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Salt Lake Potash well on track with development work at Lake Way

Salt Lake Potash has plenty of cash to continue with ongoing evaporation trials
Salt Lake Potash well on track with development work at Lake Way
A new resource encompassing all the company's projects is expected soon

In the half-year to 31 December 2018 interims, Salt Lake Potash Ltd (LON:SO4) (ASX:SO4) has confirmed that progress continues apace at the Lake Way brine sulphate of potash project in Australia.

Construction of the initial ponds and the dewatering of the Williamson pit are likely to be completed by the end of the current quarter.

READ: Salt Lake Potash to direct share of $12 million cash toward Lake Way in Goldfiel ds

In addition, discussions are on-going with a number of offtake partners, who will no doubt be interested in the results of the ongoing pilot plant process testwork, which is expected to produce high-grade SOP.

The company has previously reported having A$12mln of cash at the period end, with outgoings for the March 2019 quarter expected to be A$5.45mln.

In a morning note released after the results were made public, broker Shore Capital stated that it believes Salt Lake Potash “has the potential to become one of the world’s major SOP producers.”

The broker envisages a multi-lake integrated operation potentially producing up to around one million tonnes of SOP.

As it stands, Salt Lake Potash holds licences over its nine salt lakes. 

Work is now well advanced to enable the company to deliver a resource estimate for the lake bed brine and the paleochannel aquifer for the 100% owned Salt Lake tenements. This “whole of lake” estimate will enable the company to examine larger production scenarios.

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