Corporate Presentation
May 13, 2015
TSXV:BOE
Subsidiary of Americas Petrogas Inc.
1
FORWARD LOOKING STATEMENT
Certain statements, tables and graphs throughout this
presentation may contain “forward-looking statements” or
“forward looking information” within the meaning of
applicable securities legislation. Forward-looking
statements or information in this presentation include, but
are not limited to, statements, tables and graphs (collectively
“statements”) with respect to: future economic performance;
projected production, sales of potash, brine and other
minerals and mineral resources; GrowMax Agri Corp’s
(“GrowMax” or “the Company”) ability to achieve its
production and sales guidance; the potential production,
scalability and upside associated with resource plays; the
potential future success, growth, timing and production for
its various properties; the Company’s projections with
respect to its ability to develop resource plays and the
percentage of production from resource plays in the future;
projected capital costs and risks associated with respect to
the Company’s various regions, assets and initiatives;
projected future drilling costs, operation costs, projections of
future drilling inventories and plans therefore; projections of
the potential future price and market for potash and other
minerals; and reference to potential exploration and the
timing and success thereof.
You are cautioned not to place undue reliance on forwardlooking information, as there can be no assurance that the
plans, intentions or expectations upon which it is based will
occur. By its nature, forward-looking information involves
numerous assumptions, known and unknown risks and
uncertainties, both general and specific, that contribute to the
possibility that the predictions, forecasts, projections and other
forward-looking statements will not occur. Although the
Company believes that the expectations represented by such
forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct.
Accordingly, the Company cautions that events or
circumstances could cause actual results to differ materially
from those predicted. Statements relating to “reserves” or
“resources” or “resource potential” are deemed to be forwardlooking statements, as they involve the implied assessment,
based on certain estimates and assumptions that the
resources and reserves and resource potential described exist
in the quantities predicted or estimated, and can be profitably
produced in the future. You are further cautioned not to place
undue reliance on forward-looking statements contained in
this presentation, which are made as of the date hereof, and
except as required by applicable law, the Company
undertakes no obligation to update publicly or revise any
forward-looking information, whether as a result of new
information, future events or otherwise. The forward-looking
statements contained in this presentation are expressly
qualified by this cautionary statement.
2
DISCLOSURE OF RESOURCES AND SCIENTIFIC INFORMATION
Qualified Person
The scientific and technical information within this presentation was prepared under the supervision of John A. Nicholson, P.Geo, of Geominex, who is a member of the
Association of Professional Engineers and Geoscientists of British Columbia and is an independent qualified person under NI 43-101.
Resource Estimate
The Independent QP responsible for the preparation of the report is Mr. Jerry DeWolfe, P. Geo., Senior Geological Consultant at Golder.
Mr. DeWolfe traveled to the GrowMax Bayóvar Project site and core logging facility in Piura from November 17 to November 20, 2014 to perform a QP current personal inspection site visit as
required under NI 43-101. During the site visit the Golder QP reviewed the core logging, splitting, sampling and analytical methods and procedures at the core logging and storage facility. One
day was spent at the site verifying the locations of drill holes and reviewing the project property geology and access.
Mr. DeWolfe has approved the content of this presentation that relates to the disclosure of phosphate Mineral Resources.
NI 43-101 Mineral Resource Technical Report on the GrowMax Bayovar Phosphate Project, Piura Region, Peru is filed on Sedar.com under Americas Petrogas
Inc. on May 13th 2015 with and effective date of March 15th 2015.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Geological Modelling and Mineral Resource Estimation Methodology
Golder developed a single 3D geological model for the entire GrowMax Bayóvar Project area (Bayóvar N°6, Bayóvar N°7 and Bayóvar N°8 concessions inclusive) using the Ventyx MineScape
geological modelling and mine planning software package. Both the stratigraphic and grade components of the geological model were developed as gridded surface models using a grid cell
size of 20 by 20 m. The geological model includes an undifferentiated overburden unit that overlies a sequence of 17 correlatable phosphorite beds identified as PH00 through PH16.
