Gensource Potash Corporation, a fertilizer development company committed to sustainable potash production, has shared key developments regarding the 2023 Vanguard North 3D Seismic Programme and critical updates on project financing.
2023 Vanguard North 3D Seismic Programme commencement
Following a successful flow-through programme financing, Gensource officially initiated the 2023 Vanguard North 3D Seismic programme in September 2023, with the following strategic objectives:
- Exploration and resource confirmation: commence exploration and confirm the resources of Sub-surface Mineral Permit SMP200, acquired in November 2021. SMP200 is strategically positioned to the North of KL245, the location of the first Vanguard Area project, the Tugaske Project, and contiguous with its designated mining area.
- Expansion of Data: Expand dataset for the existing resource defined in KL245 for the Tugaske project. The 2023 Vanguard North 3D Seismic Programme aims to enlarge the contiguous 3D seismic coverage of the regional resource, positively impacting the currently defined resource and reserve. The results will be quantified in a subsequent NI 43-101 Technical Report.
Design of the programme
The 2023 Vanguard North 3D Seismic Programme is designed to augment existing knowledge of the regional resource. It covers an approximate area of 12 km² in the southern part of SMP200, coordinates with, and adds to, the 2017 Vanguard 3D Seismic coverage, and accelerates the potential expansion of the Tugaske Project.
Strategic partnerships
Joining forces on the 2023 Vanguard North 3D Seismic Programme are key experts in the field:
- Terra Modelling Services: Geological consulting and program design.
- Respec Saskatoon: Programme management and coordination.
- RPS Energy: 3D seismic detailed design, data analysis, and interpretation.
- Raymac Surveys Ltd.: Site surveying.
- Echo Seismic Ltd.: Recording.
- Black Gold Medical Ltd.: Field medics.
- Project Financing Update.
In tandem with the seismic programme, Gensource has been actively engaged in discussions with several financial institutions to secure full project financing for its Tugaske project. Following detailed negotiations with private funding groups during the summer, the company is focused on reaching an agreement with a preferred funding entity. The objective is to swiftly conclude ongoing negotiations and progress in stages toward full project financing, enabling the Tugaske project to transition into construction and operational phases. While timing remains challenging to estimate, the company is dedicated to expediting the negotiation process.