The resource includes high-grade sylvinite and carnallite and is based on testing a limited portion of the 2016 exploration target.
Banio inferred mineral resource at 12% KCl cut-off
The Banio Potash Project has been on care and maintenance from 2017 in a period of weak potash pricing and the emergence of the San Jose Lithium-Tin Project in Spain as the flagship for Infinity.
Potash prices have risen strongly in the past 12 months (up +50%) and with the acquisition of some recent downhole data, a maiden resource has been calculated.
Infinity managing director Ryan Parkin said: “The delivery of this very large resource of sylvinite and carnallite at a relatively shallow depth validates acquisition and the work done previously.
“At a project level it is a very significant step in the development of the project at such an early stage.
“More importantly, this resource is based on just two exploration holes in the Alpha Section of the project demonstrating that a JORC resource could be estimated by testing only a small portion of the area covered in the previously reported exploration target.”
Global demand for potash is forecast to rise through 2025
Parkin added “This resource has the potential to increase in size significantly with the next phase of drilling on the property.
“Currently, although no technical studies have been completed, management is of the view that this resource will be highly amenable to the lower-cost, in-situ leach mining extraction method.”
The company remains focused on the San Jose Lithium-Tin Project and expects to shortly release a scoping study on the production of lithium hydroxide on site.
San Jose has the potential to be a fully integrated lithium hydroxide production project and hosts the second largest lithium JORC Resource in Europe.
The next stage for Infinity as it drives San Jose forward is to find a strategic partner or enter into a corporate transaction which builds shareholder value.