Passport Potash NI 43-101 Technical Report on Exploration Potential
November 02 2011 - 7:30AM
Marketwired
Passport Potash Inc. (TSX VENTURE:PPI) ("Passport") is pleased to
announce that it has received a NI 43-101 compliant technical
report on the exploration potential for Passport's Holbrook Basin
Project. The Company expects that the report will be filed on SEDAR
and will be readily available for public viewing by Friday November
4th, 2011. The report, prepared by SRK Consulting (US) Inc. (SRK),
indicates that it is possible to assess the exploration potential
for Passport's lands, using only Passport's verifiable drill data
as an order of magnitude estimate. In that regard, SRK has reported
that:
-- Passport's drill hole data shows that evaporite layers containing potash
range in thickness from 2.6 to 18.4 meters and range in grade from 3.2%
to 9.4% K2O, with an average thickness of 6.4 meters and a weighted
average grade of 5.3% K2O.
-- The exploration potential for the total areal extent of Passport lands
(554 sq. Km.) is estimated to range between 290 and 315 million metric
tonnes of K2O using a grade of 2% K2O as a threshold of mineralization,
which is equivalent to a range from 460 to 500 million metric tonnes of
KCL.
-- The exploration potential is not a resource estimate and Passport is not
representing this or any other number as a resource estimate for the
Holbrook property. The potential quantity and grade is conceptual in
nature. There has been insufficient exploration to define a mineral
resource and it is uncertain if further exploration will result in the
target being delineated as a mineral resource. Additional exploration
work is necessary and historical data would have to be verified to
report a resource estimate.
-- Further work toward a resource estimate, and to determine the potential
for economic extraction, is justified.
Exploration Potential on Passport Controlled Lands -
Holbrook Basin
--------------------------------------------------------------------------
Thickness Grade Tonnage Contained K2O Contained KCL
--------------------------------------------------------------------------
(million (million (million
(meters) (%K2O) tonnes) tonnes) tonnes)
--------------------------------------------------------------------------
2.6 to 18.4 3.2 to 9.4 5,500 to 6,000 290 to 315 460 to 500
--------------------------------------------------------------------------
Based on Passport Drilling. Source: SRK, 2011
Findings in support of SRK's estimated exploration potential are
that:
-- Passport's drilling and sampling programs have helped confirm analytical
and stratigraphic data from the twinned historic holes, improving
confidence in the historic holes.
-- Passport's drill results have generally verified historical accounts of
thickness and grade of potash mineralization.
-- Passport's digital gamma log converted equivalent K2O data generally
compares with Passport's chemical assay data from core. SRK has made
recommendations for the next phase of exploration, the development of a
drill hole database (particularly for historical drill hole data) for
use in a subsequent resource estimate and the approach to be taken for
resource estimation.
Passport's President Joshua Bleak states, "We are very excited
by what we have read and considered. A lot of hard work and effort
has been put into this report and we are pleased to see that the
project merits further exploration and development. SRK has made
recommendations regarding this and related matters. We look forward
to completing additional drilling on lands that were not included
in this initial report."
About Passport Potash Inc.
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/archived_issues/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.
Joshua Bleak, President
Forward-Looking Statement
This news release includes certain statements that may be deemed
"forward-looking statements". Forward-looking information includes,
but is not limited to: statements with respect to the effect and
estimated timeline of the drilling and assay results on the
Company; the estimation of mineral reserves and mineral resources;
the timing and amount of estimated future exploration; costs of
exploration; capital expenditures; success of exploration
activities; permitting time lines and permitting ; government
regulation of mining operations; potential future expansion of the
PFNP; environmental risks; unanticipated reclamation expenses; and
title disputes or claims. Generally, forward-looking information
can be identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be
achieved". 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
Freepeter@passportpotash.com Passport Potash Inc. Clive Mostert
780-920-5044cmostert@passportpotash.comwww.passportpotash.com
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