South Boulder Mines Completes Pre-Feasibility Study Ahead of Schedule

PFS Level Drilling Completed Ahead of Schedule and DFS level drilling commences for dewatering and infrastructure
PFS Level Drilling Completed Ahead of Schedule and DFS level drilling commences for dewatering and infrastructure

By South Boulder Mines,

SOUTH Boulder Mines (ASX:STB) is pleased to announce Pre-Feasibility Study (PFS) level drilling at its Colluli Potash Project in Eritrea, East Africa, has been completed ahead of schedule.

The early completion of the PFS section of the drilling program allows for the finalisation of the mining study and the Resource Report by the Perth-based international team AMC Consultants and will help ensure the timely delivery of the PFS early in 2015.

Drilling will continue at Colluli into the Definitive Feasibility Study (DFS) section of the program; investigating the foundation locations of critical infrastructure and drilling the dewatering bores.

HIGHLIGHTS

– Mobilisation of equipment and first drilling commenced on time
– Completion of the 12 PFS holes ahead of schedule
– Samples currently undergoing analysis at laboratories
– DFS level drilling commences for dewatering and infrastructure

South Boulder Managing Director, Paul Donaldson, said:

We are very pleased with the rapid progress of the program and the seamless transition from PFS to DFS drilling. In one mobilisation, the team have completed the necessary site investigations for the current study and have brought forward the DFS investigation drilling to ensure a timely and effective delivery of the DFS by the end of this financial year.”

The drilling program was initiated to achieve the following objectives:

1./ Twinning of resource holes under the supervision of AMC Consultants and South Boulder personnel as part of the transfer of the resource model to AMC Consultants.

2./ Collect samples from within the mining areas to assess trafficability for mine planning purposes.

3./ Collect samples for geotechnical work associated with final pit wall angles.

4./ Collect samples for geotechnical work associated with infrastructure.

South Boulder previously announced that it had extended its prefeasibility study on the Colluli Resource to February 2015 in order to consider positive findings from the preliminary design for the production of potassium sulphate (sulphate of potash) from the Colluli Resource (please refer to ASX announcement dated 2 September 2014).