St. John’s, Newfoundland, and Labrador-Altius Minerals Corp. and Sprott Resource Corp. (SRC) have entered into an agreement to explore for potash in the St. Georges Basin in southwestern Newfoundland. The St. George’s Basin is geologically analogous to the Moncton sub-basin in New Brunswick, which is Canada’s second major potash mining district. Under the agreement, SRC may earn an interest in a large land package that has been assembled by Altius to cover several known potash occurrences within the basin. SRC may earn up to a 60 percent interest in the St. George’s project by spending C$2,500,000 over 4 years, subject to an underlying 2 percent gross sales royalty retained by Altius. The St. Georges project consists of 1,400 claims (35,000 hectares) to cover four primary target areas for potash deposits. These targets feature historical potash drill intercepts, low gravity anomalies, and salt springs that are underlain by a relatively unexplored evaporite-bearing sequence. An exploration program to evaluate the area and identify drill targets has commenced. In addition to the St. George’s Basin joint venture, Altius and SRC have also signed a strategic alliance regarding the assessment of potash exploration opportunities in Canada. Under this agreement, the two parties have agreed to collaborate in the acquisition and exploration of potash projects in Canada. SRC is a Canadian-based company, the primary purpose of which is to invest, directly and indirectly, in natural resources. Altius’s business activities include the generation and acquisition of projects related to natural resources opportunities located primarily in Newfoundland and Labrador.
Transparency Across the Fertilizer Value-Chain