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TURNSTONE RESOURCES LTD — Capital/Financing Update 2022
Jan 17, 2022
65958_rns_2022-01-17_18d52646-7d6a-46cd-ab8f-7f23a00e71d3.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT 18 January 2022
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DRILLING COMMENCES AT OHMGEBIRGE
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Drilling of OHM-02 underway, targeting completion in early February 2022
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Contract for drillhole OHM-01 executed
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Construction of drill pad at OHM-01 set to commence immediately
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Drilling of OHM-01 expected to be completed in late April 2022
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Ohmgebirge Scoping Study now scheduled for completion in May 2022
South Harz Potash Limited (ASX:SHP) ( South Harz or the Company ) is pleased to announce that drilling has now commenced on drill site OHM-02, the first of two confirmatory holes located within the flagship Ohmgebirge Mining Licence ( Ohmgebirge ) area of its 100%-owned South Harz Potash Project. This hole is scheduled to be completed in early February and will be assayed for chemical composition immediately once core is withdrawn.
Activities at the second confirmatory drillhole, OHM-01, are set to commence next week with the construction of the drillpad. Due to a local shortage of building materials and the unpredictability of weather conditions, construction of the drillpad is now expected to extend until the second week of March. As a result, drillhole OHM-01 is now expected to be completed in late April.
Drilling and assay of these two confirmatory drillholes is targeted to allow South Harz to upgrade a substantial proportion of the current Ohmgebirge JORC (2012) Inferred Mineral Resource estimate to the Indicated category. Subject to concurrent and satisfactory advancement of all modifying factors, this is expected to allow the release of a comprehensive Scoping Study (a preliminary technical and economic assessment) for Ohmgebirge, which is now scheduled for completion during May 2022 (previously late March 2022).
South Harz Managing Director, Dr Chris Gilchrist, commented : “ The commencement of drilling at Ohmgebirge is a significant milestone for the company. The first drillhole is scheduled to complete in February and we will then have the assays available to update the geological resource model a few weeks later.”
This announcement has been authorised by the Board of South Harz Potash Limited.
On behalf of South Harz Potash Limited, Dr Chris Gilchrist, Managing Director
Investor & Media Enquiries
Dr Chris Gilchrist Managing Director South Harz Potash Ltd +353 87 687 9886; +61 451 367 630 [email protected]
Andrew Edge Justine James / Faye Calow Fivemark Partners Alma PR +61 410 276 744 +44 20 3405 0205 [email protected] [email protected]
Unit 13, 6-10 Douro Place West Perth WA 6005
CONTACT DETAILS ABN: 64 153 414 852 W: southharzpotash.com ASX Code: SHP E: [email protected] ASX Code (Options): SHPO P: +61 408 447 493 Frankfurt Code: A2DWXX
473.8M Ordinary Shares 157.7M Unlisted Options 46.2M Listed Options 1.5M Performance Rights
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Figure 1: Ohmgebirge Mining Licence area showing the approximate location of historic drillholes and the twin confirmatory holes, OHM-01 and OHM-02.
CONTACT DETAILS ABN: 64 153 414 852 473.8M Ordinary Shares W: southharzpotash.com ASX Code: SHP 157.7M Unlisted Options E: [email protected] ASX Code (Options): SHPO 46.2M Listed Options P: +61 408 447 493 Frankfurt Code: A2DWXX 1.5M Performance Rights
Unit 13, 6-10 Douro Place West Perth WA 6005
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Photos 1 – 4 clockwise: Drill rig at Ohmgebirge (1) with installation of the 13 3/8” conductor casing (2). Coring will begin at a depth of 525m from surface. Drill rod handling (3) and public information boards (4) are also depicted.
Unit 13, 6-10 Douro Place West Perth WA 6005
CONTACT DETAILS ABN: 64 153 414 852 W: southharzpotash.com ASX Code: SHP E: [email protected] ASX Code (Options): SHPO P: +61 408 447 493 Frankfurt Code: A2DWXX
473.8M Ordinary Shares 157.7M Unlisted Options 46.2M Listed Options 1.5M Performance Rights
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Photo 5. Overview of the OHM-02 drill site within the Ohmgebirge Mining Licence
About South Harz
South Harz Potash (ASX: SHP) ( South Harz ) is a potash exploration and development company with its flagship project located in the South Harz Potash District region of Germany, midway between Frankfurt and Berlin.
The South Harz Project hosts a globally large-scale potash JORC (2012) Inferred Mineral Resource estimate of 5.3 billion tonnes at 10.8% K2O across four wholly-owned project areas[1] located favourably within central Europe. This comprises three perpetual potash mining licences, Ohmgebirge, Ebeleben and Mühlhausen-Nohra, and two potash exploration licences, Küllstedt and Gräfentonna, covering a total area of approximately 659km².
With strong established infrastructure and close proximity to the key European market, the South Harz Project is well positioned to enable rapid development across multiple deposits.
South Harz Potash: Growing a responsible potash business in the heart of Germany
www.southharzpotash.com
CONTACT DETAILS ABN: 64 153 414 852 473.8M Ordinary Shares W: southharzpotash.com ASX Code: SHP 157.7M Unlisted Options E: [email protected] ASX Code (Options): SHPO 46.2M Listed Options P: +61 408 447 493 Frankfurt Code: A2DWXX 1.5M Performance Rights
Unit 13, 6-10 Douro Place West Perth WA 6005
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- Refer to South Harz ASX announcement dated 23 December 2019 for full Mineral Resource estimate details. In accordance with ASX Listing Rule 5.23, the Company is not aware of any new information or data that materially affects the information included in this announcement.
CONTACT DETAILS W: southharzpotash.com E: [email protected] P: +61 408 447 493
ABN: 64 153 414 852 ASX Code: SHP ASX Code (Options): SHPO Frankfurt Code: A2DWXX
473.8M Ordinary Shares 157.7M Unlisted Options 46.2M Listed Options 1.5M Performance Rights
Unit 13, 6-10 Douro Place West Perth WA 6005