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VANCOUVER, BRITISH COLUMBIA-(Marketwire - Aug. 4, 2009) - Passport Metals Inc. (TSX VENTURE:PPI) has received the assay results from the first two holes of the summer 2009 drilling program at the Holbrook Basin Potash Project. PP DDH 01-09 returned a value of 14.64% K2O from 895 feet to 899.5 feet (272.79 to 274.17 metres), which included a value of 18.75% K2O from 895.5 feet to 898.5 feet (272.95 to 273.86 metres). PP DDH 02-09 returned a value of 11.6% K2O from 992 feet to 996 feet (302.36 to 303.58 metres), which included a value of 15.98% K2O from 992 feet to 994.5 feet (302.36 to 303.12 metres). The main interval in each of the holes shows relatively low magnesium content, suggesting the potash mineral is likely sylvinite as opposed to carnallite. The main interval in each of the holes also shows relatively low total insolubles suggesting minimal clay content.
Complete details for the potash intervals for PP DDH 01-09 and PP DDH 02-09 is as follows:
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Hole Number Feet from Feet to % K2 O % MgO % Insolubles
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PP DDH 01-09 895.0 895.5 7.68 0.01 0.03
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PP DDH 01-09 895.5 896.0 33.50 0.02 0.09
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PP DDH 01-09 896.0 896.5 20.20 0.05 0.16
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PP DDH 01-09 896.5 897.0 7.32 0.26 0.07
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PP DDH 01-09 897.0 897.5 18.75 1.36 0.07
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PP DDH 01-09 897.5 898.0 16.40 1.64 0.09
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PP DDH 01-09 898.0 898.5 16.35 0.58 0.07
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PP DDH 01-09 898.5 899.0 1.74 0.07 0.07
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PP DDH 01-09 899.0 899.5 9.78 0.41 0.10
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PP DDH 02-09 992.0 992.5 7.64 0.11 0.19
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PP DDH 02-09 992.5 993.0 10.50 0.03 0.06
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PP DDH 02-09 993.0 993.5 26.50 0.02 0.04
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PP DDH 02-09 993.5 994.0 27.20 0.03 0.05
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PP DDH 02-09 994.0 994.5 8.07 0.05 0.04
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PP DDH 02-09 994.5 995.0 5.98 0.06 0.06
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PP DDH 02-09 995.0 995.5 2.13 0.09 0.13
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PP DDH 02-09 995.5 996.0 4.86 0.08 0.05
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Passport management is very encouraged with the assay results as they confirm both the presence of potash within the evaporite sequence in the Holbrook Basin and confirm the grades obtained by Arkla Exploration Company during the historic 1960’s drill programs.
The initial assay results strongly suggest the objective of this phase of the Holbrook Basin exploration program, correlating the historic well data with modern coring and down hole geophysical surveying to verify the historical data and allow Passport to combine the historical data with the data from the 2009 programs to define a NI43-101 potash mineral resource for Passport’s Holbrook Basin holdings, is on the way to being met.
Passport is also pleased to announce completion of the third and fourth holes, PP DDH 03-09 and PP DDH 04-09, at its Holbrook Basin potash project. These holes continued the twinning program of the previous holes drilled in the 1960’s. Passport has begun the reclamation process on the sites of holes 1 through 4 and has initiated the permitting process for the next series of holes. The Arizona Land Commission has commenced issuing permits to other companies exploring for potash in the Holbrook Basin, so Passport expects to receive the permits for the next phase of drilling in 60 to 90 days.
PP DDH 03-09 was rotary drilled to a depth of 829 feet (252.7 metres) and cored from that point through the complete potash horizons to a final depth of 1040 feet (317.0 metres). PP DDH 04-09 was rotary drilled to a depth of 849 feet (258.8 metres) and cored from that point through the complete potash horizons to a final depth of 1100 feet (335.3 metres). Initial geophysical down hole testing by electrical gamma rays (an industry standard) indicated the presence of potash in both PP DDH 03-09 and PP DDH 04-09. The entire core horizon has been sealed in plastic to prevent desiccation and the entire potassium rich section as indicated by the gamma ray survey has been shipped to ALS Chemex Laboratory in Reno, Nevada for each of the two holes.
All sample processing is being handled by ALS Chemex in Reno, Nevada. The analyses are being completed at the ALS Chemex Laboratory in North Vancouver, British Columbia. ALS Chemex is an internationally renowned analytical laboratory with an ISO 9001:2000 accreditation. QA/QC protocols consisting of standards and blanks were inserted into the sample stream by ALS Chemex. The drilling program was supervised by Mr. Clive Bailey, CPG.
R. Tim Henneberry, P.Geo., a 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.
The Company also wishes to announce that it has granted 773,000 incentive stock options to directors, employees and consultants at a price of $0.18 for a 5 year term.
Investors are invited to visit the Passport Metals IR Hub at http://agoracom.com/ir/PassportMetals where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to [email protected] where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
On behalf of the Board of Directors
PASSPORT METALS INC.
Laara Shaffer, Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Passport Metals Inc.
Laara Shaffer
Director
(604) 687-0300
(604) 687-0151 (FAX)
www.passportmetals.net
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.