Sirius Minerals Plc Polyhalite reserve increase (4042Y)
May 17 2016 - 2:01AM
UK Regulatory
TIDMSXX
RNS Number : 4042Y
Sirius Minerals Plc
17 May 2016
17 May 2016
Sirius Minerals Plc
Polyhalite reserve increase
Sirius Minerals Plc (AIM: SXX, OTCQX: SRUXY) ("Sirius" or the
"Company") announces an increase in its Probable Ore Reserve ("the
Reserve") at its North Yorkshire polyhalite project ("the
Project").
The Reserve has increased to 280 million tonnes at an average
grade of 88.4% from the previous level of 250 million tonnes of
polyhalite at a grade of 87.8% (as announced on 18 September 2013).
The Reserve has been reported in accordance with the 2012
Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves as published by the Joint Ore Reserves
Committee of the Australasian Institute of Mining and Metallurgy,
Australian Institute of Geoscientists and Minerals Council of
Australia ("the JORC Code").
The increase in the Reserve results from the completion of the
Definitive Feasibility Study ("DFS"), the results of which were
announced on 17 March 2016, and the detailed work that has been
completed on the mining schedule and resource by SRK Consulting
(UK) Ltd ("SRK") as part of the DFS. Specifically it comprises the
tonnage of mineralisation previously reported as an Indicated
Mineral Resource which is planned to be mined and then transported
to Teesside.
Chris Fraser, Managing Director and CEO of Sirius, comments:
"This increase, in what was already the world`s largest and
highest quality polyhalite reserve, adds further confirmation of
the outstanding nature of this deposit."
SRK's Ore Reserve Statement for the Project is presented below.
The economic viability of exploiting this has been confirmed by the
DFS. This is a sub-set of the Indicated Mineral Resource (presented
in the second table below) and not additive to this.
Seam Reserve Tonnage Density Mean Polyhalite Polyhalite
Category (Mt) Grade Content (Mt)
(%)
------- ----------- -------- -------- ---------------- --------------
Shelf Probable 280.2 2.75 88.4 247.7
------- ----------- -------- -------- ---------------- --------------
The previously reported Mineral Resource is tabled below
illustrating the significant base that the Project has to build on
once exploration drilling commences from underground. As with the
Ore Reserve statement, SRK's Mineral Resource statement has also
been reported using the terminology and guidelines set out in the
JORC Code.
Seam Resource Mean Tonnage Density Mean Polyhalite Polyhalite
Category Thickness (Mt) Grade Content
(m) (%) (Mt)
------- ----------- ----------- -------- -------- ---------------- -----------
Shelf Indicated 12.8 820 2.75 87.3 710
------- ----------- ----------- -------- -------- ---------------- -----------
Shelf Inferred 840 2.75 85.7 720
------- ----------- ----------- -------- -------- ---------------- -----------
Basin Inferred 14.8 1,000 2.75 84.7 850
------- ----------- ----------- -------- -------- ---------------- -----------
All Total 2,660 2.75 85.7 2,280
------- ----------- ----------- -------- -------- ---------------- -----------
SRK considers that there is a good likelihood that a proportion
of the currently reported Inferred Mineral Resource will be
upgraded to the Indicated Mineral Resource and Ore Reserve status
once the mine has been established and the polyhalite horizons have
been accessed and underground exploration and grade control
drilling commences. It also considers that additional Mineral
Resources and Ore Reserves are likely to be generated following
ongoing exploration and assessment during the mine life.
For further information, please contact:
Sirius Minerals Plc
Investor Relations Email: ir@siriusminerals.com Tel: +44 845
524 0247
------------------------- ------------------------------- ---------------
Joint Brokers
Liberum Capital Limited Neil Elliot, Tel: +44 20
(NOMAD) Clayton Bush, 3100 2222
Jill Li
J.P. Morgan Cazenove Ben Davies, Jamie Tel: +44 20
Riddell 7742 4000
WH Ireland Adrian Hadden Tel: +44 20
7220 1666
------------------------- ------------------------------- ---------------
Media Enquiries Jos Simson, Mike Tel: +44 20
Tavistock Bartlett, 7920 3150
Emily Fenton
------------------------- ------------------------------- ---------------
About Sirius Minerals Plc
Sirius Minerals is the fertilizer development company focused on
the development of its North Yorkshire polyhalite project, the
United Kingdom. It has the world's largest and highest grade
deposit of polyhalite, a multi-nutrient form of potash containing
potassium, sulphur, magnesium and calcium. Incorporated in 2003,
Sirius Minerals' shares are traded on the London Stock Exchange's
AIM market. Its shares are also traded in the United States on the
OTCQX through a sponsored ADR facility. Further information on the
Company can be found at: www.siriusminerals.com.
Qualified Persons
The information in this press release that relates to Ore
Reserves and Mineral Resources is based on information compiled
under the direction of Dr Mike Armitage C Eng, who is a Member of
the Institute of Materials, Minerals and Mining which is a
'Recognised Overseas Professional Organisation' (ROPO) included in
a list promulgated by ASX from time to time.
Dr Armitage is a full time employee of SRK Consulting (UK) Ltd
and has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which he has undertaken to qualify as a Competent Person
as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves' (the JORC Code) and for the purposes of the AIM Rules. Dr
Armitage has reviewed this press release and consents to the
inclusion in the press release of the matters based on his
information in the form and context in which this appears.
Graham Clarke, Operations Director for Sirius Minerals Plc, who
has reviewed this Stock Exchange Announcement, has over 26 years'
experience in the potash mining industry. He has a Degree in Mining
Engineering from the University of Nottingham, is a Fellow of the
Institute of Materials, Minerals and Mining (IMMM) and extensive
operational experience gained at Cleveland Potash Limited in the
mining of the Boulby Potash seam and the exploration and
development of the upper Fordon Polyhalite seam.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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