Sirius hails York Potash Project progress

Shares in Sirius Minerals were given a shot in the arm as it stated progress at its third hole, SM3, at the York Potash Project had been "good".

"Current work to date at SM3 has been free from the fluid-loss zones and the resultant delays experienced at SM2," the company confirmed.

Final casing depth on SM3 was reached in just 10 days compared to 40 days at SM2, helping the company claw back some of the time and budget put aside after the experience at SM2. The casing has now been run into the hole and cemented into position with full coring of the target horizons expected to commence soon.

This follows the successful completion of coring at SM2 on 23 January. Full assay results from SM2 will be available around 7 March.

Finally, the potash development company announced that the second coring rig was undergoing final maintenance and equipment checks and was expected to be on the site around the end of March.

"The second coring rig will help to speed up the completion of the York Potash Project drilling programme," the company said.

With shares doubling over the past year, is it time for investors in Sirius Minerals to take profits, or does the stock have further to go? For more, read: Can potash fertilise your portfolio?