Highfield Resources share price sets cracking pace, potash in Spain
Spanish potash developer Highfield Resources (ASX:HFR) has been a sharemarket star with its stock price rising 86% in a small cap. market that has not been ebullient, as its potash projects advance rapidly to development.
Replete with $10 million funding from cornerstone investor, Owen Hegarty's EMR Capital, a rarity in the current environment, it has not wasted any time with a JORC resource estimate due at the Javier project due for release in August 2013.
The Javier project covers an area of about 20km2 in Northern Spain, where depths to the top of the potash mineralisation are relatively shallow at between 300 metres and 530 metres.
A drilling campaign is scheduled to commence on site shortly that will see 11 holes drilled over the coming three months.
Drill rigs will be shifted to the Javier project upon completion of the four-hole campaign at Sierra del Perdón. It is
anticipated that there will be three rigs in operation at Javier by the end of August 2013.
Javier has a very strong sylvinite intersect of 1.36 metres at 29.1% KCl at a depth of 300 metres. This is terrific stuff especially as it is likely that Highfield can access this via a decline.
The Javier evaporite mineralisation is also very simple – halite, sylvinite, halite interbedding, sylvinite, halite. This makes it ideal for easy economic extraction.
We would not be surprised to see favourable transport options for Javier given the infrastructure available. Results from a study into transport and a processing plant project will be eagerly awaited.
Sierra del Perdón potash project
Two rigs are operating at Sierra del Perdón potash project, which covers an area of about 80km2 in Northern Spain. It contains two former operating mines that produced close to 10 million tonnes of potash between 1972 and 1997.
Highfield is presently drilling four confirmatory holes across the project area with a view to confirming its 3D mine model.
Core samples from the four holes will be assayed and subjected to metallurgical and geotechnical testing. With this information Highfield expects to be in a position to confirm the best initial mine method.
Assaying of the core will be completed and metallurgical testing will be completed by UK-based Wardell Armstrong International Limited.
The stress testing and other geotechnical tests will be completed by the Spanish based contracting firm SADIM. All
organisations engaged by Highfield to undertake this work have potash experience. The completion of this work is all critical to the development activities necessary to open a potash mine.
Pintano potash project
The Pintano potash project covers an enormous area of land and the eight hole drill programme is only going to touch the surface on the what the basin may offer from a resource perspective. The initial drill holes also show strong thick sylvinite mineralisation.
In all, Highfield is benefitting mightily from the funding raised and the advanced nature of the potash projects. We see further share price growth in the next two quarters as Highfield broaches milestones in August and September.
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