Latest Report Increases Measured and Indicated Ore Tons to 327.2 Million
Odyssey Marine Exploration, Inc. (Nasdaq:OMEX), a pioneer in the field of deep-ocean exploration, has received an NI 43-101 compliant "Technical Report: Revised Assessment" that concludes the measured and indicated phosphorite resources at the Oceanica deposit now total 327.2 million ore tons at 18.5% P2O5, an increase of 20% over the last preliminary assessment total of 273.5 million ore tons.
An independent Qualified Person (QP) produced the updated report, which provides an extensive preliminary evaluation of a portion of the mineral deposit controlled by Odyssey's subsidiary, Oceanica Resources, S. de. R.L. However, the report does not yet include an evaluation of the entire deposit, rather only data derived from 199 drill holes, which have been tested and analyzed to date. This compares to 161 drill holes previously analyzed. The samples do not include concession areas where testing has not yet been conducted nor areas below the core sample depth where the core ended with full mineralization. Thus, additional testing is expected to increase the measured and indicated phosphorite resources in the deposit, and updates will be provided when completed.
Over 760 total core samples have been tested by the Florida Industrial and Phosphate Research Institute, a highly respected, independent, not-for-profit phosphate and fertilizer research center based in the U.S.
Updated Preliminary Report Highlights
Measured and indicated phosphorite resources increased 20% over the prior estimate to 327.2 million ore tones.
Measured and indicated phosphorite resources average P2O5 estimate again inline at more than 18%.
Assessed amount and quality of the ore places it in the top-tier of new world phosphate rock deposits.
Summary of Data
Estimate New Prior
Measured 106.9 92.4
Indicated 220.3 181.1
Total Measured & Indicated 327.2 273.5
Inferred 166.4 231.9
Total Deposit 493.6 505.4
Assaying and metallurgical testing of the core samples at approximately one meter intervals indicates the potential to produce a phosphate rock concentrate at 28% to 30% P2O5 with a favorable CaO/P2O5 ratio of 1.5 to 1.55 and a Minor Element Ratio (MER) of 0.07 to 0.08. The chemical analysis suggests that the concentrate would be suitable for the production of phosphori acid using the wet process methods.
An extensive environmental impact report has been completed and is in the final stages of review before submission. The report includes extensive analysis, tests, reports and models from outside experts and environmental scientists on the mineral deposit, which is located in waters 70-90 meters deep and centered approximately 40 km offshore.
Phosphate is a key and irreplaceable component of fertilizers, and the location of this deposit makes it an attractive potential sourcing site for fertilizer companies in the Americas, Pacific Rim and Asia. The relatively shallow depth of the deposit and minimal to no overburden will allow the use of existing standard dredging ships and equipment.
In 2013, Odyssey received $27.5 million in cash from the sale of a minority stake in the Oceanica subsidiary, a project that was initially reported in March 2013. As previously announced, the company has engaged J.P. Morgan as its financial advisor to help it evaluate options to best maximize the value of the project including alternatives for financing, potential partnerships or other strategic options.
About Odyssey Marine Exploration
Odyssey Marine Exploration, Inc. (Nasdaq:OMEX) is engaged in deep-ocean exploration using innovative methods and state of-the-art technology for shipwreck projects and mineral exploration.