SASKATOON, Saskatchewan & LONDON--(BUSINESS WIRE)--Gensource Potash Corporation (“Gensource” or the “Company”) (AIM/TSXV: GSP), a leading fertilizer development company committed to sustainable potash production, is delighted to share key developments regarding the 2023 Vanguard North 3D Seismic Program and critical updates on project financing.
2023 Vanguard North 3D Seismic Program Commencement
Following a successful flow-through program financing, Gensource officially initiated the 2023 Vanguard North 3D Seismic program in September 2023, with the following strategic objectives:
- Exploration and Resource Confirmation: Commence exploration and confirm the resources of Sub-surface Mineral Permit SMP200, acquired in November 2021. SMP200 is strategically positioned to the North of KL245, the location of the first Vanguard Area project, the Tugaske Project, and contiguous with its designated mining area. More information is available at gensourcepotash.ca.
- Expansion of Data: Expand dataset for the existing resource defined in KL245 for the Tugaske Project. The 2023 Vanguard North 3D Seismic program aims to enlarge the contiguous 3D seismic coverage of the regional resource, positively impacting the currently defined Resource and Reserve. The results will be quantified in a subsequent NI 43-101 Technical Report.
Design of the Program
The 2023 Vanguard North 3D Seismic program is meticulously designed to augment existing knowledge of the regional resource. It covers an approximate area of 12 km² in the southern part of SMP200, coordinates with, and adds to, the 2017 Vanguard 3D Seismic coverage, and accelerates the potential expansion of the Tugaske Project.
Gensource values collaboration and partnership. Joining forces on the 2023 Vanguard North 3D Seismic program are key experts in the field:
- Terra Modelling Services: Geological consulting and program design.
- Respec Saskatoon: Program management and coordination.
- RPS Energy: 3D Seismic detailed design, data analysis, and interpretation.
- Raymac Surveys Ltd.: Site surveying.
- Echo Seismic Ltd.: Recording.
- Black Gold Medical Ltd.: Field medics.
Project Financing Update
In tandem with the seismic program, Gensource has been actively engaged in discussions with several financial institutions to secure full project financing for its Tugaske Project. Following detailed negotiations with private funding groups during the summer, the Company is focused on reaching an agreement with a preferred funding entity. The objective is to swiftly conclude ongoing negotiations and progress in stages toward full project financing, enabling the Tugaske Project to transition into construction and operational phases. While timing remains challenging to estimate, the Company is dedicated to expediting the negotiation process.
Gensource is a fertilizer development company based in Saskatoon, Saskatchewan and is on track to become the next fertilizer production company in that province. With a modular and environmentally leading approach to potash production, Gensource believes its technical and business model will be the future of the industry. 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 modular and economic potash production facility, that demonstrates environmental leadership within the industry, producing no salt tailings, therefore eliminating decommissioning.
Further information on Gensource Potash Corporation can be found at www.gensourcepotash.ca
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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’s future plans, objectives or goals, to the effect that Gensource or management expects a stated condition or result to occur, including any offering of securities by Gensource. 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 could differ materially from those currently anticipated in such statements for many reasons such as: failure to finance the Tugaske 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 Tugaske 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’s activities; an inability to predict and counteract the effects of COVID-19 on the business of Gensource, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, failure to obtain required regulatory approvals; 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’s forward-looking statements. These and other factors should be considered carefully, and readers should not place undue reliance on Gensource’s 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.