Karnalyte hires Wood for NI 43-101 report update
2022-01-17 18:32 ET - News Release
Ms. Danielle Favreau reports
KARNALYTE RESOURCES ANNOUNCES SELECTION OF WOOD PLC AS INDEPENDENT LEAD AUTHOR OF UPDATE TO NI 43-101 TECHNICAL REPORT
Karnalyte Resources Inc. has selected global consulting and engineering company Wood Canada Ltd. as independent lead author of the company's planned update to its National Instrument 43-101 technical report.
Update of bankable feasibility study to be completed
In light of positive potash market condition developments, and in support of continuing efforts to seek and attract investment and strategic partners to the Wynyard potash project, Karnalyte is updating its 2016 technical report in accordance with Canadian Securities Administrators' National Instrument 43-101 (NI 43-101). Wood will serve as the primary lead author.
The key objectives of the update to the technical report are to:
- Update capital cost summaries;
- Update operating cost summaries;
- Review and apply Karnalyte's internal cost savings studies; and
- Update market and economic analysis.
Wood is a global leader in preparation of NI 43-101 technical reports, and an update will serve as a critical step in developing a strong foundation for Karnalyte's Wynyard potash project. Wood has provided services for a range of potash mining companies, including successfully preparing feasibility-level studies for various projects in Saskatchewan.
In addition to Wood, Karnalyte is pleased to report that it has engaged the services of senior adviser ProMine Project Management Ltd., and lead Brad Straub, to assist the company in its oversight and evaluation of the update to the technical report. Mr. Straub has a long history of providing support to current and proposed potash industry projects in various capacities over the years. This includes over 25 years of project management experience with majors BHP Billiton Potash Canada, Nutrien (formerly PotashCorp) and Mosaic.
"We are excited to take this important step as we further our efforts to attract investment partners to help us take the Wynyard potash project forward," said Danielle Favreau, interim chief executive officer of Karnalyte. "We believe the Wynyard project has significant strategic value given its environmental advantages, including no surface tailings, shorter construction lead time due to the prior completion of technical prework and permitting, a strategic partner with commitment of a minimum 56-per-cent offtake, and a high-quality product in a desirable granular form with many possibilities for further upgrade."
About Karnalyte Resources Inc.
Karnalyte Resources is a development-stage company focused on two fertilizer products, potash and nitrogen, to be produced and manufactured in Saskatchewan. Karnalyte owns the Wynyard potash project, with planned phase 1 production of 625,000 tonnes per year of high-grade granular potash and two subsequent phases of 750,000 tpy each, taking total production up to 2,125,000 tpy. Karnalyte is also exploring the development of the company's nitrogen project, which is a proposed small-scale nitrogen fertilizer plant with a nameplate production capacity of approximately 700 metric tonnes per day (mtpd) of ammonia and approximately 1,200 mtpd of urea, and a target customer market of independent fertilizer wholesalers in Central Saskatchewan.
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