Highfield Resources (ASX:HFR) cornerstone investor EMR Capital has increased its substantial shareholding to 32.4% from 26.4%.
EMR had in June 2014 subscribed for 25 million shares priced at $0.51 each, or a total of $12.75 million, a premium to the price of $0.48 paid by other institutional investors who had subscribed for 40 million shares.
Recent drilling at the company’s Muga Potash Project in Spain had extended potash mineralisation with assays including:
- 1.8 metres at 11.4% K2O (18.0% KCl)
- 13.2 metres at 13.3% K2O (21.1% KCl)
This had high grade beds of 5.1 metres at 16.3% K2O (25.8% KCl), including 1.2 metres at 22.5% K2O (35.6% KCl); and 2.4 metres at 16.4% K2O (26.0% KCl).
The company´s 100% owned Muga Potash Project is targeting the relatively shallow PAB potash (sylvinite) beds in the combined Muga-Vipasca Project that covers an area of more than 110 square kilometres.
Mineralisation in the PAB potash beds commence at depths to surface of less than 250m and appears ideal for a relatively low cost conventional mine accessed via a decline.
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