Junior miner Gensource Potash Corp., Saskatoon, Sask., on Dec. 7 announced that following a successful flow-through program financing, it officially initiated the 2023 Vanguard North 3D Seismic program in September.
The project aims to explore and confirm the resource for the sub-surface Mineral Permit SMP200 acquired in November 2021, which is contiguous with the company’s designated mining area. It also plans to expand the dataset for the existing resource defined in KL245 for the Tugaske Potash Project. The results will be quantified in a subsequent NI 43-101 Technical Report.
Gensource also reported that it has been engaged in discussions with several financial institutions to secure full project financing for Tugaske. It said following detailed negotiations with private funding groups during the summer, it is focused on reaching an agreement with a preferred funding entity.
The company said the objective is to swiftly conclude ongoing negotiations and progress in stages toward full project financing, enabling Tugaske to transition into construction and operational phases. The company said that while timing remains challenging to estimate, the company is dedicated to expediting the negotiation process.