VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: KCL) is pleased to
report the results of a preliminary review of existing historical
data on the newly acquired permits KP-355, KP-356 and KP-357,
(NR08-13, April 11,2008) located in southern Saskatchewan and
adjacent to the largest solution potash mine in the world.
Preliminary data obtained from commercial databases and files
held by the Saskatchewan Ministry of Energy and Resources indicates
that previous exploratory drilling has been conducted on the newly
acquired ground, and limited examination indicates that all three
potash-bearing Members are present in varying thicknesses, grade
and distribution within the Prairie Evaporite Basin.
Work on the newly acquired properties consisted of the
collection and analysis of all available historical public data
which included geophysical bore hole logs from previously drilled
test holes, historical potash core analyses, geological reports
where available, the preparation of structural and stratigraphic
cross sections, examination of drill cores where available, a
review of historical seismic maps and a preliminary investigation
into solution mining amenability.
Data collected to date shows that previous exploration and
analysis within the new permits has been conducted by Imperial Oil,
Sohio Petroleum Co., Dillman Oil Properties Ltd. and Francana Oil
and Gas Ltd. in the 1950's and 1960's.
Publicly available data pertaining to the previous drill holes
indicate that the principal potash-bearing beds of the Patience
Lake, Belle Plaine and Esterhazy Members are present as
follows:
--------------------------------------------------------------------------
Depth to
Top of
Uppermost Depth to Base Thickness of
Sylvinite Bed of Lowermost Combined
in the Sylvinite Bed Patience Lake,
Patience in the Belle Plaine,
Lake Member Esterhazy and Esterhazy
Well Name Permit m (ft) Member m (ft) Members m (ft)
--------------------------------------------------------------------------
Imperial Lumsden
11-11-20-22 W2M 355 1,468 (4,816) 1,516 (4,973) 48 (157)
--------------------------------------------------------------------------
Dillman Tuxford No
1 1-3-19-26 W2M 357 1,565 (5,132) 1,618 (5,308) 53 (176)
--------------------------------------------------------------------------
Francana Marquis 357 1,562 (5,124) 1,615 (5,298) 53 (174)
--------------------------------------------------------------------------
The Imperial Lumsden 11-11 drill hole has a complete suite of
borehole geophysical logs, core and chemical assays however the
Dillman Tuxford and Francana Marquis drill holes only have borehole
geophysical logs available for examination.
Publicly available data from two wells drilled by Sohio in the
1950's, located in Permit 356, have very limited data however they
do suggest that at least two of the potash Members may be
present.
In January 1964, Imperial Oil (Exxon) completed a potash
resource evaluation drill program which was cored continuously from
1460.0 m to 1524.0 m with the top of the Prairie Evaporite
intersected at 1460.3 m. The core diameter was 101.6 mm with four
discrete zones assayed for potash content. Within the assayed zones
the average assay interval was 91.0 cm over the mineralized zones
and up to 213.3 cm over non-mineralized (halite-rich) zones. The
core was slabbed; one half was sent for assay and the other-half
retained for examination at the Subsurface Geological Laboratory in
Regina, SK.
The table below shows the mineralization summary for the
Imperial Lumsden 11-11 drill hole. The summary is based upon
borehole geophysical logs and chemical assays of core cut through
the Prairie Evaporite Formation:
---------------------------------------------------------------------------
Wt. Avg Wt. Avg
Top m Base m Thickness Wt. Avg Carnallite Insolubles
Member / Unit (ft) (ft) m (ft) K20% % %
---------------------------------------------------------------------------
Upper
Patience 1468.4 1473.6 5.2 22.48 1.10 14.90
Lake Zone (4816.3) (4833.5) (17.2)
---------------------------------------------------------------------------
Lower
Patience 1480.1 1482.6 2.5 16.08 0.74 7.01
Lake Zone (4854.6) (4862.9) (8.3)
---------------------------------------------------------------------------
Belle Plaine 1485.6 1493.8 8.2 20.29 0.78 3.53
Zone (4872.8) (4899.7) (26.9)
---------------------------------------------------------------------------
Esterhazy 1510.2 1516.3 6.1 34.11 0.64 4.07
Zone (4953.4) (4973.5) (20.1)
---------------------------------------------------------------------------
The Company plans to proceed with an exploration program, which
may include the acquisition of trade seismic data, the acquisition
of new seismic data and the drilling of exploratory wells as
required to assist in the evaluation of the potash potential within
the permit areas.
Paul F. Matysek., President and Chief Executive Officer of
Potash One Inc., said: "We are very excited to add new permit areas
that are contiguous to the Legacy Project and potentially amenable
to solution mining. The preliminary examination of core assays and
geological reports indicate presence of appreciable amounts of
sylvinite and we intend to report the grades and other details once
the 43-101 report on these permits is completed. The addition of
new permit areas with previous exploration data creates a
substantial solution mining amenable asset base bordering one of
the largest producing potash solution mines in the world."
Currently there is no NI 43-101 report on these Permits, nor are
there proven, indicated or inferred resources. Readers are
cautioned that the presence of the Patience Lake, Belle Plaine and
the Esterhazy potash Members does not guarantee the presence of
economic quantities of potash.
The technical content in this news release has been read and
approved by Stephen P. Halabura, a consultant to Potash One Inc.
and a shareholder of the company. Mr. Halabura is Principal
Geologist and Owner of North Rim Exploration Ltd., a Professional
Geologist licensed in Saskatchewan and a Qualified Person as
defined by National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS,
Paul F. Matysek, M.Sc., P.Geo., President and Chief Executive
Officer
About Potash One Inc.
Potash One Inc. is a Canadian resource company engaged in the
identification, acquisition, exploration and development of
advanced solution mine amenable potash properties. The Company
holds an option to acquire 100% interest in a 97,240 acre Potash
Subsurface Exploration Permit ("the Legacy Project") and owns 100%
of three other Potash Subsurface Exploration Permits covering
239,000 acres that are contiguous to the Legacy Project in
Saskatchewan, Canada. The Legacy Project was previously explored by
Imperial Oil Ltd. (now Exxon) and Lumsden Potash Corporation and is
adjacent to one of the largest producing solution potash mines in
the world. The Company has a solid balance sheet and experienced
technical and corporate management to advance its current project
to the next level.
Forward Looking Statement
This release includes certain statements that may be deemed to
be "forward-looking statements" within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995. All statements in
this release, other than statements of historical facts, that
address further production, reserve potential, exploration and
development activities and events or developments that the Company
expects, are forward-looking statements. Although management
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions such statements are
not guarantees of further 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 market prices, exploration and development successes,
continued availability of capital and financing, and general
economic, market or business conditions. Please see our public
filings at www.sedar.com for further information.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Potash One Inc. Paul F. Matysek, M.Sc., P.Geo.
President and Chief Executive Officer (604) 331-4431 (604) 608-4979
(FAX) Email: info@potash1.com
Potash One (TSXV:KCL)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Potash One (TSXV:KCL)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024