Base data for the geological model included the drill hole data and observations collected by Geominex personnel during the logging and sampling and program performed between October
2014 and March 2015. The geological database included downhole lithology records from 34 drill holes totaling 3,747 m of core and 1,349 phosphorite bed and interburden bed analytical
samples. The topographic surface in the geological model was developed using data extracted from a 1.5 m cell size digital elevation model.
Grade data in the geological model, including P2O5 and SiO2 (by gravimetric analyses) and major oxides (by ICP-OES analyses) were interpolated for all 17 correlatable phosphorite beds. As
sampling in the interburden units was limited to roof and floor wing samples bounding the phosphorite beds, the interburden grade sampleswere used by Golder to verify phosphorite bed roof
and floor picks but the interburden grade data was notinterpolated into the geological model.
As reliable density analyses were not available for the Bayóvar Project, Golder applied global default relative densities of 1.25 grams per centimetre cubed (g/cm 3; dry-basis) and 1.65 g/cm3
(wet basis) to convert estimated phosphorite resource volumes to tonnes. The global default dry and wet bases density values used were established based on Golder’s experience in similar
phosphate deposits both locally and globally. As per NI 43-101 guidelines, Golder is reporting only in situ phosphate Mineral Resources as a mine plan, processing/metallurgy study,
environmental study, economic analysis, marketing analysis, and other modifying factor studies have not been completed to a minimum of a Pre-Feasibility level of study as of the effective date
ofthe resource estimate. No minimum thickness, grade cut-off, dilution, recovery or other mining factors have been applied to the in situ resource estimate and no Mineral Reserves are being
reported at this time.
Based on an evaluation of the drill hole spacing and geological continuity of the phosphorite beds (both thickness and grade parameters were evaluated) Golder has applied a Mineral
Resource classification schema of 0 to 400 m spacing for Measured Resources, 400 to 800 m spacing for Indicated Resources and 800 to 1,600 m for Inferred Resources. Based on this
classification scheme there are currently no reportable Measured Resources.
The geological model, Mineral Resource estimation and classification of phosphate Mineral Resources will be re-evaluated once the results of the next phase of resource delineation and in-fill3
drilling, currently underway, have been completed.
TERMS AND ABBREVIATIONS
Bayovar Mine
The Bayóvar mine is a large open-pit mine located in the Piura Region operated by Vale. Bayóvar
represents one of the largest phosphates reserve in Peru.
Brine
Brine is a solution of salt in water. In different contexts, brine may refer to salt solutions ranging from
about 3.5% (a typical concentration of seawater, or the lower end of solutions used for brining foods) up
to about 26% (a typical saturated solution, depending on temperature).
DAPR
Direct application Phosphate Rock
Overburden
The material that lies above an area of economic or scientific interest.
Phosphate Rock
Phosphate rock (PR) is a general term that describes naturally occurring mineral assemblages containing
a high concentration of phosphate minerals. The term refers to both unbeneficiated phosphate ores and
concentrated products.
Potassium
Potassium is a chemical element with the symbol K and atomic number 19. It is a primary component of
fertilizers
Phosphorous
Phosphorus is a chemical element with symbol P and atomic number 15. It is a primary component of
fertilizers.
Phosphate
Phosphates are the naturally occurring form of the element phosphorus, found in many phosphate
minerals. In mineralogy and geology, phosphate refers to a rock or ore containing phosphate ions.
Inorganic phosphates are mined to obtain phosphorus for use in agriculture and industry
Phosphate Bed
A typically flat lying geologic formation containing elevated levels of minerals rich in phosphorus
Underburden
The material that lies below an area of economic or scientific interest.
Sechura Desert
The Sechura Desert (also Nazca Desert) is located south of the Piura Region of Peru along the Pacific
Ocean coast and inland to the foothills of the Andes Mountains.
4
GROWMAX AGRI CORP
is a Canadian based
Phosphate and Potash
Exploration & Development
Company with Operations
located in the Sechura
Desert, Peru (Bayovar)
Bayovar, Sechura Desert
GrowMax Agri Corp. is a subsidiary of
Americas Petrogas Inc., listed on the TSX
Venture Exchange. Symbol: BOE
5
PHOSPHATE: A NEW FOCUS GOING FORWARD
•
•
•
•
GrowMax Agri Corp. started exploring and developing a potash
brine deposit on its Bayovar 6 concession. Solar evaporation
methods were used to crystallize potash.
