Gensource Announces Completion of Field Activities for its 3D Seismic Program at Vanguard

Gensource-Potash-Logo-copy

Gensource Potash (TSXV:GSP) has completed field activities related to its 3-D seismic program at its 100-per-cent-owned Vanguard property in central Saskatchewan. The Vanguard area comprises two Saskatchewan subsurface mineral leases, KL244 and KL245, surrounding the villages of Tugaske and Eyebrow, Sask.

Field activities for the 3-D seismic program were initiated on February 21, 2017 for the purpose of:

  • covering a large potential mining area with 3D seismic data to aid in determination of continuity of resource between drill holes,
  • assist with mine/wellfield planning details for the on-going feasibility study,
  • to aid in the selection of the initial wellfield location for the Vanguard One project, and
  • to allow for the ultimate conversion of resources to reserves following the completion of the feasibility study.

Two vertical resource confirmation wells were drilled in late 2016 and early 2017 and a NI 43-101 Resource Estimate was subsequently completed, providing an Indicated Resource estimate for the project area (see Gensource news release dated February 17, 2017). The 3D seismic data is required in order to set the wellfield location and design in support of the on-going feasibility study.

The 3D seismic area was selected to be as focused as possible to define the resource to the extent necessary, while being large enough to provide many options in terms of the selection of the initial wellfield area. Overall, the 3D seismic program covered an area of 34.37 square kilometres (13.27 square miles). Figure 1 illustrates the location of the 2017 Vanguard 3D.

Gensource engaged Boyd Exploration Consultants Ltd., a wholly-owned subsidiary of RPS Energy Canada Ltd. (RPS) of Calgary, as the prime contractor for the 3D seismic program. RPS has a unique understanding of the Prairie Evaporite section gleaned from tens of thousands of kilometres of 2D and 3D seismic work in Saskatchewan, Canada, and other basins around the world. Acting as Prime Contractor and as the preferred geophysicial service provider to the potash industry, RPS has managed over $200 million in projects over the past ten years. RPS was responsible for the 2D seismic previously completed on KL244 and KL245.

The final interpretation should be completed in May, 2017, matching the schedule required for the preparation of the feasibility study.

Gensource’s President & CEO, Mike Ferguson, said, “The 3D seismic program is the final step in the geological definition work required to support the feasibility study and wellfield planning and we are very pleased to be working again with RPS for this work. The 3D seismic interpretation will provide a solid basis to carry forward with wellfield location and layout and will support the location of future drilling activities. Additionally, the 3D seismic interpretation will support the conversion of resources to reserves in conjunction with the results of the feasibility study”.

The scientific and technical information contained in this news release was reviewed and approved by Mike Ferguson, P.Eng., the President and CEO of Gensource and a Qualified Person under NI 43-101.

About Gensource

Gensource is based in Saskatoon, Saskatchewan and is focused on developing the next potash production facility in that province. Gensource’s President and CEO, Mike Ferguson P.Eng., has assembled a management and technical team with direct and specific expertise and experience in potash development in Saskatchewan, and organized that team with a business plan focusing on small scale, economical production and vertical integration. Gensource plans to use up-to-date techniques and technologies to implement a potash facility like no other in the province {A –} one that has a very small environmental footprint and community impact.

Connect with Gensource Potash (TSXV:GSP) to receive an Investor Presentation.

Get the Latest Potash Investing Stock Information

Get the latest information about companies associated with Potash Investing delivered directly to your inbox.

Potash

By selecting company or companies above, you are giving consent to receive email from those companies. And remember you can unsubscribe at any time.

Comments

Leave a Reply