TORONTO (miningweekly.com) – Canadian junior Western Potash has completed an initial resource estimate for its Milestone property, in southern Saskatchewan, of 32-million tons in indicated potash resources, plus 230-million tons in the inferred category.

“Our board is extremely satisfied with the initial results of the resource calculation, considering that it only reflects the first four wells drilled at Milestone,” said Western Potash president Patricio Varas.

“We anticipate that the resource in the indicated and measured categories will be enhanced by the additional five wells that have now been completed. This resource calculation is only the beginning,” he said.

Western Potash has launched a 3-D seismic survey on the property, which it expects will be completed this quarter, and plans to start a preliminary economic assessment of the Milestone property as soon as the current definition phase is completed.

Shares in Western Potash rose 8,5% on Tuesday, to C$0,51 apiece by 15:59 in Toronto.

It has been more than 30 years since the last new potash mine started production in Canada.

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