Fertoz secures Marten Phosphate Project in BC Canada
February 5, 2014 (Source: Fertoz Ltd.) — Highlights:
- Fertoz secures advanced stage phosphate exploration ground, Marten Project, near its existing Barnes Lake and Crow’s Nest Projects in British Columbia, Canada
- Marten represents an additional small- scale, low-capital cost opportunity secured in the Sparwood area
- Extensive exploration in the 1930`s included two shallow shafts from surface outcrop and a 60 metre drift
- Historical work provides a solid base for exploration in 2014
- Close to major infrastructure including major roads , mining towns and a rail link across Canada
Fertoz Limited (“Fertoz” or the “Company”) is pleased to announce it has extended its phosphate interest in British Columbia, Canada by securing the Marten project, an advanced stage underground exploration phosphate mine developed in the 1930’s.
Fertoz initially intends to focus on drilling and collecting a bulk sample from the surface outcrop.
The Marten Project, near Fertoz’s existing Barnes Lake and Crows Nest Projects, was identified by Fertoz’s geologist in Canada. Fertoz has staked tenements 1024365 and 1025533,which comprise the Marten project on open Crown land at very low cost.
The project consists of 1,215 hectares and is located 20km south east of Sparwood along Corbin Road between Fertoz’s existing projects at Crows Next and Barnes Lake, see figure below on page 2. The three projects, known as the Fernie Group, are located within 25kms of each other and are well supported by:
- Close proximity to the East Kootenay Coalfields, with the established mining communities of Fernie and Sparwood located less than 30 km away providing a ready source of labour , business and government facilities.
- Well-developed road and rail transportation, links to ports on Canada’s west coast, and regional centres in Alberta and the north-western United States.
Managing Director Les Szonyi said: “The Marten Phosphate Project acquisition is consistent with our strategy to acquire small phosphate projects in established mining regions in the Americas which have potential to be developed and brought into production with low capital investment.”
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The property has excellent road and rail access and secondary logging and coal exploration roads as well as power and gas lines through the property. The outcrop of phosphate where an underground mine was established provides the opportunity for the rapid development of a small high-grade deposit.
The Consolidated Mining and Smelting Company of Canada Limited (Cominco) carried out exploration in an extensive area of phosphate bearing rocks in 1926, covered by the Marten project. Cominco established an underground phosphate mine there in 1929 employing 13 people, for exploration purposes. Two shallow incline shafts were sunk and two small prospect tunnels were driven on the outcrop of the phosphate bed and a 7ft by 8ft drift (2.1m by 2.4m) was advanced 200 ft (61m). The underground workings exposed a 2.25ft (0.7m)wide phosphate horizon with an average grade of 55% calcium triphosphate which equates to 25% P2O5 (Ref. BC Minfile Report 082G10).
Cominco stopped exploration in 1930 but Fertoz believes the Project is worth reviewing given its small size, shallow phosphate, proximity to infrastructure and potential low capital cost, all of which are consistent with the Company’s strategy. The Company intends to undertake site works on the Marten Project, Barnes Lake and Crows Nest in the 2014 exploration season.
The Company is also preparing to extract a bulk sample for customer trials and sales at Wapiti as well as arranging the necessary permits to enable drilling at the Dry Ridge Project in Idaho in 2015.
Fertoz is exploring for high grade phosphate resources in Canada and the United States of America, which are two of the largest agricultural economies in the world and which both import phosphate rock. Fertoz has five projects in Canada – Wapiti (East and West), Barnes Lake, Crows Nest and Marten – all proximate to infrastructure, and an option on one project in Idaho, USA, again proximate to infrastructure. Fertoz is targeting small, high grade resources in the Americas that can be commercialised quickly and inexpensively, with high grade product sold to organic farmers or third-party fertiliser plants.
Competent Persons Statement
The technical information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Jo Shearer, a Competent Person, who is a member of the Association of Professional Engineers and Geoscientists of British Columbia, a ‘Recognised Professional Organisation’ (RPO) included in a list that is posted on the ASX website from time to time. Mr Shearer is the Chief Operating Officer Canada for Fertoz Limited. M r Shearer has sufficient experience that is relevant to the style of mineralisation and type of deposit under consid eration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Shearer consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
This document may contain forward-looking statements. Sentences and phrases are forward looking statements when they include any tense from present to future or similar inflection words, such as (but not limited to) “believe,” “estimate,” “anticipate,” “plan,” “predict,” “may,” “hope,” “can,” “will,” “should,” “expect,” “intend,” “is designed to,” “with the intent,” “potential,” the negative of these words or such other variations thereon or comparable terminology, may indicate forward looking statement.
Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Fertoz. These risks, uncertainties and assumptions include (but are not limited to) commodity prices, currency fluctuations, economic and financial market conditions in various countries and regions, environmental risks and legislative, fiscal or regulatory developments, political risks, project delay or advancement, approvals and cost estimates.
Actual values, results or events may be materially different to those expressed or implied in this document. Given these uncertainties, readers are cautioned not to place reliance on forward looking statements. Any forward looking statement in this document is valid only at the date of issue of this document.
Subject to any continuing obligations under applicable law and the ASX Listing Rules, or any other Listing Rules or Financial Regulators’ rules, Fertoz, its agents, directors, officers, employees, advisors and consultants do not undertake any obligati on to update or revise any information or any of the forward looking statements in this document if events, conditio ns or circumstances change or that unexpected occurrences happen to affect such a statement.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>