TRADING SYMBOL: TSXV:EPO
VANCOUVER,
Jan. 23, 2014 /CNW/ - Encanto Potash
Corp. ("Encanto" or the "Company") (TSXV: EPO and OTCQX: ENCTF) is
pleased to announce that results from the well drilled on the
Company's second project, the Ochapowace/Chacachas property, have
been received. The well was drilled to a depth of 1,307 meters and
two potash members were intercepted in the Prairie Evaporite
formation which contained the following grades and intercepts:
|
Potash
Member
|
Depth to
(m)
|
Width
(m)
|
%
K2O
|
%
KCl
|
%
Carnallite
|
%
Insols
|
|
Belle
Plaine
|
1,235.1
|
6.30
|
14.3
|
22.7
|
0.5
|
5.5
|
|
Esterhazy
|
1,258.5
|
7.56
|
17.8
|
28.2
|
2.3
|
4.3
|
|
1)
|
Results completed by
North Rim Consulting of Saskatoon
|
|
2)
|
All results reported
are weighted averages.
|
"The strong assay results obtained from drilling this well
justify the initiation of a resource review for the
Ochapowace/Chacachas property. The review may include the
calculation of a resource estimate utilizing the well assay
information along with the 3D Seismic data which was shot on the
property previously," stated Encanto President and CEO,
Jim Walchuck. Approximately 16
square miles, or 10,200 acres of the 55,000 acres, have been
covered by the 3D seismic program.
As per the terms of the joint venture with Hamad Al-Wazzan, a director of the Company,
announced on October 10, 2013, the
final payment has been sent and thus completes the 80% earn-in of
the Ochapowace Project by Hamad
Al-Wazzan. The Company expects the resource report on this
second project to be available for release in Q2/2014.
The technical content of this news release has been reviewed by
James Walchuck, a qualified person
as defined by NI 43-101.
About Encanto:
Encanto Potash Corp. is a TSX Venture Exchange listed and OTCQX
traded Canadian resource company engaged in the development of
potash properties in the Province of Saskatchewan, Canada, the largest producing
potash region in the world. Through a joint venture agreement with
Muskowekwan First Nation and Muskowekwan Resources Ltd. ("MFN JV")
on our flagship property, Encanto has a project land package which
totals approximately 61,000 largely contiguous acres. A
Pre-Feasibility Study dated February
28 2013 titled "Encanto Potash Corp. Technical Report
Summarizing the Preliminary Feasibility Study for the Muskowekwan
First Nations Home Reserve Project in South Eastern Saskatchewan,
Canada" confirms the Proven & Probable KCI Reserves totaling
162 MMt grading 28% which supports primary and secondary mining for
over 50 years at an assumed annual rate extraction rate of 2.8
million tonnes.
The Company has an interest in two additional potash properties
in Saskatchewan: 20% interest in
the 55,000 acre Ochapowace/Chacachas property and 100% interest in
the 55,437 acre Spar property.
Encanto is currently exploring domestic and international
strategic partnerships for the financing, development and sale of
potash production from its MFN JV Property.
For additional information about Encanto Potash Corp., please
visit the Company's website at www.encantopotash.com or review the
Company's documents filed on www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Per: "James Walchuck"
James Walchuck
President and CEO
NEITHER 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.
THE FOREGOING INFORMATION MAY CONTAIN FORWARD-LOOKING
INFORMATION RELATING TO THE FUTURE PERFORMANCE OF THE COMPANY.
FORWARD LOOKING INFORMATION IS SUBJECT TO A NUMBER OF KNOWN AND
UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE
ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE ANTICIPATED IN OUR
FORWARD LOOKING STATEMENTS. SUCH RISKS AND OTHER FACTORS INCLUDE,
AMONG OTHERS, THE ACTUAL RESULTS OF EXPLORATION ACTIVITIES, CHANGES
IN WORLD COMMODITY MARKETS OR EQUITY MARKETS, THE RISKS OF THE
MINING INDUSTRY INCLUDING, WITHOUT LIMITATION, THOSE ASSOCIATED
WITH THE ENVIRONMENT, DELAYS IN OBTAINING GOVERNMENTAL APPROVALS,
PERMITS OR FINANCING OR IN THE COMPLETION OF DEVELOPMENT OR
CONSTRUCTION ACTIVITIES, TITLE DISPUTES, CHANGE IN GOVERNMENT AND
CHANGES TO REGULATIONS AFFECTING THE MINING INDUSTRY, AND OTHER
RISKS AND UNCERTAINTIES DETAILED FROM TIME TO TIME IN THE COMPANY'S
FILINGS WITH THE CANADIAN SECURITIES ADMINISTRATORS (AVAILABLE AT
WWW.SEDAR.COM). FORWARD-LOOKING STATEMENTS ARE MADE BASED ON
VARIOUS ASSUMPTIONS AND ON MANAGEMENT'S BELIEFS, ESTIMATES AND
OPINIONS ON THE DATE THE STATEMENTS ARE MADE. SHOULD ONE OR MORE OF
THESE RISKS AND UNCERTAINTIES MATERIALIZE, OR SHOULD UNDERLYING
ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY
FROM THOSE DESCRIBED IN THE FORWARD-LOOKING INFORMATION CONTAINED
HEREIN. THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE
FORWARD-LOOKING STATEMENTS IF THESE ASSUMPTIONS, BELIEFS, ESTIMATES
AND OPINIONS OR OTHER CIRCUMSTANCES SHOULD CHANGE, EXCEPT AS
REQUIRED BY APPLICABLE LAW.
SOURCE Encanto Potash Corp.
