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Last $0.43 USD
Change Today 0.00 / 0.00%
Volume 0.0
As of 4:30 PM 03/10/15 All times are local (Market data is delayed by at least 15 minutes).

sennen potash corp (SNNJF) Snapshot

Open
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$0.43
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52 Week High
06/27/14 - $0.70
52 Week Low
03/10/15 - $0.43
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Average Volume 10 Days
0.0
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11.1M
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Current Stock Chart for SENNEN POTASH CORP (SNNJF)

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sennen potash corp (SNNJF) Details

Sennen Potash Corp. engages in acquisition, exploration, and development of mineral properties. It primarily holds 51% interest in the Monument Potash project consisting of approximately 100,000 net mineral acres leasehold package located in San Juan County in south-east Utah, and south-west Colorado, the United States. The company was incorporated in 1981 and is headquartered in Vancouver, Canada.

sennen potash corp (SNNJF) Top Compensated Officers

Chief Executive Officer, President, Director ...
Total Annual Compensation: C$222.0K
Chief Financial Officer and Secretary
Total Annual Compensation: C$174.0K
Compensation as of Fiscal Year 2014.

sennen potash corp (SNNJF) Key Developments

Sennen Potash Corporation Intersects 46.1% KCl Over 6.3m in Johnson 1 Well, Utah

Sennen Potash Corporation announced that it has completed drilling of its Johnson 1 Well and received assay results confirming high grade potash mineralization over a thickness of 6.3 m (20.6 ft) in the Monument Potash Project in south-east Utah and south-west Colorado. The Well intersected potash mineralization containing 46.1% KCl (29.1% K2O) over 6.3 m (20.6 ft) from Cycle 18 of the Paradox Formation. Over this interval, insolubles were 0.56% and magnesium oxide (MgO) was approximately 0.01%, indicating the low likelihood of carnallite mineralization. Ambient temperatures recorded over the intersected potash zone highlighted above averaged 68 degrees C (154 degrees F). Higher ambient temperatures are generally positive as KCl has a preferential solubility at higher temperatures and is more favourable for solution mining. The formation depth and thickness encountered as well as the presence of high grade potash mineralization in the Well demonstrate very good correlation with the historic Western Natural #1 Charles Redd well, drilled in 1948 and located approximately 2.18 km (1.35 miles) northwest of the Well. This correlation along with existing seismic work supports the strong continuity of the potash horizon across the Monument Property and the Cycle 18 potash horizon remains open in all directions. With the exception of the Redd Well, there has been no previous drilling in this area and no historic resource estimate has been made in this region. Sennen believes that the consistent nature and indicated continuity of the Cycle 18 potash mineralization, as supported by drilling and seismic work, suggests that there is strong potential for step out drilling to add significantly to potential mineral resources at Monument. Exploration planning and budgeting work are currently underway. The Well was drilled vertically to a depth of approximately 2,195 m (7,200 ft) and included 32.6 m (107 ft) cored in Cycle 18. The Well is located in the northern part of Monument, an area that was previously undrilled to these depths with the exception of the Redd Well and there is significant existing 2D seismic exploration. The results of the Well suggest good continuity of stratigraphy across this part of the basin as indicated in Sennen's 2D seismic work conducted earlier in the exploration program. The area has good road access, flat terrain, existing power and communications, as well as water availability. The Well reached its planned target depth and has been temporarily shut-in pending the results of current geological and geophysical work. As anticipated, the Well intersected its intended Cycle 18, from 2,123 m (6,965 ft) to 2,195 m (7,200 ft) below surface and encountered potash mineralization in grades consistent with prior geological estimates. Sennen achieved excellent recovery and sample quality in its coring efforts. As a result of the flat-lying nature of the potash horizons in this part of the Paradox basin, the true thickness of the potash zones are expected to be very similar to drilled thicknesses. A second, unknown potash zone was encountered while drilling past the primary zone of exploration (the Upper bed) in order to accommodate the length of the geophysical wireline tools. As this zone was not present in the Redd Well, no core was taken over this intersection. Initial estimations from GREC between 2157.3 (7077.6 ft) and 2160.7 m (7088.8 ft) indicate that the zone is grading between 28 and 33% K2O (44 - 52% KCl) over 3.4 m (11.2 ft). Further investigation regarding the geological continuity of this Lower bed is currently underway. North Rim Exploration Ltd. are in the process of preparing a NI 43-101 mineral resource technical report which will be filed once complete.

