Raytec Granted Potash Permits / Starts Seismicadmin
Raytec Metals Corp. announces the receipt of its remaining exploration permits issued from the government of Saskatchewan for the Company’s KP455, KP466, KP467 and KP468 potash permits, located in central Saskatchewan.
The KP455, KP466, KP467, and KP468 potash exploration permits grant the Company the right to explore approximately 89,643 acres of prospective potash ground contiguous with the Company’s KP441 potash permit. Collectively, the potash permits are known as the “Spar Property” and grant the Company the right to explore, a total of approximately 145,079 acres of contiguous prospective potash ground.
The Spar Property contains an NI43-101 indicated resource of 12.49 million tonnes of K2O and an inferred resource of 12.24 million tonnes of K2O and is adjacent to permits currently held by BHP Billiton Diamonds Inc.
The Company is pleased to announce that government permitting for the proposed 2-D seismic program has been completed. Crews have been mobilized to the Spar Property and the 2-D seismic work will be ongoing throughout November. Initial seismic results are expected to be received by the second week of December. Successful completion of this work will lead to the design and commencement of a phase one drill program focused on expanding the current potash resource.
The Company’s application for potash permit KP500, which covered a non-contiguous area of 8,640 acres southeast of the Spar Property, was denied by the Saskatchewan government.
Raytec Metals Corp. is a well financed, dynamic Canadian exploration company focused on the exploration and commercialization of over 180,000 acres of potash permits in Saskatchewan, Canada – the largest producing region for potash in the world. The Company holds a 15 per cent stake in Sulphur Solutions Inc., an emerging fertilizer company developing state-of-the-art patented technology for the production of micronized sulphur fertilizer. The Company is further diversified with iron ore projects in Ontario, and uranium joint venture projects in the Athabasca Basin of Saskatchewan.