Block 59 abuts existing Gensource leases, is approximately 7244 hectares and represents a direct addition to mineral leases KL244 and KL245 in Gensource’s Vanguard Area. Block 59 is located immediately north of KL245 in the Rural Municipality of Huron No.223, which is the location of Gensource’s Tugaske potash project, the company’s first modular potash production project. The total price paid to the Government of Saskatchewan for Block 59 was CAN$103 305, or CAN$14.26 per hectare of Crown mineral rights and will be satisfied from existing cash resources. Pursuant to Schedule Four of the AIM Rules for Companies, it is noted that there are no profits attributable to Block 59.
Gensource’s President and CEO Mike Ferguson commented: “Gensource is leading the way to what it believes is the future of the potash industry and this land addition is an exciting opportunity to complete further geological and project development work towards a potential new project. We are already seeing new players following Gensource’s lead, but the combination of Gensource’s technical expertise to actually implement a project, innovative business thinking, and first mover advantage means exciting things ahead for the Company as we engage with new potential partners for future projects.”
Read the article online at: https://www.worldfertilizer.com/potash/10012022/gensource-increases-potash-asset-base/