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Karly Project

As a part of Reward’s project expansion plans over 3,000km2 of tenement applications were lodged with the Department of Mines covering the highly prospective Waukarlycarly Embayment highlighted in the Geoscience Australia 2010/12 Record.

The Karly Project is located some 200km north west of LD and is approximately 400km from Port Hedland, of which approximately 350km is bituminised road.

In 2008 Geoscience Australia conducted an Aerial Electromagnetic Survey (AEM) of the Paterson Province in Western Australia, which included data over the entire embayment. The survey indicates highly conductive sediments in the embayment commencing near surface and with a vertical depth of 100 to 200m and dipping under cover to the north. The embayment itself is interpreted via seismic surveys in the region to be over three kilometres in depth which may contain solid Potash deposits.

Reward undertook a preliminary exploration program at the Project during October and November 2014 and successfully confirmed the Palaeovalley concept and the presence of a large Palaeo-system within the Waukarlycarly Embayment. Results suggest brine flows into the embayment from a south-easterly direction and concentrates in the vicinity of Lake Waukarlycarly provided high grade brines near the evaporation epicentre.

The widely spaced holes covered a north-west south-east distance of approximately 35km and an east-west distance of approximately 20km at the widest point. The figure below provides the location and maximum SOP result from the 2014 program.

Karly Results picture

The Static Water Level (SWL) was less than two metres in all areas tested and effectively saturated with water or brine from near surface. Chemistry and ion ratios of brines encountered were similar to those observed at the LD and Dora West Projects and hence could be used for SOP recovery following evaporation.

This first pass, broad spaced exploration programme does not provide definitive SOP resource data due to the limited drilling conducted so far at the Project. A more focussed exploration programme will be required to more accurately outline the Palaeochannel system and high grade brine supplies in a much larger area of the Waukarlycarly embayment than the limited area tested so far.

The Karly Project is a significant SOP project with high grade results to date and the Company is planning further exploration work to better understand and quantify the potential of this highly prospective Project.