Gensource Potash (TSXV:GSP) is pleased to provide a progress update for its two well drilling program in its 100% owned Vanguard project area. The current two well program will compliment and build on the two wells drilled on the property in 2012.
Mike Ferguson, Gensource’s President & CEO comment: “We are very pleased to have already completed the first well and successfully retrieved the full core from the Prairie Evaporite. More gratifying is that the work was accomplished safely, with no reportable incidents during the equipment mobilization and drilling. Consistent with adjacent wells, and meeting our expectations, a full Prairie Evaporite core of 63m was retrieved. We are now moving the rig to the second well location. We will keep our shareholders informed as assay data is available for the first well and as progress is made at the second well location. The purpose of the drilling is threefold:
- Confirm resource extent and grade in the area adjacent to one of the initial resource wells drilled in the area in 2012;
- Upgrade resource categorization from Inferred (see Gensource News Release dated April 28, 2016 for information on the initial NI 43-101 resource definition) and issue a revised NI 43-101 Resource Report; and
- Prepare for the integration of the Resource into the on-going feasibility study and subsequent conversion to Reserve.”
Highlights of the successful first well are:
- 21 days on site and over 5,300 man-hours worked with zero injuries and zero reportable incidents.
- Total vertical depth: 1,566m
- 63m of 3.5” diameter core cut and retrieved from the Prairie Evaporite Formation. Of the 63m, the three target potash bearing members of the formation aggregated approximately 41m.
- Several geophysical logs were run including hole volume, directional, neutron-density-PE, induction, spectral gamma ray, dipole sonic, and cement bond logs.
Initial inspection of the core reveals that:
- All three members of the Prairie Evaporite (Patience Lake, Belle Plaine and Esterhazy) are present and in-tact.
- Thicknesses of the three members are consistent with adjacent wells, meeting and exceeding expectations.
- Sylvinite mineralization is present, especially the Patience Lake and Belle Plaine Members.
Once logged, the core will be sampled and the samples will be crushed and assayed to provide chemical composition data, most specifically K2O grade.
The scientific and technical information contained in this news release was reviewed and approved by Louis Fourie of Terra Modelling Services Inc., an independent consultant and Qualified Person under NI 43-101.
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.
Gensource operates under a business plan that has two key components – vertical integration with the market to ensure that all production capacity built is directed to a specific market, eliminating market-side risk; and, technical innovation which will allow for a small and economic potash production facility, the output of which can then be directed to a single, specific market.