In 2011 surface deposits of phosphate were discovered on Bayovar
7 and Bayovar 6. A subsequent drilling program from 2011 to 2014
discovered phosphate at and near-surface (0-40m) and also at
depth (40-100m).
The pilot solar evaporation project proved that carnallite
(KMgCl3*6(H2O)) can be crystallized. However, additional
equipment and relatively high capital expenditures would be
required to separate the potassium from the magnesium.
The strategic focus will be more towards phosphate which offers
potentially earlier returns as well as potentially higher returns on
investment, at significantly reduced capital expenditure.
PHOSPHATE & POTASSIUM ARE KEY NUTRIENTS
OF FERTILIZER
Thanks to modern fertilizers (composed of Potassium (K), Phosphorus (P) and Nitrogen (N)), world food
production has more than doubled since 1960. Today, an estimated one-third to one-half of our global food
supply is directly linked to use of commercial fertilizers. (http://www.cfi.ca/whatwedo/faqs/ [June 2014])
GrowMax Agri Corp. has the potential to produce both Potassium and Phosphorus on its Bayovar
Concessions located in the Sechura Desert, Peru
Rice
PHOSPHORUS
POTASSIUM
Grapes
Fertiliser
Sugar Cane
NITROGEN
Mangoes
Beans
Bananas
GROWMAX CONCESSIONS - ~225,000 ACRES
Bayovar 5
23,042 acres
Phosphate Potential
Bayovar 7
16,837 acres
Phosphate
Bayovar 6
121,430 acres
Potassium +
Phosphate
Nuevo Bayovar
8,9,10,11,12,13,14,15,16,17*
23,969 acres
Phosphate Potential
Bayovar 8
41,773 acres
Phosphate
*Note: Nuevo Bayovar 17 (2,471 acres) official registration still pending
8
BAYOVAR REGIONAL MAP
9
RECENT DEVELOPMENTS
•
NI 43-10 Phosphate Mineral Resource Estimate Completed by
Golder
−
•
− 7.8 Million dry tonnes of indicated phosphate Mineral Resources @ average grade of 14.15% P 2O5
− 159.1 Million dry tonnes of inferred phosphates Mineral Resources @ average grade of 13.82% P 2O5
Assay results of samples from 5 shallow trenches located in the
south of Bayovar 6
−
•
See News Release: August 28, 2014
− 5 trenches with a maximum depth of 1.35m
− Average assay grade of 15.69% P2O5 (min. 11.53%, max. 21.75%)
− A further program of surface trenches in the immediate area of the initial phosphate findings is planned. The
trenches are planned to be laid out on a systematic 100-200 meter center grid pattern.
GrowMax acquires additional 21,745 acres of concessions with
phosphate potential
−
•
See News Release: May 13, 2015
See News Release: September 9, 2014
− Concessions granted for 99 years
Bayovar concessions transferred to GrowMax
−
See News Release: May 20, 2014
− Bayovar concessions 5,6,7,8 (202,800 acres) officially transferred to GrowMax by Activos Mineros S.A.C.
(State owned mining company)
10
CURRENT & FUTURE ACTIVITY
•
Maiden 43-101 phosphate resource estimate was prepared by
Golder Associates
−
•
NI 43-101 Mineral Resource Technical Report on the GrowMax Bayovar Phosphate
Project, Piura Region, Peru is filed on Sedar.com under Americas Petrogas Inc.
on May 13th, 2015 with and effective date of March 15th, 2015.
Further phosphate drilling and additional infill sampling to enhance
and expand the maiden resource estimate
− Drilling completed, infill sampling underway
− Assaying to begin shortly
− Upgraded resource estimate will follow
•
Ongoing trenching program with the intent of expanding the
surface and near-surface resource
− Bayovar 7
− Bayovar 6 south
11
SECHURA PHOSPHATE ROCK: DIRECT APPLICATION
•
•
Sechura Phosphate Rock is one of the most soluble (and therefore
reactive) phosphate rocks in the world.
