Junior phosphate developer Fox River Resources Corp., Toronto, announced on Sept. 9 that it has engaged Hatch Ltd., together with JESA Technologies LLC and DMT Consulting Limited, for the preparation of a National Instrument (NI) 43-101 preliminary economic assessment (PEA) study on the company’s 100 percent-owned Martison Phosphate Project located near Hearst, Ont.
“The commencement of the Martison PEA marks a major step forward for the company,” said Stephen Case, Fox River CEO. “We have witnessed substantial movement within the fertilizer space over the past ten years and believe the time is right to advance Martison. There is currently no domestic production of phosphate fertilizers within Canada, and we believe Martison is uniquely positioned to serve the Western Canadian market, a market that is growing rapidly and primarily served by producers in Southern Florida and the Gulf Coast.”
The PEA will include the design of a vertically integrated phosphoric acid facility based in northern Ontario. The phosphoric acid would be used as feedstock for the production of higher-valued products that give Martison an economic and logistical advantage over producers currently serving the company’s anticipated target markets. The company said the project is strategically positioned in proximity to target markets with access to excellent infrastructure including rail, power, labor, and natural gas.
Fox River said it is fully funded through completion of the PEA, which is expected in January 2022.
Fox River obtained the Martison asset in 2016 after previous owner PhosCan Chemical Corp. spun off the asset to Fox River in exchange for shares in Fox River and Petrus Resources Ltd., Calgary.