Passport Potash Inc. Announces Completion of Four Core Holes
May 04 2011 - 7:30AM
Marketwired
Passport Potash Inc. (TSX VENTURE: PPI) is pleased to provide an
update on its exploration program on Passport's land holdings in
the Holbrook Basin.
Passport's rotary drill program is proceeding. Eight rotary
holes have been drilled to date on the Twin Buttes Ranch and
drilling has commenced on the State Lease Lands which lie to the
south. Down hole geophysical and assay data has been gathered and
is being utilized to help expedite the drilling process. The
stratigraphic and geophysical data obtained from the rotary drill
holes, together with Zonge International's recently completed 50
line-mile seismic survey, have provided a broad understanding of
the Holbrook Basin potash deposits, and will continue to provide
key information in determining targets for diamond core
drilling.
Boart Longyear has mobilized a diamond core drill rig. Four core
holes have been completed to date and core samples have been sent
to Skyline Laboratories in Tucson, Arizona for analysis to
determine thickness and grade. Those results are anticipated in
approximately 3 to 4 weeks.
Additionally, down hole geophysical and assay results from the
combined rotary and core drilling programs will be used to
delineate the nature and extent of the potash deposits as well as
to quantify a potash resource. Results will be presented in a NI
43-101 technical report being prepared by SRK.
Commenting on these recent developments, Passport president
Joshua Bleak stated, "We are very pleased with the progress of our
exploration program and to have reached the point at which core
samples have been sent in for analysis. With three rigs operating
simultaneously on our land holdings, we expect to meet or exceed
our target date for completion of the current phase of exploration
and the release of a NI 43-101 technical report."
About the Holbrook Potash Project
Passport Potash Inc. is a TSX-listed resource company engaged in
the exploration and development of advanced potash properties.
Passport has acquired a strategic position in the Holbrook Basin
with land holdings encompassing over 86,000 acres. In addition,
Passport has a cooperative agreement with the Hopi Tribe, allowing
the company to access and conduct certain exploration activities on
an additional 12,853 acres of privately held Hopi land (not
reservation) while allowing the tribe to share in the study
results. For more information regarding the Holbrook Basin, see
http://www.azgs.az.gov/arizona_geology/Summer%2008.pdf.
On behalf of the Board of Directors
PASSPORT POTASH INC.
Joshua Bleak, President
This news release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, including the likelihood of
commercial mining and possible future financings are
forward-looking statements. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward-looking statements include unsuccessful exploration
results, changes in metals prices, changes in the availability of
funding for mineral exploration, unanticipated changes in key
management personnel and general economic conditions. Mining is an
inherently risky business. Accordingly the actual events may differ
materially from those projected in the forward-looking statements.
For more information on the Company and the risks and challenges of
its business, investors should review the Company's annual filings
that are available at www.sedar.com.
Contacts: Passport Potash Inc. Peter J. Kletas Toll Free:
866-999-6251 peter@passportpotash.com Passport Potash Inc. Clive
Mostert 780-920-5044 cmostert@passportpotash.com
www.passportpotash.com
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