Dakota Salts, a North Dakota-based company that mines for salts and minerals, has received a $225,000 grant from the state's Industrial Commission to conduct a feasibility study on mining in the area's Williston Basin.

Part of the basin is located in North Dakota, while the other portion is in Canada. Only the Canadian portion is currently mined for potash, a salt with a high percentage of potassium that is used in manufacturing fertilizers.

"This is a very long-term and lucrative opportunity," J. T. Starzecki of Dakota Salts told the Bismarck Tribune.

The company will have to find a way to mine the potash, which is much deeper in the ground on the Dakota side than the Canadian. While the first drilling expedition is likely three to five years away, Starzecki said the mine could provide 20 to 25 years of drilling.