Vancouver, British Columbia--(Newsfile Corp. - November 4, 2024) - Nevada Organic Phosphate Inc. (CSE: NOP) ("NOP" or the "Company), a B.C. based company engaged in the exploration for organic sedimentary raw rock phosphate in Nevada, announces that NOP's wholly owned subsidiary, Nevagro, is confirming its dedication to environmentally responsible mining practices resulting in a revised timeline for the commencement of drilling activities.
On October 23, NOP announced that the BLM had completed its lengthy final reviews and had requested NOP to pay the reclamation bond and receive the approved Exploration Permit to allow drilling.
Robin Dow, CEO, reports: "Due to the BLM's extended review times for permit approvals well into the sage grouse habitat restriction period that allows for drilling, the BLM advised NOP that its' application to extend its drill period beyond October 31 to November 30 had been declined. The start of drilling operations is now expected to begin mid-2025. We appreciate the continued support and patience of our investors and stakeholders during this necessary permitting phase.
It is important to note that NOP would have 2 years from the date the reclamation bond fee is paid and the permit issued, to find and record a discovery. Therefore, NOP will not pay the bond until closer to the time when drilling can commence.
This project is uniquely positioned to play a pivotal role in supplying essential nutrients for global agriculture while prioritizing environmental stewardship, and we fully support the necessity of rigorous environmental oversight. While the waiting period is longer than we anticipated, we believe that adhering to these processes ultimately strengthens our project and aligns with our core values.
This delay, while unforeseen, underscores the importance of thorough regulatory processes aimed at protecting the environment, sage grouse habitats, and ensuring compliance with all relevant guidelines."
In addition to NOP's Nevagro application covering 1,813 acres, the project has quickly scaled-up by adding 3 new applications for an additional 6,011 acres of potential phosphate resource.
The Nevagro application exploration target is believed to host a potential 10 to 46 million tonnes ranging in grade from 3-15% P2O5 based on an average thickness of 3.5 metres and a specific gravity of 2.6. These ranges are based on previous workers and researchers estimates, and have not been verified by NOP according to current 43-101 standards of disclosure.
The 3 new applications host exploration target zones of rock phosphate that have not been previously explored, and add up to an additional 218 million tonnes of P2O5 potential to the Murdock Property.
The reader is cautioned that the potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
This rock phosphate project is designed to support eco-friendly agricultural practices by providing a crucial nutrient source that enhances soil health while minimizing reliance on synthetic chemical fertilizers. The project not only aims to meet growing global demand for phosphate but also prioritizes biodiversity and ecosystem protection throughout its lifecycle.
NOP is dedicated to transparency and will provide regular updates on project developments including exploration activities and progress being made on environmental assessments on the 3 new application areas. We invite investors and interested parties to follow our progress as we advance this exciting initiative.
About Nevada Organic Phosphate Inc.
NOP is a junior mining company focused on the exploration and development of sustainable mineral resources on a sedimentary rock phosphate property (the "Murdock Property") hosting a nearly flat lying sedimentary bed of known phosphate mineralization in NE Nevada.
The increasing interest in organic and sustainable agriculture practices has contributed to the demand for organic fertilizers, including those derived from rock phosphate. Organic rock phosphate is often marketed as a fertilizer that not only provides phosphorus but also contributes to overall soil health.
The Issuer aims to be one of the only certified organic rock phosphate producers with large-scale potential in North America. The Murdock Property is situated adjacent to a main highway and the rail head to California.
Our mission is to provide value to our shareholders while fostering environmental stewardship and community engagement.
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 anticipated Prospecting Permit and the anticipated timing of its approval, the potential quantity and grade of a potential mineral resource. It is uncertain if further exploration will result in a target being delineated as a mineral resource. All FLSI is based on assumptions, which may prove inaccurate, and are 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.
