Is it still forthcoming with the potential of the takeover going ahead @ $0.66 ?
Feb 4th
Results from the new boreholes will be incorporated into an updated Mineral Resource estimate for Kola which will be used to support the Bankable Feasibility Study due to commence Q2 2013.
To date Elemental Minerals has completed 45 boreholes at Kola for the purpose of target definition and resource estimation. EK_43 and EK_45 were completed in June and July 2012 and are the most recent holes to intersect the Hangingwall Seam.
No further drilling has taken place at Kola since, as the Company’s focus has been the completion of the Kola Pre-Feasibility Study (released 17 September 2012).
The limited amount of drilling of the Hangingwall Seam to date constrained the size and classification of resources of this seam (47 Mt grading 34.75% K2O (55.01% KCl) and precluded its inclusion in the Pre-Feasibility Study.
An updated Mineral Resource estimate will be incorporated into the Kola Bankable Feasibility Study which will commence Q2, 2013.
Preliminary economic analysis suggests that even if a relatively small Hangingwall Seam Mineral Reserve is defined it could have a significant positive impact upon the already robust economics of the project.
To assist in the Mineral Resource upgrade, Elemental has reached agreement with an oil exploration company for the acquisition of an additional 12 kilometres of recent oil industry 2D seismic data covering the Kola Northwest area
April 11th
"The existing very attractive economic fundamentals of the project will be augmented further by the results of these boreholes and the processing of the data into the FORTHCOMING Feasibility Study.”
Through an extension of the data swap agreement with a prominent oil and gas exploration group active in the area, Elemental has acquired additional 2D seismic data covering 40 square kilometres of the western portion of the Kola deposit and possible extension (Figure 1).
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Worth noting the 2D seismic the company acquired is to the Northwest (Feb) and to Western part (April) of the Kola deposit..
"The additional seismic data will complement existing datasets and assist with resource modelling and classification. Both datasets will be utilised in the review of the classification of the resources in this area when updated as part of the Bankable Feasibility Study"
K2P Price at posting:
41.5¢ Sentiment: LT Buy Disclosure: Held
