Key Highlights & Management Commentary
We successfully completed the Well 45 and Well 46 drilling projects at our solar solution potash mine in
Background on
Well 45 is a newly designed, single-well cavern system with three interlocking laterals that targets new ore in Potash Bed 9. This single-well cavern is designed to have a long operational life with the laterals completed over approximately 18,000-feet of horizontal drilling. We have commenced the initial phase of cavern development and brine measurements have shown good availability of high-grade ore. After cavern development, we will switch to injecting salt-saturated brine and begin selective solution mining. Due to the nature of solution mining and the residence time required to selectively mine potash, we expect to see the benefit of Well 45 beginning in the 2024 evaporation season. The total capital cost was approximately
Well 46 is a horizontal drilling project designed to target a high-grade brine pool (“sump”) in the original mine workings in Potash Bed 5, which was previously accessed by a nearly 50-year-old well that was plugged-and-abandoned. Well 46 serves three key purposes: first, contribute to our 2023 potash production when harvest begins in the third quarter; second, create medium to longer-term, reliable wellbore access to drill additional laterals to target unmined ore in Potash Bed 5 or access other stranded brine pools; and third, serve as a backup for other injection/extraction wells. The capital cost was approximately
Update on 2023 Capital Program
The completion of the Well 45 and Well 46 drilling projects builds on the success of Intrepid’s
About Intrepid
Intrepid is a diversified mineral company that delivers potassium, magnesium, sulfur, salt, and water products essential for customer success in agriculture, animal feed and the oil and gas industry. Intrepid is the only
Intrepid serves diverse customers in markets where a logistical advantage exists and is a leader in the use of solar evaporation for potash production, resulting in lower cost and more environmentally friendly production. Intrepid’s mineral production comes from three solar solution potash facilities and one conventional underground Trio® mine.
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Forward-Looking Statements
This press release includes certain statements concerning expectations for the future that are forward-looking within the meaning of the federal securities laws. Forward-looking statements contain known and unknown risks and uncertainties (many of which are difficult to predict and beyond management's control) that may cause our actual results in future periods to differ materially from anticipated or projected results. Forward-looking statements in this press release include, among others, statements regarding our expectations and anticipated benefits of the Well 45 and Well 46 drilling projects. An extensive list of specific material risks and uncertainties affecting Intrepid is contained in our Annual Report on Form 10-K for the year ended
Contact
Phone: 303-996-3042
Email: evan.mapes@intrepidpotash.com
Source:
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