VANCOUVER — Western Potash Corp. (TSXV:WPX) has raised its potash resource estimate at the Milestone property in southern Saskatchewan by 40 per cent following the results of a study.
The company said its most recent mineral resource estimate pegs measured and indicated potash on the property at 244 million tonnes, with an inferred resource of 701 million tonnes. Potash is one of the world's most sought-after resources as a key ingredient in the fertilizer needed to raise crop yields to feed a growing global population.
“We are very pleased with the results of this updated resource calculation, though we are not surprised by it as extensive parts of the property surrounding the defined resource remain to be drill tested and our seismic data indicates substantially more potash is present, as was confirmed in our newest drill hole M-009,” president and CEO Patricio Varas said in a statement.
Trading in shares of the Vancouver-based miner on the TSX Venture Exchange were halted pending the announcement.
The miner said the new estimate figures will be worked into its mine plan and feasibility process.
Upon resumption, the company's shares traded up 18 cents or 15 per cent at $1.38.