KALIUM LAKES LIMITED Kalium Lakes Limited and BCI Minerals Limited reported brine analysis results for the initial auger sampling program completed at the CPP. The CJV is also presented recent geophysics results associated with identifying the potential palaeochannel location and provide an update on other works undertaken on the CPP to date. The auger holes completed are located on granted tenement E38/2995 which is the eastern tenement of CPP.
Assays from this initial program returned potassium grades of up to 4,790 mg/L, which is equivalent to a SOP grade of 10,674 mg/L. These results are positive and compare favourably with other SOP exploration and development projects in the region. Brine samples were also collected to enable commencement of evaporation and processing bench scale testwork that is scheduled to start this month and take several months to complete. The CJV has completed an initial geophysics desktop assessment to identify the potential palaeochannel locations and followed up with a field geophysics program comprising 123km of traverses.
The field data has been analysed and interpreted and when combined with publicly available information from other companies' projects to the south, has identified the likely continuation of a palaeochannel from Lake Wells extending north through CPP's E38/2995 tenement. Drilling targets designed to test the location and depth of the interpreted palaeochannel system have been identified and will be tested during the coming months. Scoping Study activities have been underway since last year and are progressing to plan.
To date hydrogeological desktop study works have been completed and environmental and regulatory approvals requirements have been identified. The CJV is targeting completion of the Scoping Study in April 2018. The works completed to date, plus Carnegie's extensive area, confirms the CPP's potential scale and prospectivity, with positive initial brine assays results and a comparative lake surface footprint that is significantly greater than other SOP exploration projects in the area.
