Goldphyre Resources Ltd (ASX:GPH) aims to supply sulphate of potash (SOP) into the domestic market where Australia currently imports 100% of its potassium fertiliser requirements.
An exploration target has been estimated at its Lake Wells Potash Project in Western Australia which provides a basis for its objective of producing 75,000 - 100,000 tonne-a-year sulphate of potash (brine).
Lake Wells has been identified as a high-grade SOP brine salt lake, confirmed both at the salt lake surface and at depth.
Sulphate of potash currently sells for A$1,000 a tonne at the farm gate.
Well known prospector, Mark Creasy holds a stake of 19.9% in the company after the company acquired the potash rights to some tenements surrounding Lake Wells owned by the prospector.
Goldphyre is looking to define an initial resource for Lake Wells by mid-2016.
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