Sage Potash Moves Forward on Drill Program, Appoints Drake Well Service for Sage Plains Project
Rhea-AI Summary
Sage Potash (OTCQB: SGPTF) selected Drake Well Service to execute a drill program at the Sage Plain potash project in the Paradox Basin, with site mobilization end of May and drilling to begin in early June 2026.
The three-week core program targets Cycle 18 Upper and Lower beds at ~2,100 m and expects an updated resource estimate in mid Q3 2026. Westrock Energy Services will manage drilling oversight; Drake will coordinate roughly 25 service providers.
Positive
- Selected experienced local contractor: Drake Well Service with 60+ years regional experience
- Mobilization end of May and drilling start in early June 2026 (three-week program)
- Updated resource estimate expected mid Q3 2026 to inform engineering and development
- Drilling management and oversight by Westrock Energy Services
Negative
- Target depth of ~2,100 m implies higher technical complexity and drilling cost
- Program depends on coordination with ~25 third-party service providers, raising delay risk
- Three-week schedule for drilling and core recovery is tight and may be affected by mobilization or subsurface issues
News Market Reaction – SGPTF
On the day this news was published, SGPTF gained 3.48%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia--(Newsfile Corp. - April 29, 2026) - Sage Potash Corp. (TSXV: SAGE) (OTCQB: SGPTF) ("Sage Potash" or the "Company") is pleased to announce continued progress on its previously announced drill program (see news release dated April 07, 2026) at its Sage Plain potash project located in the Paradox basin, southwestern Utah.
Through its drilling management consultant, Westrock Energy Services (USA) Inc., the company has selected Drake Well Service Inc. ("Drake") to complete the drilling program anticipated to commence in Q2 2026. Located in Farmington New Mexico, Drake is a privately owned service provider with over 60 years of experience in the region in which the Sage Potash claims are located. Among its range of services, Drake provides large rigs used in oilfield well drilling which are the same type of rigs required for accessing the Paradox potash deposits. Drake owns and operates an extensive array of equipment and has the appropriate drilling rig to complete the program in a safe and efficient manner. Drake was selected based on their local reputation for excellent work and commitment to safety. Drake will procure services from about 25 various service providers to deliver the project.
"Sage Potash has completed a comprehensive review of drilling contractors, and we are impressed with Drake's reputation, equipment availability and their experience in delivering quality programs, dependable service and their commitment to safety. We look forward to working with Drake Well Service along with our management company Westrock and we are confident that they will deliver good value for Sage Potash," said Pat Varas, Chief Executive Officer of Sage Potash.
Westrock has completed a detailed drilling plan and will provide oversight of all stages of the program. Site construction and mobilization is scheduled to start at the end of May with drilling commencing in early June. Three weeks have been scheduled to complete the drilling and core recovery with demobilization complete by the end of June. An updated resource estimate is anticipated in mid Q3 2026.
The Paradox Basin contains extensive potash deposits including the high-grade Cycle 18 Upper and Lower beds at depths of 2,100 meters (6,890 feet) at the Company's project site. As noted in the April 07, 2026 press release, the planned drilling program will target these potash beds and is designed to confirm the project contains one of the most prospective solution mining targets in the United States. Results of the drilling program are anticipated to expand the project's mineral resource, improve the resource classification to advance the project by providing key inputs for continued engineering and development.
About Sage Potash Corp.
Sage Potash Corp. (TSXV: SAGE) (OTCQB: SGPTF) is dedicated to the development of its flagship Sage Plain Potash Project, located in the Paradox Basin, Utah. With a large and high-grade resource base, the Company is advancing toward its goal of establishing a secure and sustainable domestic potash production platform in the United States. Sage Potash is committed to food security, environmental stewardship, and creating value for shareholders and stakeholders alike.
On Behalf of the Board of Directors,
J. Patricio Varas, CEO and Director
1 (236) 521-1521
Website: www.sagepotash.com
For media inquiries, please contact:
Marcus van der Made, Investor Relations
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this news release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information in this news release includes, but is not limited to, statements with respect to future events or future performance of Sage Potash, including the satisfactory design and supervision of the Company's upcoming drill program by Westrock, the achievement of positive results of the drill program, the achievement of targeting Cycle 18 horizons and continuous core recovery, the achievement of satisfactory potash evaluation and hydrogeological testing in the drill program, and the timing of the commencement of the drill program. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to, the risk factors set out under the heading "Risk Factors and Uncertainties" in the Company's Management's Discussion & Analysis available for review under the Company's profile at www.sedarplus.ca. Such forward-looking information represents management's best judgement based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/294810