Raytec
Raytec Metals Corp. is a dynamic Canadian exploration company focused on the development of nearly 300,000 acres of potash claims located in Saskatchewan, Canada -- the largest producing region for potash in the world. The potash claims are located near two world-class potash mines in production since the 1960s and are directly adjacent to claims held by BHP Billiton. The company is also active on its iron ore projects in Ontario.
Latest Developments:
Raytec has just released a NI43-101 report on the KP441 Potash claim:
- Total Indicated Resource of 148.02 million metric tonnes grading 23.44% K2O = Total of 34.7 million tonnes of K2O (Indicated)
- Total Inferred resource of 229.16 million metric tonnes grading 20.40% K2O = Total of 46.76 million tonnes K2O (Inferred)
- Recoverable in-place potash equivalent tonnes, assuming the use of standard deductions and an overall recovery of 36 per cent are calculated to a net recoverable indicated resource of 12.49 million tonnes of K2O and a net recoverable inferred resource of 16.83 million tonnes of K2O.
- Exploration permits on potash claims expected to be granted in July 2008
The company also has a carried interest in 17 uranium claims in northern Saskatchewan where its joint venture partners have committed to a combined exploration budget of over $5.6 million prior to 2012.
Vital Statistics
Market: TSX – Venture, Frankfurt, OTCTickers: RAY.V, XZT, RAYMF
Number of shares in issue: 46.7 million
Share Price: C$1.25
Market Cap: C$43.9 million
1 Year trading range: C$2.05 – C$0.145
Company website address: http://www.raytecmetals.com
Raytec granted potash permit & applies for more
Raytec Metals (TSX-V: RAY) announced that it has been granted an exploration permit for its KP441 Potash prospect in Saskatchewan. The company is now working on awarding a contract for 2D and 3D seismic work, which will precede the proposed phase two-drill program.
The KP441 exploration permit totals 55,436 acres and is in area that is highly prospective for potash. A NI43-101 compliant resource was recently calculated for 17% of the KP441 claim. This was based on 1969 data, and included a net recoverable inferred resource of 12.24 million metric tonnes of potash mineralization (K2O). Raytec also announced that it has filed a permit application for another area previously drilled in 1969.
Brian Thurston, President of Raytec, commented:
"With the receipt of our exploration permit on the KP441 claim and the recent release of the NI43-101 report, we are effectively a year ahead in our exploration program."
Other Raytec articles
Other Raytec news
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19/08/08 Raytec Metals sets up advisory board
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28/07/08 Raytec Metals secures second exploration permit
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