1.5 metres with a mean grade of 14.50% and the Lower Sylvinite Interval yielded 0.9 metres with a mean grade of 5.28 % K2O.

Pintanos tenement area

The company’s Pintanos tenement area, comprising three permits near Muga covers an area of 65 square kilometres.

Highfield is building on potash exploration information from seven drill holes and ten seismic profiles completed in the late 1980s.

The Spanish developer has re-initiated the application process for the drilling permit at Molineras 2, following the conclusion of the public consultation period and has responded to all comments received during the consultation period as it waits for the award of the permit.

Quick facts: Highfield Resources Ltd

Price: 0.55 AUD

Market: ASX
Market Cap: $181.24 m

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