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Ore reserve estimate updated at Muga-Vipasca potash project

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World Fertilizer,

Highfield Resources has announced the results of an independent technical review undertaken by SRK Consulting (UK) Limited (SRK) of the updated ore reserve estimate (ORE) and exploration target prepared for its Muga-Vipasca potash project.

The updated ORE (which has an effective date 31 October 2021) is 104.3 Mt at a mean grade of 10.2% K2O and comprises a proved reserve of 45.3 Mt at 10.5% K2O; and a probable reserve of 58.9 Mt at 10% K2O.

The updated ORE is changed from the previously reported estimate (which was valid as at 31 December 2018) and reflects additional drilling completed at Vipasca ; a new detailed Life of Mine Plan (LOM) developed with IGAN Consultores (IGAN); and the conditions imposed under the Environmental Permit and the Mining Concession awarded 1 July 2021).

The resulting updated ORE is only modestly different from the 108.7 Mt reported as at 31 December 2018.

Potential project finance lenders are currently assessing the updated LOM.

Ignacio Salazar, Highfield Resources CEO, commented: “As we approach the start of construction at Muga, we are delighted to announce an up-to-date mine plan for Muga and the results of the SRK review of its Ore Reserve estimate. With this work, we have advanced our understanding of the mineralisation and the mine plan of the Project to the point we can start construction. With this result from the SRK´s independent report, we reconfirmed the significant mining and geological characteristics of Muga.”

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