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.
In detail:
- 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."
Analysis
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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