Passport Potash Commences Drilling on East Side of Holbrook Basin, Completes Additional 50 miles of Seismic Work and Reissues...
September 13 2011 - 8:44AM
Marketwired
Passport Potash, Inc. (TSX VENTURE: PPI)(OTCQX: PPRTF) is pleased
to announce that it has commenced drilling on its holdings on the
east side of the Holbrook Basin. The company plans to drill a total
of 9 holes in this area.
Passport is also pleased to announce that it has completed 50
line miles of seismic work on its east side holdings, which now
brings the total amount of seismic work to 100 line miles on all
its holdings. The data from the east side holdings is presently
being analyzed.
"We are pleased with the progress of our exploration program to
date and are excited to begin mobilizing our drill rigs to the east
side of the basin for our final phase of drilling," states
President Joshua Bleak.
Drilling Results (As Previously Released)
The Company has intersected potash mineralization in five new
holes completed in its recent core-drilling program. Each hole
intersected potash at depths ranging from 1123.5 to 1590 feet deep.
The best interval averaged 24.0% KCl over 4.5 feet in which is
included a 0.5 foot section containing 41.1% KCl.
-- Hole PPI 2011-07-located near the western edge of the TBR, intersected
9.4% KCL over 6.5 feet beginning at 1320.5 feet. Within this interval is
included 1.5 feet containing 17.0% KCl beginning at 1324.5 feet.
-- Hole PPI 2011-15-is located on ground optioned from Southwest
Exploration south of the park. It intersected two potash beds beginning
at 1123.5 feet that are separated by a 2.0 foot section of material
grading 4.4% KCl. The top bed is 4.5 feet thick and averages 24.0% KCl
in which is included a 0.5 foot section containing 41.1% KCl; the lower
bed begins at 1130 feet, is 3.0 feet thick and contains 18.0% KCl.
-- Hole PPI 2011-19-is located in the southeast corner of the TBR. It
intersected 14.5 feet of potash averaging 10.5% KCl beginning at 1427
feet. Contained within this interval is a higher grade zone averaging
24.7% KCl across 2.0 feet beginning at a depth of 1433 feet.
-- Hole PPI 2011-20-is located on the eastern boundary of the TBR north of
hole PPI 2011-19. It intersected 10.5 feet of potash averaging 8.1% KCl
beginning at a depth of 1590 feet.
-- Hole PPI 2011-21-is located near the northeast corner of the TBR.
Potash, averaging 11.0% KCl, was intersected over an interval of 9.5
feet beginning at a depth of 1338.5 feet. Within this interval there are
two one foot intervals from 1339-1340 and 1343-1344 that contain 17.6%
KC1 and 17.4% KC1 respectively.
The potash beds are generally horizontal and therefore the
intervals quoted are believed to represent true thicknesses.
All of the Company's available assayed holes and their
respective locations may be viewed on the map available at the
following link: http://www.passportpotash.com/nrdr2.html.
Core samples for drill holes PPI 2011-07, 19, 20 and 21 were
sent to Skyline Assayers and Laboratories in Tucson, Arizona. These
samples were analyzed for 32 elements utilizing an Aqua Regia
Digestion and ICP-OES Analytical Techniques. Chloride samples for
drill hole PPI 2011-15 were sent to Apex Environmental Laboratory
in Tempe, Arizona. All samples were pulverized. For the metals
analysis, each sample was digested with nitric acid, hydrogen
peroxide and hydrochloric acid and then analyzed for trace elements
by ICP-MS. Chloride content was determined by a silver nitrate
titration method. Samples analyzed in both laboratories met each
laboratory's quality control objectives.
Passport Potash, Inc.'s President and CEO Joshua Bleak
commented: "We are very impressed with the drill results we have
received. The substantial thickness and grade displayed in these
drill holes demonstrates the potential of the potash deposit in the
Holbrook Basin. These results will be included in the NI 43-101
resource estimate."
The company also wishes to announce that it has granted
1,690,500 incentive stock options to directors, officers,
consultants and employees of the company. The options are
exercisable at $0.42 and will expire on September 12, 2016.
About the Holbrook Potash Project
Passport Potash Inc. is a publicly traded corporation engaged in
the exploration and development of advanced potash properties with
its major focus on a previously explored potash property in
Arizona. Passport has acquired a strategic position in the Holbrook
Basin with land holdings encompassing over 81,315 acres. For more
information regarding the Holbrook Basin, please visit
http://www.azgs.az.gov/arizona_geology/Summer%2008.pdf.
Stephen B. Butrenchuk, P.Geol., Director of Passport, is the
Qualified Person as defined in National Instrument 43-101 who has
reviewed and approved the technical content of this news
release.
On behalf of the Board of Directors of Passport Potash Inc.
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.
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.
Contacts: Passport Potash Inc. Peter J. Kletas 866-999-6251-Toll
Free peter@passportpotash.com Passport Potash Inc. Clive Mostert
780-920-5044 cmostert@passportpotash.com www.passportpotash.com
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