Junior miner American Potash Corp., Vancouver, said on May 8 that it has terminated its option agreement with LiK Resources LLC, a private Houston-based exploration company, on its Green River Potash and Lithium Project, located in the Paradox Basin, Utah (GM April 21, p. 27).
The agreement, announced on April 17, stipulated that LiK must make a cash payment to the company of $3 million on or before April 28, 2023. After granting a grace period and with no certainty that these funds would be forthcoming, the company said it terminated the option agreement, and is now assessing alternatives to provide funding for further development of the project.