The New Brunswick government has issued a request for expression of interest to explore for and mine for potash in the province.
There is already one potash mine operated by PotashCorp near Sussex, and the company is expected to open a nearly $2-billion expansion soon.
Atlantic Potash Corp. also has a three-year agreement with the provincial government to explore the feasibility of building a mine in Millstream.
But there are indications of more potash deposits, said Energy and Mines Minister Craig Leonard.
"It's certainly a commodity that we're very lucky to have," Leonard told CBC News.
"Really it's only Saskatchewan and New Brunswick that have any deposits that are operational at this point. And we want to take advantage of that and move forward with more production and development in the area," he said.
Expansion of the potash industry can play a major role in bringing investments, revenue and jobs to the province, said Leonard.
"Obviously with success we've had with previous deposits, there's some good potential that we feel is there and obviously we hope that other companies will agree with that."
If there is demonstrated interest, the provincial government may issue a request for proposals once "appropriate consultations have taken place with communities and First Nations," said Leonard.
The deadline for expressions of interest is March 3.
Potash is used in fertilizer and agriculture products.