Parkway Minerals
Parkway Minerals (ASX:PWN) aims to extract potassium - for the production of potash - from one of the world's largest greensand deposits.
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2012-12-21
Company Statement
Potash West (ASX:PWN) is an exploration company focused on developing potassium-rich glauconite deposits in Western Australia's Perth Basin. The Company aims to define a substantial resource base and investigate how best to recover potash from the mineral. A successful commercial outcome will allow the Company to become a major contributor to the potash market at a time of heightened demand.
The Company listed on the ASX on 11 May 2011 following a successful and oversubscribed $6m IPO. The Company has a major land holding over one of the world's largest known glauconite deposits, with exploration licenses and applications covering an area of 2,905km2. Previous exploration indicates glauconite sediments are widespread for more than 150km along strike and 15km in width.
Current Operations
Project Overview
Potash West (ASX:PWN) is an exploration company focused on developing potassium-rich glauconite deposits in West Australia's Perth Basin. The Company aims to define a substantial resource base and investigate how best to recover potash from the mineral. A successful commercial outcome will allow the Company to become a major contributor to the potash market at a time of heightened demand.
The Company has a major land holding over one of the world's largest known glauconite deposits, the Dandaragan Trough, with exploration licenses and applications covering an area of 2,905km2. Previous exploration indicates glauconite sediments are widespread for more than 150km along strike and 15km in width.
Project Exploration
Potash West NL (ASX: PWN) is pleased to announce it has obtained promising results from the recently completed aircore drilling programme on its E70/3100 licence, which is located on the western margin of the prospective Dandaragan Trough and 100km north of Perth.
The maiden drilling programme involved a total of 7 widely spaced holes for 534m along road verge traverses, (Figure 1). Holes were located to provide stratigraphic information on the prospective Coolyena Group sediments which host potash mineralisation in glauconite rich sediments, known as greensands, elsewhere on the Company's tenure.
Potash West is exploring the Dandaragan Trough to evaluate the commercial potential of the greensand deposits. These have been examined as a source of potassium several times over a period of nearly 50 years but not pursued due to low Potash prices. Current prices and technological advances make re-examining the area attractive.
The drilling represents the first stage in the investigation of the Cretaceous stratigraphy of the Dandaragan Trough where Potash West controls almost 3,000km2 of tenements. Lithologies of the Coolyena Group, which host various glauconite rich units, are poorly exposed in E70/3100. The aim of the programme was to test the prospective stratigraphy over wide areas of the tenement and to collect samples for the initial phases of metallurgical testwork.
Holes were located to provide maximum information over the almost 50km length of E70/3100 and did not specifically target interpreted areas of favourable geology. In this context the widths and grade of the intersections are encouraging particularly compared with published results. Analyses of samples from drillhole DGH2, drilled by the Geological Survey of WA near Dandaragan in the 1960s, reported 2.3% K2O over a thickness of 21m of weathered Poison Hill Greensand, below which 12m of the fresh formation averaged 5.4% K2O. DGH2 is located some 10km northeast of the northern boundary E70/3100. (Fig 1).
All seven drill holes penetrated significant thicknesses of Coolyena Group sediments. The lithologies consist of fine to medium grained sandstones, siltstones and claystones containing varying amounts of glauconite visible in drill chips. Composited 2m intervals with K2O assays above a cut off grade of 2% are shown in Table 1.
Table 1: Intercepts above a cut off grade of 2% K2O
Note
1. Drilling by aircore method
2. Some samples collected below water table
3. All holes drilled vertical.
4. Stratigraphy is flat dipping - downhole intersection widths approximate the true width of the mineralisation
5. Samples are collected through a rig rotary splitter over 2m intervals and geologically logged.
6. Total sample preparation, assays by lithium borate fusion XRF
7. Composite intervals have been determined with regard to geological description using a lower cut off grade of 2% K2O
8. Drill holes have been located by hand held GPS methods using the MGA94 Zone 50.
For further information view the latest ASX Announcements.
Project location
The Project comprises 10 exploration licences, located between 50 and 230 km north of Perth, in Western Australia. These tenements lie between two major road transport corridors: the Brand Highway to the west, and the Great Northern Highway to the east.
The Dampier-to-Bunbury gas pipeline passes along the western boundary of the Project, as does a major power transmission line.
