Gensource Potash begins drilling at Vanguard

- November 18th, 2016

Gensource Potash Corp.(TSXV:GSP) has kicked off its planned drilling program at its 100-per-cent-owned Vanguard property in central Saskatchewan. The Vanguard area comprises two Saskatchewan subsurface mineral leases, KL 244 and KL 245, surrounding the towns of Tugaske and Eyebrow, Sask.

Gensource announces kick-off of a two-well drilling program for its Vanguard Project
Gensource Potash Corp.(TSXV:GSP) has kicked off its planned drilling program at its 100-per-cent-owned Vanguard property in central Saskatchewan. The Vanguard area comprises two Saskatchewan subsurface mineral leases, KL 244 and KL 245, surrounding the towns of Tugaske and Eyebrow, Sask.
Two vertical resource confirmation wells are planned in the first focus area of Vanguard, just south and east of Tugaske. 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) to Measured and Indicated 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.

Well locations have been selected based on resource estimation criteria as well as seismic interpretation from the 2D seismic program shot during 2012. Both wells will be vertical and core is planned to be retrieved from top to bottom of the Prairie Evaporite formation. Core, of course, is the goal of the drilling program and will be analysed for KCl/K2O (potash) grade and other geological features which will help confirm continuity of resource from well to well. Planned well locations are shown in Figure 1.
Gensource has completed its procurement process and is pleased to advise that it has contracted Akita Drilling to complete the two well program. Akita will be supported by many service providers at the site, lead by Artisan Consulting, who will be providing drill site supervision and coordination.
Drill site land lease agreements have been signed with land owners and construction of the first lease area has already begun. Rig move is planned for late this week (target November 18-19) and drilling will begin as soon thereafter as possible. It is estimated that each well will take approximately 12 days to complete.
Gensource’s President & CEO, Mike Ferguson, said, “We are excited to be kicking off the drilling program at Vanguard. As we’ve consistently communicated, a small project such as that planned for the Vanguard area is triggered by the required “market” demand for the product: Now that we have a signed off take agreement in place (see Gensource News Release dated September 26, 2016 for information on the Off Take Agreement), it is satisfying to see the beginning of detailed project development work like drilling and the detailed feasibility study. Timing of the drilling and assaying work has been managed to ensure that the results, i.e. resource estimation and 43-101 resource report, will be available for inclusion in the already-underway feasibility study. We will continue to communicate our progress as we go{A …}”.
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.
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