Vatic’s “Saksrithai” project covers an area of 32 km² in Nakhon Ratchasima province, northeast Thailand, approx. 270 km from Bangkok. The project area is contiguous to the Dan Khun Thot project, presently under development by Thai Kali Ltd, where a high grade carnallite-sylvinite reserve (with potash grades of up 35.2% KCl encountered in drilling) has been delineated. It is reported that the potash ore is mainly carnallite, enriched by the presence of sylvinite.
An initial resource evaluation phase is planned to commence in late-2016/early-2017; comprising seismic survey, geological survey and interpretation, initial diamond-drilling programme (10 holes), baseline environmental studies and local community programmes. The proposed phase 1 budget is US$ 1.5 million, over 12 months, aimed at quantifying a potash resource, leading to a pre-feasibility study, as warranted. Phase 2 will include additional drilling programmes, mining and processing, transportation and marketing studies, leading to a bankable feasibility study and defined potash reserve. Management’s extensive exploration experience, access to regional geological data and drilling results from an adjacent project, will enable accelerated exploration schedule and reduced project costs.