Double The Expected Resource – Gensource Potash Continues to Deliver

A recent report by Palisade Research highlighted Gensource Potash (TSXV:GSP).
As quoted in the report:

The last update we released in November 2016, outlined a non-binding MOU of a transformational JV with the Essel Group. Under the terms of the JV, Gensource will vend-in a project from its Vanguard area, as well as its project execution team.  In turn, Essel will earn 70% of Vanguard by paying for the rest of the feasibility study (~C$5 million) and financing the construction of the project (~C$250 million!).
Gensource is now one step closer to their FS, releasing an updated resource. And this resource is double than what they have originally indicated! The report defines a resource in the Vanguard area of 145 million tonnes of indicated potash, and 320 million tonnes of inferred potash.
With 3D seismic already underway, Gensource plans on releasing a bankable feasibility study by the end of April or early May. However, there is an extremely important catalyst in the near-term, being the finalization of the Essel JV. We expect that news to hit the wire sometime towards the end of the month or the first week of March.
Gensource is up 83% since our last update, but the market has still been slow to realize its portfolio of assets. We reiterate, the Vanguard area will be able to produce 6 to 8 more projects. It is a large land package and thanks to Gensource’s modular production plan, this cookie cutter JV model could be replicated time and time again. Gensource’s market cap is currently C$47M and each project is worth at least at C$285.5 million. It is the only potash company that makes sense.

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