High Grade Phosphate Results Returned From Drilling At Lucena Phosphate Project Brazil

  • Sixteen holes totalling 960 metres of planned 1,500 metre program now completed.
  • Assays from first eleven holes spaced over a 20 kilometre zone have now been received with eight holes returning phosphate mineralisation.
  • Numerous high grade intersections were received including assays up to 23.25% P2O5.
  • These early results highlight the area’s potential to host a near surface phosphate deposit in close proximity to infrastructure, primary agriculture customers and fertiliser blenders.
  • Infill drilling will commence immediately with a further drilling program doubling the initial drilling program to 3,000 metres.
  • Further drilling will test for significant widths and thicknesses of phosphate mineralisation to enable the rapid development of a start-up project, based on the fact that Brazil is heavily reliant on imports of up to 50 per cent of its phosphate needs.