"Increase in the measured and indicated mineral resource estimate supports management's belief that the Danakhil Depression has the potential to become a world class potash basin"
Allana Potash (TSX: T.AAA, Stock Forum), after Monday’s close, reported an updated National Instrument 43-101 compliant mineral resource estimate on its Danakhil Potash Project in Ethiopia, which showed its Measured and Indicated mineral resource increased 90% to 1,297,529,000 tonnes with an average grade of 19.32% KCl, compared with the previous estimate of 673 Million tonnes at an average grade 18.65% KCl in June 2011.
"We are excited to see the large increase in total resources on the project and the significant conversion of inferred mineral resources into measured and indicated mineral resources. The exploration drill campaign over the past 11 months accomplished its twin goals of converting inferred mineral resources to measured and indicated mineral resources and adding significantly to the total project resource base. An over 90% increase in the measured and indicated mineral resource estimate supports management's belief that the Danakhil Depression has the potential to become a world class potash basin," said Allana President and CEO Farhad Abasov.
"This new expanded resource will form the basis for the Company's Feasibility Study going forward. Exploration drilling will continue on the project to expand the resources and better define the distribution of potash in the basin."
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