A mineral development company says it remains committed to advancing a New Brunswick potash deposit.
Atlantic Potash says it has spent more than $17 million to date on the Millstream potash deposit near Sussex.
The company has committed another $10.5 million to the project over the next two years, it said in a recent news release.
“Atlantic Potash’s additional commitment over the next two years underscores the company’s confidence in the Millstream deposit’s potential and its significant long-term value to New Brunswick and Canada,” said the release.
“This investment will drive essential activities, including technical studies, environmental assessments, and project planning, all of which are critical to advancing the development of this important resource.”
Ercosplan has been hired to provide geotechnical and engineering services for the next phase of work. Work will include two infill drill holes to refine the tonnage and grade of the deposit.
It is estimated that the Millstream deposit has 52 million tonnes of potassium chloride, the most commonly used potash fertilizer.
Stantec has been engaged to prepare the Environmental Impact Assessment (EIA) report for the province’s Department of Environment.
“While significant milestones have been achieved, there is still much work to be done,” said the company, adding it remains focused on advancing the technical, regulatory and financial components of the project.
