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(Reuters) - Potash One Inc KCL.TO said it identified two "promising" solution mining development areas within its Legacy project in southern Saskatchewan and has started a two-phased drilling program at the project.
Both the areas have potential to support long-term solution mining operations, the company said in a statement.
Shares of Potash One were trading up more than 8 percent at C$1.86 in morning trade on the Toronto Stock Exchange.
The extraction of soluble minerals from below the earth's surface by injection of fluids, and the controlled removal of mineral-laden solutions is known as solution mining.
The first phase of the drilling program will consist of three to five wells, while the second phase of the program will consist of resource definition by drilling an additional seven to nine wells, the company said.
Potash One has also completed a 3-dimensional seismic survey covering an area of about 25.6 square kilometers at its Legacy Project in Saskatchewan, and the results indicate the potash-bearing Prairie Evaporite Formation ranges in thickness from 80 meters to 200 meters over the survey area.
Reporting by Anurag Kotoky in Bangalore; Editing by Himani Sarkar