Harvest Minerals Limited (LON:HMI) has still only scratched the surface to provide its updated and significantly upgraded resource on the Arapuá Fertilizer Project in Brazil.
The higher-confidence indicated resource rises 37% to a JORC-compliant 1.2mln tonnes at a grade of 4.4% potassium oxide (K2O) and 3.45% phosphorus pentoxide (P2O5).
The exploration target is now just under 13.1mln tonnes in the indicated and inferred categories, while drilling to date has covered just 6.7% of the known mineralisation on the deposit in Minas Gerais State.
Chairman Brian McMaster "This resource update confirms our expectations on the consistency of the mineralisation at Arapua to support an increased mine life and production rate.
“The high-grade resource is designed to meet the grades specified in the letter of intent we signed in December 2016.
“Additionally, following the completion of the recent round of warrant redemptions Harvest has sufficient cash resources to carry out its business objectives."
The letter of intent referred to is with a coffee grower to provide output from trial mining on Maximus prospect on Arapuá.