Sage Potash Corp., Vancouver, B.C., on April 11 announced that it has acquired an additional 5,118.78 acres of private leases in Utah’s Paradox Basin, bringing the combined landholdings of the Sage Plain projects to a total of 88,118.78 acres. The newly acquired land is in addition to the 83,000 acres of state and private mineral leases and BLM prospecting permit applications that the company previously disclosed.
“The magnitude of our land portfolio in the potash-rich Paradox Basin is amplified by today’s announcement,” said SAGE CEO Peter Hogendoorn. “Securing a controlling interest in the private mineral rights adjacent to the Sage Plain Project and the Johnson 1 exploration well is a key step forward in the development of the project, giving not only the ability to increase our resource, but also plan for future surface infrastructure.”
Sage said earlier this year it is preparing an engineering plan for initial production of 150,000 mt/y of potash. Concurrently, it said it will continue to expand overall resource estimates that can support the potential of raising production to 2-3 million mt/y. Sage announced last month that its common shares would commence trading on the TSX Venture Exchange on March 20 (GM March 17, p. 27).
“Due to the nature of potash deposits and the rather flat lying topography of the deposits – as evidenced by our 2D seismic data and correlated between the Johnson 1 exploration well and the Western Natural Gas well, located 2.2 km away – an increase in private leases will equate to an increase in the resources outlined in our 43-101 technical report,” said Patricio Varas, Sage’s COO and Vice President of Exploration.
Additionally, the company said it has entered into advertising and investor awareness campaigns with Dig Media Inc. dba Investing News Network, SmallCap Communications, Digitonic Limited, VHLA Media Inc., and Triomphe Holdings Ltd. dba Capital Analytica.