Gensource Announces Initiation of Field Drilling
Gensource Potash Corporation (“Gensource” or the “Company”) (TSX-V: GSP), is pleased to announce the kick-off of its planned fall drilling in the 100% owned Vanguard Area in central Saskatchewan. The Vanguard Area comprises two Saskatchewan subsurface potash mineral leases, KL 244 and KL 245, surrounding the Villages of Tugaske and Eyebrow.
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Figure 1 - Gensource 2019 Drilling (Photo: Business Wire)
The primary purpose of the well is to confirm the extent and grades of the potash resource in the Vanguard Area, adding to the breadth of data already collected and modelled for the area. Potash core from the Prairie Evaporite formation will be recovered, sampled and assayed as part the geological work on this well. Geophysical logs will be collected, and drill stem tests will be performed in targeted areas, specifically the Mannville horizon. Expanding the regional understanding of the resource in the Vanguard Area builds more confidence in the high quality and substantial extent of the potash deposit and since this well is located very close to the future plant site of the Tugaske Project, it will provide specific and pertinent information with respect to Tugaske’s planned well field and mining area.
Gensource contracted CWC Ironhand Drilling (“CWC”) and their Rig #2, to complete the well. CWC is an industry-leading drilling contractor operating in western Canada.
CWC will be supported by many service providers at the site, including Artisan Consulting Services Ltd., who will be providing drill site supervision and coordination again for this well on behalf of Gensource. Artisan Consulting is a small, privately owned and operated consulting company located in Carlyle, Saskatchewan, specializing in supplying supervision services for the drilling of vertical, directional and horizontal wells within western Canada for the past 30+ years.
Figure 1 is a photo of CWC Rig #2, with drilling underway. The well was spud on November 23, 2019 and all drilling and demobilization work is anticipated to be completed prior to the end of year.
Mike Ferguson, President & CEO of Gensource, commented, “We are excited to be moving ahead with this fall drilling because of the value that this well creates for our understanding of the resource in the Vanguard Area, and the furtherance of our mission to develop multiple projects within the area. We look forward to the safe and successful completion of the program.”
The technical information contained in this news release was reviewed and approved by Mike Ferguson, P.Eng., the President and CEO of Gensource and a Qualified Person under NI 43-101.
About Gensource
Gensource is based in Saskatoon, Saskatchewan and is focused on developing the next potash production facility in that province – but with a fundamentally different approach. Gensource’ President & CEO, Mike Ferguson, P.Eng., has assembled a management and technical team with direct and specific expertise and experience in potash development in Saskatchewan.
Gensource operates under a business plan that has two key components: (1) vertical integration with the market to ensure that all production capacity built is directed, and pre-sold, to a specific market, eliminating market-side risk; and (2) technical innovation which will allow for a small and economic potash production facility, which is much friendlier to the environment and local populations to construct and operate - the output of which can then be directed to a single, specific market.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Caution Regarding Forward-Looking Statements
This news release may contain forward looking information and Gensource cautions readers that forward- looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of Gensource included in this news release. This news release includes certain "forward-looking statements”, which often, but not always, can be identified by the use of words such as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". These statements are based on information currently available to Gensource and Gensource provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements with respect to Gensource’ future plans, objectives or goals, to the effect that Gensource or management expects a stated condition or result to occur, including the ability to finance the Vanguard One or the Project or other projects on terms which are economic or at all, the establishment of vertical integration partnerships and the sourcing of end use potash purchasers. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to Gensource’ financial condition and prospects, the ability to finance the Vanguard One or the Project or other projects on terms which are economic or at all, the ability to establish viable vertical integration partnerships and the sourcing of end use potash purchasers could differ materially from those currently anticipated in such statements for many reasons such as: failure to finance the Vanguard One or the Project or other projects on terms which are economic or at all; failure to settle a definitive joint venture agreement with a party and advance and finance the project; changes in general economic conditions and conditions in the financial markets; the ability to find and source off-take agreements; changes in demand and prices for potash; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Gensource’ activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Gensource’ forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Gensource’ forward-looking statements. Gensource does not undertake to update any forward-looking statement that may be made from time to time by Gensource or on its behalf, except in accordance with applicable securities laws.
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