Passport Potash Commences Drilling on East Side of Holbrook Basin, Completes Additional 50 miles of Seismic Work and Reissues Drill Results
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 2011-07located 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 2011-15is 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 2011-19is 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 2011-20is 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 2011-21is 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.
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