The first subsurface mineral public offering in Saskatchewan raised $505,000 for the government.
Officials said a single permit block of just over 8,300 hectares just north of Francis was successfully bid on by CanPacific Potash Inc.
The block is adjacent to two subsurface mineral dispositions held by the company.
Energy and Resources Minister Bronwyn Eyre said the public offerings, which will be held three times yearly, “drives exploration by Saskatchewan’s mining industry.”
“This is a key economic sector, and Saskatchewan is considered one of the most favourable jurisdictions in the world for mining investment,” Eyre said in a statement.
“The introduction of subsurface mineral public offerings makes doing business in Saskatchewan even more efficient, consistent and competitive.”
The holder has the right to explore for all natural mineral salts and their compounds occurring more than 60 metres below land surface.
Subsurface minerals include boron, calcium, lithium, magnesium, potassium, sodium, bromine, chlorine, fluorine, iodine, nitrogen, phosphorus, and sulfur.
Potash is a potassium compound, and officials said lithium is attracting interest due to its use in batteries for electric cars and for certain medical treatments.
The next public offering will take place on April 23, 2019.