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Acquisition of Seismic Data at Lac Dinga Project

RNS Number : 7326C
African Potash Ltd
20 March 2014
 



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African Potash Limited / Index: AIM / Epic: AFPO / Sector: Mining

20 March 2014

African Potash Limited

('African Potash' or 'the Company')
Acquisition of Seismic Data

 

African Potash, the AIM listed company focused on sub-Saharan potash assets, is pleased to announce that it has completed the acquisition of exploration seismic data (the 'seismic data') at its highly prospective Lac Dinga Project in the Republic of Congo ('Lac Dinga').  The data will enable the Company to delineate areas for drilling and support the advancement of its on-ground exploration activities at its flagship potash project.

 

Highlights:

·    415 line kilometres acquired of recent oil industry standard regional 2D seismic data covering 470km2 on and around the Lac Dinga licence area

·    Additional data from two historic oil exploration boreholes was also acquired, which will allow a quality target generation exercise to be undertaken

·    Targeting work supported by intercepted potash mineralisation (sylvinite and carnallitite) and corresponding down hole gamma logs from drill holes contiguous to the project area

·    Acquisition of seismic data is a positive step towards finalising an initial exploration programme at the Lac Dinga project

 

African Potash CEO, Edward Marlow, said, "The acquisition and interpretation of the newly acquired data will allow the Company to interpret the Lac Dinga area in a regional geological context, and provide a solid platform for the next stage of exploration, that has the potential to prove the highly prospective nature of the asset.  The Congo Basin is underlain by an extensive evaporate sequence, which is the repository for potentially vast potash mineralisation as indicated by historical, basin-wide exploration drilling.  To date, the Company's exploration efforts have been confined to generating the foundations for targeting, but we are now in a position to take a positive step forward with a new on-ground exploration programme, designed to confirm the prospectivity expectations."

 

African Potash has acquired about 415 line kilometres of high quality 2D oil industry seismic data that covers approximately 470km2 of the licence area (Figure 1).  The Company has also acquired bore hole data and information relating to two oil exploration boreholes including historic and recently drilled holes inside the area of seismic coverage, which serves as geological controls to the seismic interpretation.  The acquisition of this new data allows for the commencement of the Company's on-ground exploration programme over the greater licence area from which a new structural and mineralisation target model will be developed.

 

The target generation exercise will be conducted by CSA Global and includes a regional structural framework study based on the newly acquired seismic and borehole data (Figure 1).

 

Initial review of the new Lac Dinga area seismic data indicates stratigraphic-structural continuity from known and tested potash environs and a high potential for the presence of commercial potash mineralisation in the southern project area.

 

The historic drill hole information confirms the development and presence of variable amounts of potash mineralisation in the form of sylvinite and carnallitite in areas outside the Project area.  The records refer to layers of sylvinite and/or carnallitite developed in the same stratigraphic position as the mineralisation developed in the nearby Holle historic potash mine.  No analytical results are available for any of the potash intervals and therefore, confirmation by way of drill testing is required.

 

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For further information visit www.africanpotash.com or contact the following:

Ed Marlow

African Potash Limited

+44 (0) 20 7408 9200      

David Foreman (Corporate Finance)

Cantor Fitzgerald Europe

+44 (0) 20 7894 7000      

Stewart Dickson (Corporate Finance)

Cantor Fitzgerald Europe

+44 (0) 20 7894 7000      

Jeremy Stephenson (Corporate Broking)

Cantor Fitzgerald Europe

+44 (0) 20 7894 7000      

Richard Greenfield

GMP Securities Europe LLP

+44 (0) 20 7647 2836      

Susie Geliher

St Brides Media & Finance Ltd

+44 (0) 20 7236 1177      

Charlotte Heap

St Brides Media & Finance Ltd

+44 (0) 20 7236 1177      

 

About African Potash

 

African Potash was established to invest in/acquire potash assets or projects in sub-Saharan Africa. The Directors believe the fundamentals of the global potash market, a key source of potassium fertiliser, represent a compelling opportunity to create shareholder value.

 

The Company is currently focused on the Lac Dinga Project in the Republic of Congo and has a highly experienced Board with a proven track record in identifying, operating and developing resource projects in Africa.

 

 


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