GrowMax Agri Corp. has the potential to produce significant
amounts of Sechura phosphate rock from its concessions which
are located in the Sechura Desert, Peru.
Source: International Fertilizer Industry Association, Feeding the Earth, March 2013
12
SECHURA PHOSPHATE ROCK: DIRECT APPLICATION
Direct Application of Phosphate Rock (DAPR) is suitable under certain
conditions:
•
Phosphate rock must be highly soluble
− Sechura Phosphate Rock is one of the most soluble phosphate rocks in the world
•
Phosphate dissolution from phosphate rock is favored in soils
with:
− Increasing acidity (pH less than or equal to 5.5, such as tropical and subtropical
soils; see next slide for world map of soil pH)
− High cation exchange capacity (CEC) (higher in dark colored soils and loams with
higher organic content)
− Low levels of calcium and phosphate in soil solution
− High organic matter content (Increases CEC)
•
Crop species affects responsiveness to DAPR
− Perennial plantation crops such as oil palm and rubber are responsive to DAPR
− Short season crops in temperate regions are less responsive, particularly during the
first year
Source: International Fertilizer Industry Association, Feeding the Earth, March 2013
13
WORLD MAP OF SOIL PH
POSSIBLE MARKETS FOR EXPORT OF PHOSPHATE ROCK
1
2
3
4
5
6
7
Source: IGBP-DIS (1998) SoilData(V.0) A program for creating global soil-property databases, IGBP Global Soils Data Task, France.
14
SECHURA PHOSPHATE ROCK: DIRECT APPLICATION
•
•
•
•
•
GrowMax Agri Corp. has the potential to mine direct application phosphate
rock (DAPR) on its concessions; with very limited processing of the
phosphate rock for direct application to crops.
Producing DAPR, in the short term, offers potential for GrowMax to
generate early cash flow from higher priced, higher margin, inorganic
Phosphate for fertilizer.
Neighboring operators, Focus Ventures and Fosyeiki, are planning to, or
are already marketing their
phosphates to New Zealand &
Ecuador.
Fosyeiki is a certified organic
DAPR producer.
A relatively simple upgrading
process upgrades the
phosphate rock to ~25% P2O5.
This slide contains analogous information, there is no guarantee that GrowMax
Agri Corp. can be expected to achieve similar prices, contracts, or production on
its properties.
Fosyeiki Mine Upgrading Equipment, ~250,000 tonnes per year of
phosphate rock production http://www.fosyeiki.pe/eng/index.php/about-us
15
GROWMAX CONCESSIONS – SURFACE PHOSPHATES
Bayovar 6 south
Surface and nearsurface
phosphate
Bayovar 7
Surface and
near-surface
phosphate
16
BAYOVAR 6 SOUTH – SHALLOW PHOSPHATES(<5M)
DISCOVERED IN SHALLOW TRENCHES
17
BAYOVAR 6 SOUTH – SHALLOW PHOSPHATES(<5M)
•
•
•
•
This area offers potential due to the very shallow depth
of the phosphate beds.
Initially, 5 trenches were excavated. GrowMax reported
the discovery of shallow phosphate beds (surface to
1.35m depth) with P2O5 grades ranging from 11.35% to
21.75% (15.69% average).
See News Release: August 28, 2014
The five trenches sampled show a good correlation of
flat lying phosphate beds from one trench to the other.
Due to these encouraging results, Ongoing trenching is
being completed to outline the surface/near surface
phosphate deposit with the intention of defining a
mineable phosphate Mineral Resource.
