The seismic contractor has mobilised its crew and equipment to the property and has already completed a 1 km test line to demonstrate the depth to the target potash horizons and to determine to optimum geophone spacing for the 2D survey (picture courtesy of Vatic Ventures Corp.)
Today, Vatic Ventures Corp. announced to have started a phase-1 exploration program on its Saksrithai Potash Project (80% interest). The property is located in northeastern Thailand and adjacent to Thai Kali Co. Ltd.´s Dan Khun Thot Potash Mine, currently under construction after having received mining permits from the government to become Thailand´s first potash mining operation.
Initial production level at the Dan Khun Thot Mine is projected at 500,000 t KCl per year. Initial mineable reserve estimated at 103 million t at an average potash grade of 21.5% KCl (13% K2O) assuming a cut-off grade of 16% KCl). Both sylvinite (up to 5 m thick) and carnallite (up to 60 m thick) are present in drill holes from the Dan Khun Thot Deposit, the maximum potash grade encountered was 32.5% KCl (21.5 K2O). In other words, a world-class potash deposit as grades are high and tonnage is large.
Digging a tunnel at the Dan Kun Thot Potash Mine, next door to Vatic Venture´s Saksrithai Potash Property (source: Vatic Ventures Corp.):
Thailand‘s first potash project under construction: After mining licences have been received, the Dan Khun Thot Potash Project commenced construction of an access decline. Vatic‘s Saksrithai Property borders directly on Dan Khun Thot. (Picture: Thai Kali Company Ltd.)
Vatic´s phase-1 program involves a 2D seismic survey (40-line km) on its Saksrithai Property (32 km2), designed to demonstrate the continuity of the underlying geological structure and provide information regarding the depth to, and thickness of, the potash-bearing layer. The seismic contractor, Geocon Co. Ltd., has mobilised its crew and equipment to the property and has already completed a 1 km test line to demonstrate the depth to the target horizons and to determine to optimum geophone spacing for the survey (see below recently taken pictures, courtesy of Vatic Ventures Corp.).
Geocon is a well-qualified seismic contractor with some 30 years of experience in potash exploration, with particular knowledge of the potash deposits within the Khorat Evaporite Basin, where Vatic´s Sakarithai Property is located. Geocon has provided services to a number of potash projects in Thailand and Laos, including Asia Pacific’s successful Udon Thani Potash Project in northeastern Thailand.
Thailand´s Primary Industries & Mines Department has so far granted concessions for potash mining only to Thai Kali´s Dan Khun Thot Project and ASEAN Potash Mining Co.´s Bamnet Narong Project. Both the mines are in the construction phase. The Mines Department is considering granting a mining concession to the Udon Thani Project.
Dr. Gerry Wright, Vatic’s CEO, commented in today´s press-release:
“We are excited to commence the exploration of the Saksrithai potash project. The seismic survey will enhance our technical knowledge of the project area
and facilitate planning for the initial drilling programme for the project”.
Vatic’s 80% shareholding in Saksrithai Development Co. Ltd., a private Thai company which is the holder of 2 contiguous Special Prospecting Licences (SPLs; issued in 2015) for potash exploration, has now been registered with the Thai Ministry of Commerce. Vatic is entitled to nominate 4 of the 5 Directors of Saksrithai and Dr. Gerry Wright acts as Saksrithai’s Managing Director.
Dr. Gerry Wright is also the Principal of Hong-Kong based Red Branch Investments Ltd., from which company Vatic acquired the rights to purchase the shares of Saksrithai. He is a Professional Engineer (Province of BC) and holds a Doctorate in Engineering from Queen’s University, Belfast. He was co-founder of the Crew Group of Companies and has over 30 years experience in the minerals exploration and development industry in Asia, North America, Europe and Africa, serving as a Senior Officer and Director of a number of public and private companies. He has extensive experience and knowledge of the global potash industry and, in particular, the potash resources underlying Thailand’s Khorat Plateau. Dr. Wright served as CEO of Asia Pacific Resources Ltd. for some 12 years, in which capacity he was directly responsible for the acquisition, financing and development of that company’s Udon Thani Project, which is Asia’s most significant commercial potash discovery, to date. Dr. Wright will be directly responsible for the successful development of the Vatic’s Saksrithai Potash Project. Vatic’s President, Nasim Tyab, commented on the appointment of Wright as new CEO on January 13. 2017 :
“The company is delighted to have Gerry join our board of directors and lead the development of the Saksrithai potash exploration licences as CEO. Gerry’s successful track record in potash exploration in Thailand and capital markets background will augment our board and guide the company through this exciting new period of growth “
Vatic has also engaged Jitisak Premanee, an experienced Thai geologist with expertise in potash exploration in Thailand and Laos, as its senior geological consultant. Mr. Premanee will supervise all field programs as well as be responsible for transparent community information and consultation programs to discuss the project implications with the local communities. Vatic feels that it is essential for local communities be fully appraised regarding the proposed exploration activities and invited to provide their input and support for the project. The program will continue throughout the overall exploration period.
Initial Drilling Program
It is anticipated that the initial seismic program can be completed within a month and, based on the results, Vatic will finalize the scope of the initial drilling program. It is planned to complete approximately 3,000 m of drilling, comprising 10 drill holes averaging about 300 m deep. The drilling contractor was said to be Aztec Drilling Co. Ltd., one of the most experienced drilling contractors in the region. Aztec has been involved in a number of potash projects, including the Asia Pacific´s Udon Thani Potash Project, where it drilled approximately 150 drill holes. Dr. Gerry Wright commented:
"We are pleased to have commenced the first phase of the exploration activities at the Saksrithai project and look forward to starting the field programs in March. The seismic survey will provide the subsurface structural information to enable the company to finalize the scope of its initial drilling program. The completion of these field programs should enable the company to develop a preliminary resource estimate for the project."
Vatic Ventures Corp.
Suite 200 - 1008 Homer Street
Vancouver, B.C. V6B 2X1 Canada
Phone: +1 604 221 8936
Shares Issued & Outstanding: 38,879,641
Canadian Symbol (TSX.V): VCV.H
Current Price: $0.075 CAD (03/16/2017)
Market Capitalization: $3 million CAD
German Symbol / WKN: V8V1 / A2AFZ3
Current Price: - (03/16/2017)
Report #2: "Vatic Ventures enters the world‘s largest known undeveloped potash resources" (January 13, 2017)
Report #1: "Vatic Ventures is back" (July 18, 2016)
Disclaimer: Please read the full disclaimer within the full research report as a PDF (here) as fundamental risks and conflicts of interest exist.