ORGANIMAX ANNOUNCES ITS MAIDEN RESOURCE ESTIMATE, ZACATECAS AND SAN LUIS POTOSI STATES, MEXICO
Vancouver, British Columbia: OrganiMax Nutrient Corp. (TSX-V: KMAX) (“OrganiMax” or “the Company”) is pleased to announce its maiden independent Mineral Resource estimates for its 3 principal potassium-lithium salar deposits located within its claims in Zacatecas and San Luis Potosi States, Mexico. SRK Consulting (UK) Limited (SRK) has produced the Mineral Resource estimates for the La Salada, Santa Clara and Caliguey salar sediment deposits.
- 120 million tonnes (Mt) of Inferred Mineral Resources grading 4.6% potassium (K) and 380 ppm lithium (Li);
- a continuous high-lithium portion of La Salada salar containing 7 Mt grading 1,490 ppm
- a contained 12.3 million tonnes (Mt) of Sulfate of Potash (SOP) and 243,000 tonnes of lithiumcarbonate equivalent (LCE);
- Sampling is restricted to 5 metre depths in most areas therefore there is good explorationpotential to increase the Mineral Resource at depth and also extending the sampling to the edgeof the salar basins where sampling has not taken place;
- Geophysical surveys completed suggest there is potential for additional similar layers ofpotassium or lithium enriched material to be found under the current pitting/drilling.
There is significant upside potential to expand the Mineral Resource at depth; Santa Clara and Caliguey have been sampled, and therefore modelled, to only 5 metres depth, with La Salada to approximately 25 metres. The deeper material at La Salada (up to 51 metres to date) is generally potassium rich but is not included in the resource estimate. The basement has not been defined at any of the salars and the surface extent of the salar basins have not been completely sampled.
Brandon Rook, Director and CEO of the company states, “We are encouraged and pleased with the first pass results at the project. The exploration potential of the project remains significant due to what remains open to be tested. We have completed a major milestone for the company and we are now in a position to move the project forward with a strategic joint venture partner.”
Future work programs will include a program of geophysics to establish basin depth profiles followed by a deep drilling program and more detailed metallurgical test work with the goals of extending the current sediment mineralization at depth, testing for deeper brine resources and building confidence in the economics of extraction.
See corporate presentation: here
The detailed Mineral Resource statement for the three OrganiMax salars estimated by SRK is given in the table below:
- Mr. Martin Pittuck, CEng, MIMMM, FGS, is responsible for this Mineral Resource statement and is an”independent qualified person” as such term is defined in NI 43-101.
- Mineral Resource is reported above breakeven value of USD 37/t; calculated using potassium and lithiumgrades, recoveries, operating costs and selling prices on a block-by-block basis.
- Mineral Resource is considered to have reasonable prospects for eventual economic extraction by open pitsurface mining.
- Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
- The statement uses the terminology, definitions and guidelines given in the CIM Standards on MineralResources and Mineral Reserves (May 2014) as required by NI 43-101.
- Effective date of 17 December 2018.
- MRE is reported on 100% basis.
- Tonnes are reported in metric units.
The NI 43-101 technical report will be filed on SEDAR within 45 days.
Mr Martin Pittuck, CEng, FGS, MIMMM, of SRK is the Qualified Person as defined by National Instrument 43-101 and has approved the technical information in this release.
About OrganiMax Nutrient Corp. (KMAX.V)
OrganiMax Nutrient Corp is an exploration company focused on advancing its 100%-owned potassium and lithium bearing salar complex of mineral concessions located in the Central Mexican Plateau in the states of Zacatecas, San Luis Potosi and Coahuila, Mexico. The Company has previously identified both potassium and lithium in both the salar sediments and near-surface brines. Recent geophysical work has indicated that the depths of the salar basins are much greater than previously thought, making the salars highly prospective for large brine aquifers to be discovered at depth. The Company is targeting Sulfate of Potash (SOP) as its primary product along with associated by-products Lithium Carbonate (LCE) and boron for both the domestic and international markets. SOP is a premium specialty fertilizer that is used in the production of high-value chloride sensitive crops such as fruits, vegetables, and nuts.
On behalf of the Board of Directors of OrganiMax Nutrient Corp.,
Brandon Rook, Chief Executive Officer.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.”
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