18
BAYOVAR 6 SOUTH– EXCAVATED TRENCHES
Excavated trench (First 5)
Excavated trench Follow Up
Drilled borehole
Primary highway
19
BAYOVAR 6 SOUTH – SHALLOW PHOSPHATES(<5M)
20
BAYOVAR 7, BAYOVAR 6 SOUTH 8 NORTH, & BAYOVAR 8 SOUTH
43-101 MAIDEN PHOSPHATE RESOURCE ESTIMATE
Bayovar 6s/8n
(Area 2)
Bayovar 7
(Area 1)
Bayovar 8s
(Area 3)
21
BAYOVAR 7, BAYOVAR 6 SOUTH 8 NORTH, & BAYOVAR 8 SOUTH
43-101 PHOSPHATE RESOURCE ESTIMATE
See News Release: May 13, 2015
Indicated Mineral Resources* Summary, All Areas, All Beds
Area
Millions Tonnes
Dry
Millions Tonnes
Wet
P2O5 (wt%)
Bayovar 7 (see Table 3)
7.8
10.3
14.15
Total Indicated
7.8
10.3
14.15
* In Situ Indicated Mineral Resource, no minimum thickness applied. Dry Density: 1.25 g/cm 3, Wet Density: 1.65
g/cm3
Inferred Mineral Resources* Summary, All Areas, All Beds
Area
Millions Tonnes
Dry
Millions Tonnes
Wet
P2O5 (wt%)
Bayovar 7
81.4
107.5
13.37
Bayovar 6S/8N
61.5
81.2
13.71
Bayovar 8S
16.1
21.3
16.49
Total Inferred
159.1
210.0
13.82
The slides
following this
estimate
explain the
significance and
the potential for
development of
these resources
* In Situ Inferred Mineral Resource, no minimum thickness applied. Dry Density: 1.25 g/cm3, Wet Density: 1.65 g/cm3
The Company's Bayovar Project (Bayovar 6, Bayovar 7 and Bayovar 8 concessions inclusive) 3D geological model and resultant phosphate Mineral Resource
estimation was prepared by Golder Associates under the supervision of Jerry DeWolfe, MSc. P.Geo, the independent Qualified Person as defined in NI 43-101.
NI 43-101 Mineral Resource Technical Report on the GrowMax Bayovar Phosphate Project, Piura Region, Peru is filed on Sedar.com under Americas Petrogas Inc. on
May 11th 2015 with and effective date of March 15th 2015. See slide 3 for methods of resource estimation and other disclosure related to phophate resources.
These mineral resources are not mineral reserves and do not have demonstrated economic viability.
22
BAYOVAR 7 – SHALLOW PHOSPHATE (<40M)
Drilled boreholes included in
Maiden Resource Estimate
Area of Mineral Resources
23
BAYOVAR 7 – MAP OF OVERBURDEN THICKNESS
0-5m
5-10m
10-15m
15-20m
Drilled boreholes included in Maiden Resource Estimate
20-30m
30-40m
24
BAYOVAR 7 – SHALLOW PHOSPHATE (<40 M)
•
•
•
This area offers potential for early
development because of the large
area with little to little to no overburden.
The top 3 phosphate layers are within 5m
of each other and are estimated to be
within 5-10m of surface over much of the
block and have been discovered to outcrop
in the area marked surface phosphate.
Surface
Phosphate
Going forward the boreholes will be sampled and assayed at an increased sampling
density which is expected to upgrade the resource estimate. Excavation equipment will
be utilized to sample the top-most beds at 400m spacing with the intention of defining
measured resources in the undrilled areas that had surface phosphate shows.
Indicated Mineral Resources*, Bayovar 7
Area
Millions Tonnes Dry
Millions Tonnes Wet
Bayovar 7: Indicated Mineral Resources, Beds 01,02
Bayovar 7: Indicated Mineral Resources, All Beds
2.1
7.8
2.8
10.3
•
•
Average
P2O5 (wt%)
15.44
14.15
In Situ Indicated Mineral Resource, no minimum thickness applied. Dry Density: 1.25 g/cm3, Wet Density: 1.65 g/cm3
currently assay data for beds 3 and beds 5 are insufficient for the purposes of an indicated resource and follow up sampling is in progress.
Inferred Mineral Resources*, Bayovar 7
Area
Millions Tonnes Dry
Millions Tonnes Wet
Bayovar 7: Inferred Mineral Resources Beds 01,02,03
Bayovar 7:
Inferred Mineral Resources All Beds
25.6
81.4
33.7
107.5
Average
P2O5 (wt%)
13.76
13.64
* In Situ Indicated & Inferred Mineral Resource, no minimum thickness applied. Dry Density: 1.25 g/cm3, Wet Density: 1.65 g/cm3
The Company's Bayovar Project (Bayovar 6, Bayovar 7 and Bayovar 8 concessions inclusive) 3D geological model and resultant phosphate Mineral Resource
estimation was prepared by Golder Associates under the supervision of Jerry DeWolfe, MSc. P.Geo, the independent Qualified Person as defined in NI 43-101.
