Salt Lake Potash (ASX:SO4) has released an updated resource estimate on the Lake Wells project after completing an additional round of drilling which has been focusing on confirming the mineralization at depth. The current resource estimate now contains 24.7 million cubic meters containing a total of 85 million tonnes of K2SO4 at an average grade of 8.74 kilogram of SOP per cubic meter of brine.
The average grade remains pretty consistent and even though the deeper drill holes have confirmed the existence of a slightly higher grade zone (at an average grade of 8.99 kg/m3), and have paved the way for a future resource expansion after some more follow-up drilling.
Salt Lake’s share price has been performing really well lately, and the company is taking advantage of the situation by raising A$8.4M at A$0.32 per share to further advance the project.
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The author has no position in Salt Lake Potash. Please read the disclaimer
