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FYI Resources Ltd (ASX:FYI) continues towards its goal of becoming a high purity alumina (HPA) producer of aluminum oxide (Al2O3) powder with a purity equal to or greater than 99.99%.
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The company also intersected 2 metres of high-grade sylvinite mineralisation at 26.8% potassium at the top of the potash interval. Sylvinite is a mixture of the minerals sylvite and halite, mined as a source of potash. FYI is negotiating a joint venture with Yuntianhua Group, China to take the Sino-Lao project to commercial production. The project is currently majority-owned by Yuntianhua, who has invested circa US$180 million into the project to date.
FYI Resources Ltd (ASX:FYI) has successfully completed trial production studies at the Sino-Lao underground potash project in Laos, as part of a due diligence review. FYI is negotiating a joint venture with Yuntianhua Group, China to take the project to commercial production. The project is currently majority-owned by Yuntianhua, who has invested circa US$180 million into the project to date. The largest part of this investment is in asset infrastructure, including underground mine development and surface processing facilities.
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Empire Resources Ltd (ASX:ERL) has completed its bankable feasibility study (BFS) on its 60% owned Penny's Find gold project located 50 kilometres northeast of Kalgoorlie, Western Australia. The study shows Penny’s Find to be a financially viable project generating $7.6 million undiscounted free cash flow in less than a year based on a gold price of A$1,500/oz. Every $100 rise in the gold price over $1,500 generates an extra $2.
FYI Resources Ltd (ASX:FYI) has commenced a 430 metres diamond drill program on the Sino-Lao potash project in Laos to test the extent of the targeted mineralised potash zone and to assist in verifying historic drilling. Significantly, the upper part of the anticipated target zone was intersected at 197 metres confirming the presence of potash minerals. The Sino-Lao project is a trial potash production facility with an annual capacity of 50,000 tonnes per annum.
FYI Resources Ltd (ASX:FYI) has commenced a drilling program at the Sino-Lao project in Laos with an initial 430 metres diamond drill hole. FYI is currently negotiating with the Yuntianhua Group from China for the establishment of a potash production joint venture. The decision to commit to the drilling program was made following the assessment of both the surface processing facilities and the status of the underground operational development.
FYI Resources Ltd (ASX:FYI) is strategically focused on potash exploration and development in Southeast Asian markets.