NI 43-101 Mineral Resource Technical Report on the GrowMax Bayovar Phosphate Project, Piura Region, Peru is filed on Sedar.com under Americas Petrogas Inc. on
May 11th 2015 with and effective date of March 15th 2015. See slide 3 for methods of resource estimation and other disclosure related to phophate resources.
These mineral resources are not mineral reserves and do not have demonstrated economic viability.
25
BAYOVAR 7 – SURFACE AND NEAR SURFACE PHOSPHATE
Geominex personnel at outcrop of bed 01 on Bayovar 7
Geominex personnel at outcrop of bed 01 on Bayovar 7
Geominex personnel sampling bed 02 in hand dug
trench at Bayovar 7
26
BAYOVAR 7 – EW CROSS SECTION 05
Overburden
Approx.
12m of
overburden
Phosphate Beds
Underburden
Approx.
34m of
overburden
27
BAYOVAR 7 – EW CROSS SECTION 03
Overburden
Approx.
16m of
overburden
Phosphate Beds
Underburden
Approx.
33m of
overburden
28
BAYOVAR 7 – EW CROSS SECTION 01
Overburden
Approx.
11m of
overburden
Phosphate Beds
Underburden
Approx.
33m of
overburden
29
BAYOVAR 7 – SN CROSS SECTION 03
Overburden
Phosphate Beds
Approx.
15m of
overburden
Underburden
Approx.
25m of
overburden
30
BAYOVAR 7 – SN CROSS SECTION 05
Overburden
Phosphate Beds
Approx.
12m of
overburden
Underburden
Approx.
3m of
overburden
31
BAYOVAR 7 – SN CROSS SECTION 07
Overburden
Phosphate Beds
Approx.
20m of
overburden
Underburden
Approx.
10m of
overburden
32
BAYOVAR 6 SOUTH & 8 NORTH – MEDIUM DEPTH (40-80M)
BAYOVAR 6S/8N: Area 2
Drilled boreholes included in
Maiden Resource Estimate
Area of Mineral Resources
33
BAYOVAR 6 SOUTH & 8 NORTH – OVERBURDEN THICKNESS MAP
40-50m
50-60m
60-70m
70-80m
80-90m
BAYOVAR 6S/8N: Area 2
Drilled boreholes included in Maiden Resource Estimate
34
BAYOVAR 6 SOUTH & 8 NORTH – MEDIUM DEPTH (40-80M) – CON’T
•
•
Based on current models the
top most bed is estimated to
at a minimum 40-50m depth.
be
Follow-up drilling in the south
west of this area will reveal
whether the phosphate beds
continue the trend of rising
closer to surface.
Inferred Mineral Resources*, Bayovar 6south 8north, All Beds (00,01,02,03,04,05,06,07,08,09,10,11,12,13,14,15)
•
Area
Millions Tonnes Dry
Millions Tonnes Wet
Average
P2O5 (wt%)
Bayovar 6 south 8 north Inferred Mineral Resources
All Beds
61.5
81.2
13.70
In Situ Inferred Mineral Resource, no minimum thickness applied. Dry Density: 1.25 g/cm3, Wet Density: 1.65 g/cm3
The Company's Bayovar Project (Bayovar 6, Bayovar 7 and Bayovar 8 concessions inclusive) 3D geological model and resultant phosphate Mineral Resource
estimation was prepared by Golder Associates under the supervision of Jerry DeWolfe, MSc. P.Geo, the independent Qualified Person as defined in NI 43-101.
NI 43-101 Mineral Resource Technical Report on the GrowMax Bayovar Phosphate Project, Piura Region, Peru is filed on Sedar.com under Americas Petrogas Inc. on
May 11th 2015 with and effective date of March 15th 2015. See slide 3 for methods of resource estimation and other disclosure related to phophate resources.
These mineral resources are not mineral reserves and do not have demonstrated economic viability.
