SAGE Potash Corp. Identifies Large- Scale, High-Grade, US-Based Potash Resource and Commences Trading ON the TSX-V Under the Symbol "SAGE"
SAGE POTASH CORP. IDENTIFIES LARGE-
SCALE, HIGH-GRADE, US-BASED POTASH
RESOURCE AND COMMENCES TRADING ON
THE TSX-V UNDER THE SYMBOL "SAGE"
VANCOUVER, BC
,
March 20, 2023
/CNW/ -
SAGE POTASH CORP. ("Sage Potash"
or the
"Company")
(TSXV
:
SAGE) is pleased to announce its common shares have commenced trading
on the TSX Venture Exchange (the "TSX-V") under the ticker symbol "
SAGE.V
" effective at the open
on
March 20, 2023
. This follows the closing of private placements totalling
$5,322,350
, and the
acquisition of a potash land portfolio in the
State of Utah
consisting of over 83,000 acres of State
and Private Mineral leases and BLM Prospecting Permit Applications, as well as assembling a highly
experienced team adept at all aspects of solution mining, surface processing, operations and
fertilizer distribution.
Historical exploration on the property includes an important discovery drill hole by a previous
operator, with core samples identifying two flat potash beds featuring high potash grades with
favourable commercial characteristics. Potash mineralization was first encountered in the Johnson 1
exploration well completed in 2014, returning grades between 27-29.3% K2O (36–43% KCI) in the
Lower and Upper Cycle 18 horizons with combined potash zones of
12.74m
(41.78 ft).
Based on historical exploration, the company has defined a Mineral Resource on the
Property as follows:
Inferred Resource for Upper Potash Bed, Cycle 18: 159.3 million metric tonnes (MMT), grading
42.67 % KCl with 0.01 % carnallite and 0.62 % insolubles
Inferred Resource for Lower Potash Bed, Cycle 18: 120.2 MMT, grading 35.77 % KCl
The parameters used for estimating the Mineral Resource and Potential Quantity are
summarized as follows:
A radius of influence (ROI) of 0 to
2,400 m
was used to bound the Inferred tonnage
A 25 % deduction was applied for undetectable seismic anomalies
ROIs and deductions for unknown geologic anomalies were determined by the QPs based on
their experience and confidence in the geological continuity of the mineralized horizon
A geological interval was defined based on the core to identify the mineralized contacts' top and
bottom and further refined by the assay results
A 5 % K2O grade cut-off was used to delineate the geological boundaries (top and base) of the
mineralized section of the potash bed
Geologically, the resource is situated in the Paradox Basin, known to host extensive underdeveloped
world-class potash resources (approximately 2 billion tons, according to the
US Geological Survey
).
The Paradox Basin benefits from close proximity to modern infrastructure, low-cost power and
electricity, skilled workforce, regional exploration and development supplies and services.
The Company's objectives following today's listing will be to complete a step out geological hole that
will further define the resource estimates and may double as a possible cavern development test
well, to advance preliminary engineering and PEA.
Figure 1. Project Area and Paradox Basin Regional Structural Element (Modified from Williams-
Stroud, 1994). (CNW Group/Sage Potash Corp.)
Sage's CEO,
Peter Hogendoorn
, commented, "Given the current sanctions against
Russia
and
Belarus
(which together constitute 40% of the world's potash supply), the US currently imports
nearly all its annual potash requirements from
Canada
. Having its own domestic supply only makes
sense for the US. Reliable and local supply chains are key to achieving national food security in this
post-Covid and inflationary era. Even with what appears to be a somewhat more rational market this
year over last, shipping costs from
Saskatchewan
and lower barge capacity due to low water levels
of the Mississippi River, can still add $150 - $225/ton that would not be incurred by having local
production. As we continue to add to our proven management team, together with our engineering
partners, RESPEC Inc. we look forward to sharing ongoing developments as they become
available."
Qualified Persons
J.
Patricio Varas
, P.Geo., a Qualified Person as defined by National Instrument 43-101, has read
and approved all technical and scientific information related to the Sage Plains Project contained in
this news release. Mr. Varas is the Chief Operating Officer and Vice President Exploration for
Sage
Potash
. Mr. Varas has reviewed the data disclosed in this press release but has not verified historic
assay information at Sage Plains.
About Sage Potash Corp.
Sage Potash
is a Canadian company vested solely in the Sage Plain Property and intends through
sustainable solution mining techniques to become a prominent domestic potash producer within the
Paradox Basin situated in
Utah
. For further information, please refer to the Company's disclosure
record on SEDAR (
www.sedar.com
) or contact the Company by email at
.
About RESPEC LLC.
RESPEC was founded in
Rapid City, South Dakota
in 1969 and operates in 14 states and two
Canadian provinces. RESPEC's projects and products have been completed for clients in seven
continents and 50 countries. Underground. Aboveground. Natural. Technical. Digital. Inside. Outside.
On-Site. No matter the market, RESPEC integrates solutions tailored to clients' and communities'
needs. RESPEC unites engineering and applied sciences with technology, professional, and creative
services so that everyone gets cutting-edge outcomes. RESPEC finds answers that work for the
needs at hand. RESPEC's diversified team can handle projects ranging from early-stage exploration
to multi-disciplinary feasibility studies.
On Behalf of the Board of Directors,
Peter Hogendoorn
CEO & Executive Chairman
Website:
www.sagepotash.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking information" and "forward-looking statements" within
the meaning of applicable securities legislation. The forward-looking statements herein are made
as of the date of this news release only, and the Company does not assume any obligation to
update or revise them to reflect new information, estimates or opinions, future events or results or
otherwise, except as required by applicable law. Often, but not always, forward-looking statements
can be identified by the use of words such as "plans", "expects", "is expected", "budgets",
"scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates"
or "believes" or variations (including negative variations) of such words and phrases or may be
identified by statements to the effect that certain actions "may", "could", "should", "would", "might"
or "will" be taken, occur or be achieved. Forward-looking information in this news release includes,
but is not limited to, statements with respect to future events or future performance of Sage,
including completing a step out pilot production well that will double as a resource definition drill
hole, advancing preliminary engineering and feasibility towards a PEA, completing 3D seismic and
step-out well and new resource calculations
[MA1] , and management's expectations regarding
Sage's growth. Forward-looking statements and information are subject to various known and
unknown risks and uncertainties, many of which are beyond the ability of Sage to control or
predict, that may cause Sage's actual results, performance or achievements to be materially
different from those expressed or implied thereby, and are developed based on assumptions about
such risks, uncertainties and other factors set out herein, including, but not limited to, the risk
factors set out under the heading "Risk Factors" in the Company's final non-offering long form
prospectus dated
March 2, 2023
available for review on the Company's profile at
www.sedar.com
.
Such forward-looking information represents management's best judgement based on information
currently available. No forward-looking statement can be guaranteed and actual future results may
vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking
statements or information.
SOURCE
Sage Potash Corp.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/March2023/20/c4791.html
%SEDAR: 00054782E
For further information:
Peter Hogendoorn, CEO & Executive Chairman, +1(236) 836-4182,
[email protected], Website: www.sagepotash.com
CO: Sage Potash Corp.
CNW 08:30e 20-MAR-23