Highfield Resources drilling hits new potash seam at Javier in Spain
Potash developer Highfield Resources looks to have upped the scale of its Javier Potash Project in Spain after a drill hole intersected a 4.5 metre potash seam in the south eastern region of the project area.
We would view this very positive and likely to lift the share price today.
Core samples are presently being prepared for assay.
Significantly, there is continuity of this seam across a distance of over 5kms from the historic drill holes which could lift the scale of the project as well as provide a target for an initial mine given the seam was at a depth of 280m.
Javier is 100% owned and covers an area of 97km2 in Northern Spain.
Depths from surface to potash mineralisation are less than 300m.
The J13-07 drill hole is located in the Muga permit area. The drill hole is around 1.5kms from any modern or historical drill hole.
This drill hole indicates potash mineralisation extends well into the south eastern section of the Project area.
Drilling of the J13-01 hole started 1 May and is currently underway
Highfield is building on substantial historical potash exploration information that includes ten drill holes and seven seismic profiles completed in the late 1980s.
The intersection of the 4.5m potash seam at a depth of around 280m from surface suggests there could be continuity of this seam across a distance of over 5kms from the historic drill holes of JP2, Vistana and Nogueras and the new drill hole J13-12.
If this hypothesis holds, and it appears a logical conclusion at this stage, it is significant for mining as this shallow area is likely to be the initial mine target given the thickness of what appears to be a relatively strong sylvinite seam.
Assays for the hole are due in coming weeks.
So while they will not be included in the upcoming JORC Measured & Indicated Resource estimate for the project - also due in coming weeks - it adds a new dimension to the scale and target for an initial mine.
There are other price catalysts for Highfield apart from the Resource update.
There is the PFS results which are due in coming weeks.
The company is well cashed up with $4.4 million in reserves and support from major shareholder Owen Hegarty's EMR Capital with a 29.5% stake.
We have upgraded our price target to $0.75 - $0.90 within six months for Highfield.
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