Business
Updated Resource at Arapua Fertiliser Project
Updated Resource at Arapua Fertiliser Project.
About this update from Harvest Minerals Limited
[{"type":"text","content":"\n \nRNS Number : 8444X Harvest Minerals Limited 27 February 2017 \n\n \n27 February 2017\nHarvest Minerals Limited \n(\"Harvest\" or the \"Company\")\n \nARAPUA FERTILISER PROJECT - UPDATED RESOURCE ESTIMATE \n \nHarvest Minerals Limited (AIM:HMI) is pleased to announce the results of an updated independent Mineral Resource estimate (\"Resource Estimate\") completed for the Company's 100% owned Arapuá Fertilizer Project (\"Project\") in Minas Gerais State, Brazil.\nHighlights\n· 37% increase in the high grade JORC (2012) Indicated Resource increased to 1.21Mt at 4.40% K2O and 3.45% P2O5;\n· Exploration target extended to a JORC (2012) Indicated and Inferred Resource of 13.07Mt at 3.1% K2O and 2.49% P2O5; and\n· Total resource based on drilling covering just 6.7% of known mineralization. The exploration potential remains open at depth and in several directions. \n \nCommenting on the update, Executive Chairman of Harvest, Brian McMaster stated: \n\"This resource update confirms our expectations on the consistency of the mineralisation at Arapua to support an increased mine life and production rate. The high-grade resource is designed to meet the grades specified in the LOI we signed in December 2016. Additionally, following the completion of the recent round of warrant redemptions Harvest has sufficient cash resources to carry out its business objectives.\"\n \nSummary\nThe Resource Estimate is based on the results of the second air core drilling campaign targeting only the weathered kamafugite rock. A total of 39 new air core holes were drilled for a total of 771.05m, with depths ranging from 6m to 40m (average 19.8m).\n \n26 holes were drilled to the east of the current resource thereby extending the resource area by over 140,300m2. This takes the total area covered by the current JORC (2012) compliant resource to 214,300 m2, which represents approximately 6.7% of the known mineralised area.\n \nThe remaining 13 holes were drilled on a more regional wide spacing to confirm the extent of the known mineralisation. Eight of the holes were drilled over outcropping kamafugite that had previously been mapped by the Company's geologists. The assay results are similar to the grades in the current resource area, indicating t...