35
BAYOVAR 6 SOUTH & 8 NORTH – EW CROSS SECTION 06
Overburden
Approx.
65m of
overburden
Phosphate Beds
Underburden
Approx.
90m of
overburden
36
BAYOVAR 6 SOUTH & 8 NORTH – SN CROSS SECTION 02
Overburden
Approx.
40m of
overburden
Phosphate Beds
Underburden
Approx.
75m of
overburden
37
BAYOVAR 6 SOUTH & 8 NORTH – SN CROSS SECTION 09
Overburden
Approx.
87m of
overburden
Phosphate Beds
Underburden
Approx.
90m of
overburden
38
RESOURCE EXPANSION DRILLING
Drilled boreholes, not yet
assayed
Drilled boreholes included in Maiden Resource
Estimate
39
BAYOVAR 8 SOUTH – DEEP RESOURCES (>80M)
Drilled boreholes included in
Maiden Resource Estimate
Area of Mineral Resources
40
BAYOVAR 8 SOUTH – OVERBURDEN THICKNESS MAP
70-80m
Drilled boreholes
80-90m
90-100m
>100m
41
BAYOVAR 8 SOUTH– DEEP RESOURCES (>80M)
• Phosphate resources are located
at > 75m depth.
•
•
Finer sampling density on the
phosphate cores will lead to an
upgraded resource estimate, as
some shoulders and floors to
primary phosphate beds and
weakly developed beds were missed
at the original sampling density.
Future drilling to the west of this area will expand the Mineral
Resource estimate and determine whether the phosphate Mineral
Resource becomes closer to surface on the south end of this block.
Inferred Mineral Resources*, Bayovar 8south, All Beds (04,06,08,12,13,14)
•
•
Area
Millions Tonnes Dry
Millions Tonnes Wet
Bayovar 8 south Inferred Mineral Resources All Beds
16.1
21.3
Average
P2O5 (wt%)
16.49
In Situ Inferred Mineral Resource, no minimum thickness applied. Dry Density: 1.25 g/cm3, Wet Density: 1.65 g/cm3
assay data for beds 1, bed 2, bed 3, bed 5, bed 7, bed 9, bed 10, bed 11, bed 15 and bed 16 are currently insufficient for the purposes of an inferred resource and follow up sampling is in progress
The Company's Bayovar Project (Bayovar 6, Bayovar 7 and Bayovar 8 concessions inclusive) 3D geological model and resultant phosphate Mineral Resource
estimation was prepared by Golder Associates under the supervision of Jerry DeWolfe, MSc. P.Geo, the independent Qualified Person as defined in NI 43-101.
NI 43-101 Mineral Resource Technical Report on the GrowMax Bayovar Phosphate Project, Piura Region, Peru is filed on Sedar.com under Americas Petrogas Inc. on
May 11th 2015 with and effective date of March 15th 2015. See slide 3 for methods of resource estimation and other disclosure related to phophate resources.
These mineral resources are not mineral reserves and do not have demonstrated economic viability.
42
BAYOVAR 8 SOUTH – EW CROSS SECTION 03
Overburden
Phosphate Beds
Approx.
112m of
overburden
Underburden
Approx.
85m of
overburden
43
BAYOVAR 8 SOUTH – SN CROSS SECTION 03
Overburden
Phosphate Beds
Approx.
112m of
overburden
Underburden
Approx.
80m of
overburden
44
RESOURCE EXPANSION DRILLING
Drilled boreholes,
not yet assayed
Drilled boreholes
included in Maiden
Resource Estimate
45
GROWMAX SUMMARY
•
•
•
GrowMax Agri Corp. has
substantial phosphate
Mineral Resources (refer
to Maiden 43-101 report).
The potential for early
phosphate rock mining
exists in areas with
surface and near-surface
phosphate.
In the medium to long
term, after completion of
additional studies,
GrowMax management
believes there is potential
for open pit mining of
phosphate Mineral
Resources.
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Corporate Office:
Calgary, Alberta, Canada
Phone: (403) 685 1888
www.growmaxagricorp.com
Offices in Lima & Piura, Peru
Subsidiary of Americas Petrogas Inc.
www.americaspetrogas.com
TSXV:BOE