Highfield Resources ups potash resource at Javier, PFS due shortly
Spanish potash developer Highfield Resources (ASX:HFR) has lifted the inferred resource at its key Javier potash project by over 100 million tonnes to 268 million tonnes.
This is all ahead of a highly anticipated Pre-Feasibility Study fleshing out project metrics at 100% owned Javier due to be released shortly.
- A new JORC resource of 268m tonnes at 11.2% K2O (17.8% KCl)
- A Measured and Indicated Mineral Resource estimate of 157m tonnes at 11.3% K2O (18.0% KCl)
- A Inferred Mineral Resource estimate of 111m tonnes at 11.1% K2O (17.6% KCl)
The estimate builds on the Inferred Resource estimate of 163.2m tonnes at 10.9% K2O (17.3% KCl) released on 8 October 2013.
Anthony Hall, Managing Director said today:
"The upgraded Resource estimate increases the Resource at our Javier Project by over 100m tonnes which is very pleasing especially when you consider significant potential upside remains in unexplored areas of the Project.
"Importantly, however, we are now in a position to finalise our PFS and release the results to the market. For us, the Resource estimate is an important stepping stone to enable us to demonstrate the significant advantages we believe our projects have with respect to mining, processing, First World infrastructure, short distances to ports and proximity to markets.
"We are looking forward to releasing the PFS shortly."
Highfield Resources is smack back on investor radars again, with the share price up 42.8% since early April. With the PFS due shortly, further catalysts abound if the results are favourable. We can foresee further upside.
Of interest today, the grade has gone up a little to 11.2%, providing tonnes to choose from for higher grade intervals for the PFS.
Much of the project area is under-explored providing upside in resource perhaps in the Vipasca permit area.
The company is well cashed up with around $4.0 million in reserves and support from major shareholder Owen Hegarty's EMR Capital with a 29.5% stake.
We recently upgraded our price target to $0.75 - $0.90 within six months for Highfield.
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