AIM-listed Harvest Minerals Limited (LON:HMI) has reported positive results after the completion of its second air core drilling programme at the Maximus Prospect, part of its Arapua Fertilizer project in Brazil.
The group said results from the second drilling programme, which firstly focused on the extension of the area drilled in the previous drilling stage, confirms the continuity of the weathered kamafugite ore body with consistent K2O, P2O5, CaO and MgO grades.
Harvest said additional holes were drilled over outcropping kamafugite which previously have been mapped by the company's geologists.
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These holes had a regional spacing and produced results compatible to the grades in the current resource area, indicating the potential to further substantially increase the mineral resources.
Harvest said it has retained the services of independent consultants GE21 (formerly Coffey Mining Brazil) to revise the current resource using the additional drill data.
GE21 will be on site in mid-January to check the results and an updated resource is expected by mid February.
Brian McMaster, Harvest’s executive chairman said: "These latest drilling results confirm the consistent quality of the mineralisation at Maximus.”
He added: “The wider spaced drilling, including of the (non-diamondiferous) kimberlite, indicates that the grades and thickness of the weathered mineralisation are consistent throughout the entire area we previously mapped and should provide enough material to support any future expansion plans.”
He concluded that this “has been an exceptional achievement by the whole team. We will look to build on this next year.”
Shares in Harvest have more than quadrupled since July, when a scoping study outlined the economic potential of Arapua and the company cancelled its Australian listing and all trade moved to Aim.
In early trade this morning, the stocks edged up 0.25p at 19.25p.