Gensource Potash Corp V.GSP

Deep dive on the Vanguard property history

[mdjbrown]

Yancoal bought 11 permits from Devonian Potash in 2011 for $100,500,000.  The permits purchased were: KP 361, KP 362, KP 363, KP 365, KP 366, KP 367, KP 368, KP 369, KP 370, KP 482, and KP 483

https://www.sec.gov/Archives/edgar/data/1048098/000119312512189459/d276748dex44.htm

Yancoal drilled 2 holes on KP 363 and KP483 - one well was completed, and one well abandoned due to brine influx.

In 2016 Yancoal sold permits KP 363 and KP483 to Gensource for $2,480,000

https://www.newswire.ca/news-releases/gensource-announces-signing-of-asset-purchase-agreement-and-off-take-term-sheet-574839111.html

Those permits have since been converted to mineral production leases, and are now identified as KL244 and KL245


Yancoal Canada Resources Co. Ltd (“Yancoal”) took over existing potash exploration permits KP 363 and KP 483 from Devonian Potash Inc. in September 2011. There is no record of Devonian Potash Inc. undertaking any exploration work on these permits. Yancoal appointed North Rim Exploration Ltd. as project managers for an exploration program. Two wells were undertaken by Yancoal: The first well, 1-18-22-02 W3M (Y-1-18), was spudded on October 2, 2012, and completed on October 10, 2012.

Wellsite logging, as well as further detailed logging were undertaken. Samples were assayed at the Saskatchewan Research Council (“SRC”) in Saskatoon. Wireline geophysics was also undertaken to correlate the geological logs.

The second well, 5-29- 21-01 W3M (Y-5-29) was spudded on October 24, 2012 and abandoned (cemented in) in November 2012 before completing all core recovery, due to brine influx experience during drilling. Core recovery only included the Patience Lake Member – no further core was available. Wireline logs of the intermediate interval are available. As with the previous well, wellsite logging as well as further detailed logging were undertaken. Samples were assayed at SRC in Saskatoon. Wellsite geology was subcontracted to Shirkie Geological Consultants. The drilling contractor was Ensign Drilling. Wireline geophysics was provided by Weatherford. 2D Seismic was commissioned by Yancoal and undertaken by RPS Energy Canada Ltd. in the spring of 2012. A single 9.7 km line was completed over the southern part of potash permit KP 363 (now potash lease KL 244), while 9 lines totalling 98 km were undertaken in a grid pattern over permit KP 483 (now potash lease KL 245). In April 2016,

Gensource acquired the potash permits from Yancoal, as part of an Asset Purchase Agreement (“APA”). Conditions of the APA included conversion of the permits into mineral production leases by Yancoal, and transfer of all the geological and geophysical data collected by Yancoal on the Property. Gensource subsequently termed these two potash leases, KL 244 and KL 245, as their Vanguard Area.




Now you know!

[stockwatcher248]

UGH!!....thx for the info MJB....

[mdjbrown]

No worries sw248.  It looks like all the juniors are in a very similiar boat, holding promising ground, but very little money to get dirt flying. Very interesting to see Gensource focusing attention on their SMP200 property, instead of committing all it's resources into initiating the Tugaske project proof of concept mine. Gensource acquired SMP200 from the Saskatchewan Government on

[stockwatcher248]

I don't know MJB...looking at the recent financials two things jump out at me...Cash of $300,000 and Accounts Payable (bills) of $4,000,000.......shares outstandind on a fully diluted basis of over 500,000,000....both of those items are holding me back to get back into the stock, something has to give and I sure better being on the sidelines.....where's Black these days...pumped out??

[black364]

Look at you Stock, you show up here with your fly down and no shares.  You summoned me, are you looking for trouble again?  As for shares, there are folks here that have been in this one since the IPO and have added through the years, including me.  I can tell you no one bought into the IPO with a mom and pop mentality and those that did bought large.  True, the float is large,