Management
Adrian Griffin
BSc(Hons) MAusIMM, MGSA, TMS
Non-executive Chairman
Adrian Griffin, an Australian-trained mining professional, has had exposure to metal mining and processing worldwide during a career spanning more than three decades. A pioneer of the lateritic nickel processing industry, he has helped develop extraction technologies for a range of minerals over the years. Today, Adrian specialises in mine management and production. He is a former chief executive officer of Dwyka Diamonds Limited, an AIM- and ASX-listed diamond producer, was a founding director and executive of Washington Resources Limited and also a founding director of Empire Resources Limited, Ferrum Crescent Limited and Reedy Lagoon Corporation Limited. Moreover, Adrian was a founding director of ASX-listed Northern Uranium Limited, of which company he is currently a non-executive director. He is also managing director of ASX-listed Midwinter Resources NL, an African focused iron ore project developer.
Patrick McManus
BSc(Hons), MBA, FAusIMM, FAICD
Managing Director
Patrick McManus has a degree in mineral processing from Leeds University and an MBA from Curtin University. A mining professional for more than 30 years, his work has taken him to many sites within Australia and overseas, including Eneabba and the Murray Basin in Australia, and Madagascar, Indonesia and the United States. During that time, Patrick has worked in operational, technical and corporate roles for RioTinto, RGC Limited and Bemax Resources Limited. He was a founding director and, from January 2007 to March 2010, managing director of ASX-listed Corvette Resources Limited.
George Sakalidis
BSc(Hons), MAusIMM
Non-executive Director
George Sakalidis is an exploration geophysicist of more than 20 years' standing. His career has encompassed extensive exploration for gold, diamonds, base metals and mineral sands and, with others, he compiled one of Australia's largest aeromagnetic databases, now held by Image Resources. Using this database, George contributed to a number of discoveries, including such gold discoveries as the Three Rivers and the Rose deposits in Western Australia. Moreover, he was instrumental in the acquisition of the Image Resources exploration tenements, and the design and interpretation of the magnetic surveys that led to the discovery of the large mineral sands resources at the Dongara project of Magnetic Minerals NL, of which he was a founding director. Also previously a director of North Star Resources NL, Image Resources and the unlisted Imperium Minerals Limited.
Gary Johnson
MAusIMM, TMS, AICD
Non-executive Director
Gary Johnson is a metallurgist with more than 30 years of broad experience in all aspects of the mining industry. In his early career, he gained operational and project expertise with a range of metals in operations in Africa and Australia. Later, he was a member of the team operating the metallurgical pilot plant at the giant Olympic Dam copper, gold and uranium project in South Australia.
In 1998, after 10 years as chief metallurgist for a large gold producer, Gary formed his own specialised hydrometallurgical consulting company. During this period he worked closely with LionOre Mining International to develop the Activox® process for treating sulphide concentrates. When, in 2006, LionOre acquired Gary's company, he joined LionOre as a senior executive. In 2007, LionOre was taken over by MMC Norilsk Nickel and in 2009 Gary became managing director of the latter's Australian operations.
Today, Gary runs his own consulting company, which specialises in high-level metallurgical and strategic advice. He also holds several patents in the field of hydrometallurgy and is a director of the TSX-listed Hard Creek Nickel Corporation.
Contact Information
Potash West NL
Suite 3
23 Belgravia Street
Belmont WA 6104
PO Box 588
Belmont WA 6984
Australia
Phone: +61 8 9479 5386
Fax: +61 8 9475 0847
Website: www.potashwest.com.au
Email: [email protected]
Corporate Information
DIRECTORS
Adrian Griffin - Non-executive Chairman
Patrick McManus - Managing Director
George Sakalidis - Non-executive Director
Gary Johnson - Non-executive Director
COMPANY SECRETARY
Amanda Wilton-Heald
LEGAL ADVISORS TO THE COMPANY
IRDI Legal
248 Oxford Street
Leederville WA 6007
Australia
Phone: +61 8 9443 2544
Fax: +61 8 9444 3808
SHARE REGISTRY
Advanced Share Registry Services Limited
150 Stirling Highway
Nedlands WA 6009
Australia150 Stirling Highway
Nedlands WA 6009
Australia
PO Box 1156
Nedlands WA 6909
Australia
Phone: +61 8 9389 8033
Fax: +61 8 9389 7871
AUDITORS
Ernst and Young
Ernst & Young Building
11 Mounts Bay Road
Perth WA 6000
Australia
Phone: +61 8 9429 2222
Fax: +61 8 9429 2436
