Soil Sub Technologies (ASX: SOI) has terminated the option to acquire a 70 percent interest in the Tasinifu Manganese Project in Indonesia.
Soil Sub though has reiterated that the company is continuing to look at other opportunities – including mining projects.
In regards to the option, Soil Sub said that while due diligence had been encouraging, higher than average exploration costs were encountered due to the difficult terrain and consequent accessibility to the project site – along with the state of financial markets.
Soil Sub said that the company will continue to trial the Nutrimix technology – which acts similar to a fertiliser in enhancing organic growth.
Currently results are pending from a third party testing for fertilisers, with 24 plots assimilated with various combinations of raw materials.
The trialling process is for Nutrimix, with the objective of arriving at a new formulation for the Nutrimix line of products.
The objective is a new formulation for the Nutrimix line of products.