Lake Auld Potash Project

The Lake Auld Potash Project is situated in Western Australia, approximately 450 kilometres south-east of Broome.

The Company holds five Exploration Licence applications covering an area of 2,792 square kilometres over an extensive 450-kilometre-long lake system. The applications cover areas across both Percival Lakes and Lake Auld where reconnaissance SOP exploration activity has historically occurred. Historic sampling of brine within the Percival Lakes application area has returned the highest known grade sampled from an Australian salt lake to date.

The Company intends to progress native title consultations with a view to having the Exploration Licences granted in 2020.

The area is accessible via Marble Bar along the Telfer Road and the Kidson Track.  The closest community is Punmu which is located 70km to the west.  The Company’s advanced Mackay SOP Project is located 400km to the east.

The Exploration Licence applications are located in a hot and dry environment that is well suited to low-cost solar evaporation production techniques.

A reconnaissance groundwater sampling program of the Percival Lakes and Lake Auld areas was undertaken in February 2015 by a previous company.  This sampling was confined to the upper 1m of the lakebed sediments.

A total of 130 samples were collected and submitted for chemical analysis.  The assays returned an average potassium grade of 13,932mg/L and 6,991mg/L for Percival Lakes and Lake Auld areas, respectively.  The Company believes these prospective areas warrant further investigations to determine whether there is an economic concentration of SOP brine.  There is currently insufficient information to estimate a Mineral Resource.