Sennen Potash Corporation and Paradox Basin Resource Corp. Commence Drilling on Johnson 1 Monument Potash Project, Utah

Sennen Potash Corporation, along with its partner, Paradox Basin Resource Corp. provided a project update on the Monument Potash Project in southeast Utah and southwest Colorado. Sennen has engaged Beeman Drilling Services based in Moab, Utah as drilling contractor for its Johnson 1 potash exploration well to be spud shortly. Beeman operates in the Rocky Mountain region and Four Corners area and has drilled a number of potash wells in the region. As previously announced, all required permitting and regulatory approvals have been received and the Beeman rig has been mobilized. Construction of the drilling pad is almost complete and, Sennen expects the Well to be spud within the next 5 days. The Johnson 1 well is located approximately 2 km (1.3 miles) southeast of the historic Western Natural #1 Charles Redd oil and gas well which indicated a cycle 18 total thickness of approximately 107 m (350 ft). The Well is located within 40 m (130 ft) of the 50 81 Thistle 2D seismic line licensed to the Company, which indicates a continuous and flat salt Cycle 18 formation with no evident faulting in and around the area of the Well.

Sennen Potash Corporation and Paradox Basin Resources Corp. Provide Project Update on the Monument Potash Project

Sennen Potash Corporation and Paradox Basin Resource Corp. provided a project update on the Monument Potash Project in South East Utah and South West Colorado. Following the acquisition and interpretation of 2D seismic over approximately 440 km (275 miles) of the project area, Sennen completed a review and analysis of the interpreted seismic with RPS Canada and North Rim Exploration. The interpreted seismic indicated no structural challenges and demonstrated a continuous and flat salt cycle 18 formation in the area of the proposed initial Johnson 1 potash exploration well (the "Johnson 1 Well") being currently designed. Seismic interpretation shows that the Paradox formation appears to have a calculated ispoach at the location of the Johnson 1 Well of approximately 860m (2,700 feet) thick with no evidence of salt dissolution or faulting in the area of interest. The Johnson 1 Well location was selected based on seismic review and interpretation, anticipated thickness of salt cycle 18, good road access, surface terrain and use, proximity to existing wells/exploration data points and anticipation of spacing of drill holes for resource calculation purposes. The Johnson 1 Well is located within 2 miles of the historic Western Natural #1 Charles Redd well which shows a notable gamma kick in salt cycle 18, indicating the presence of potash mineralization within the drill hole. As logs from this well did not include a scale notation, the gamma kick observed in that well serves only as a positive indicator for potash mineralization. Based on supportive seismic and other exploration work conducted over the past year, the Company and its partner have acquired approximately 4,640 net mineral acres of additional private potash leases, bringing the total lease holdings to 106,842 net mineral acres. Engineering and geological analysis, pad planning and well design work, has been underway for several months now. The reports, applications and agreements required for the upcoming Johnson 1 Well have been completed and submitted. All required permits and approvals have been approved by the Utah State Division of Oil, Gas and Mining and School and Institutional Trust Lands Administration and the required reclamation bond of $84,300 has been lodged with the State. Sennen plans to start building the pad and commence drilling activities shortly. Long lead time items, including the securing of drilling, coring, fluid contractors and experienced site personnel are in the advanced stages of being finalized. The Company is pleased with the level of potash and broad mineral exploration experience available in local communities in close proximity to its substantial potash leasehold.

 

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