Avenira has released an upgraded indicated resource for its Baobab Phosphate Project in the Republic of Senegal, potentially increasing the longevity of the project.
The indicated resource tonnage increased by 150% to an estimate of 31.7 million tonnes at 20.6% phosphorus at Gadde Bissik East, part of the wider Baobab Phosphate Project.
The increase in tonnage will substantially raise the confidence with which Avenira can develop its operations and market products to offtake partners.
Incidentally, the first shipment of the Baobab product is expected from the port of Dakar this month.Avenira has also updated the total inferred resource at Baobab to 114 million tonnes at 19% phosphorus.The Baobab Project area covers a total of about 1,553 square kilometres.
Within the Baobab Project area, the Gadde Bissik prospect of about 90 square kilometres was identified during excavation of water wells in the 1950’s.
Avenira has managed the exploration of the Gadde Bissik area since early 2014, building up a comprehensive knowledge of the Baobab Project and its potential.A maiden indicated resource estimate was announced by the company in December 2015 and mining activities commenced within the Small Mine Permit in March 2016.
Avenira’s exploration drilling aimed at testing the extensions east of Gadde Bissik towards Gad Escale is ongoing and further drilling is planned for Q2 2017.Earlier this year, the company secured a $8.8 million finance facility to assist with the final stages of commissioning and ramp-up of the Baobab Phosphate Project.Avenira’s shares were last trading 6.4% higher intra-day, at $0.10.