Gensource Potash Corp., Saskatoon, on Dec. 21 announced the acquisition of an additional potash permit area, Block 59, through the recent Government of Saskatchewan public offering of subsurface Mineral Crown Dispositions S010.
Block 59 abuts existing Gensource leases, is approximately 7,244 hectares and represents a direct addition to mineral leases KL244 and KL245 in Gensource’s Vanguard Area. The total price paid to the Government of Saskatchewan for Block 59 was $103,305, or $14.26 per hectare of Crown mineral rights and will be satisfied from existing cash resources.
Gensource is currently developing the Tugaske Potash Project in the Vanguard Area, with Helm AG as both an investor and offtaker in the 250,000 mt/y project. Gensource’s overall business plan is to develop several modular projects within the Vanguard Area, each directing product to clearly defined market areas.
“Gensource is leading the way to what it believes is the future of the potash industry, and this land addition is an exciting opportunity to complete further geological and project development work towards a potential new project.”