Vancouver, British Columbia--(Newsfile Corp. - November 12, 2024) - Nevada Organic Phosphate Inc. (CSE: NOP) ("NOP" or the "Company), a B.C. based company engaged in the exploration, in Nevada, for organic, sedimentary raw rock phosphate, is pleased to announce significant progress in the exploration of its flagship Murdock Property in Northeast Nevada. The property, renowned for its nearly flat-lying sedimentary bed of known phosphate mineralization, continues to show promising results.
"We are thrilled with the progress we've made at the Murdock Property,"Robin Dow, CEO of Nevada Organic Phosphate Inc. reported."These results not only underscore the significant drilling potential of our project, and its potential massive size, but also reinforce our commitment to environmental stewardship and sustainable practices. We are well-positioned to meet the growing demand for organic fertilizers in North America."
Key Highlights:
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Financial Milestones: Since January 2022, NOP has successfully raised $1,592,100 and incurred $994,961 in exploration expenditures. NOP is currently focused on a $500,000 private placement to fund ongoing exploration activities into 2025 and to strengthen its financial position.
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Positive Exploration Results: Geological surveys have confirmed the presence of high-quality phosphate mineralization across several new target areas within the Murdock Property permit areas. The strike length of the target phosphate zone at the Murdock Property has increased from approximately 6.6 to 33.4 kilometers.
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Targets: The initial 1,813-acre application is believed to host a potential Exploration Target Mineralization Inventory (ETMI) of10 to 46 million tonnes of rock phosphate, with a grade ranging from 3-15% P2O5. This estimate is based on an average thickness of 3.5 meters and a specific gravity of 2.61.
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New Targets: Three new applications covering an additional 6,011 acres have been added, bringing the total ETMI potential to200-220 million tonnes of rock phosphate.
These estimates are conceptual in nature and have not been verified by NOP according to current 43-101 standards of disclosure. Further exploration is required to define a mineral resource. It's important to note that these figures are based on previous workers' estimates and geological models, and further exploration will be necessary to confirm these potential resources.
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Drill Program: 2024 drilling was delayed by the BLM process being completed a week before the sage grouse habitat timing restrictions expired on November 1. Drilling is now planned on the main phosphate target mid-2025.
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Market Potential: With the North American organic food market valued at approximately $35 billion, NOP is poised to become a key supplier of certified organic rock phosphate, providing an essential nutrient for sustainable agriculture. NOP has the potential to be the largest, if not the only major supplier of Organic, direct application raw rock phosphate in North America.
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Sustainable Practices: In line with our commitment to environmentally responsible mining, our exploration timeline has been carefully revised to comply with environmental regulations and protect local wildlife habitats, including those of the sage grouse.
The technical information in this news release has been reviewed and approved by Garry K Smith, P.Geo., a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."
Nevada Organic Phosphate Inc.
Nevada Organic Phosphate Inc. is a junior exploration company based in British Columbia, Canada, focused on the development of organic sedimentary raw rock phosphate in north-eastern Nevada, USA. Our mission is to provide high-quality, environmentally responsible phosphate products to the organic agriculture industry.
Neither the Canadian Securities Exchange nor its regulations services providers have reviewed or accept responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements and information ("FLSI") within the meaning of applicable securities laws. FLSI may include expectations, anticipations, beliefs, opinions, plans, intentions, estimates, forecasts, projections, guidance or other similar statements and information that are not historical facts. All statements which are not historical statements are considered FLSI. Forward-looking statements in this press release include, but are not limited to, statements regarding the potential size and grade of a the potential resource. Further exploration is required to define a mineral resource and it remains uncertain whether an economically recoverable resource will be discovered. All FLSI is based on assumptions, which may prove inaccurate, and subject to certain risks and uncertainties, including without limitation those risks and uncertainties identified in the Company's public securities filings, which may cause actual events or results to differ materially from those indicated or implied in FLSI. Accordingly, readers should not place undue reliance or value on FLSI. Although the Company believes that the expectations reflected in any FLSI in this news release are reasonable at the present time, it can give no assurance that such FLSI will prove to be correct. Any FLSI in this news release is made as of the date hereof and the Company undertakes no obligations to publicly update or revise any FLSI, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. Any FLSI in this news release is expressly qualified in its entirety by this cautionary statement.
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