Passport Potash put out an announcement yesterday and held a conference call to report results of a new NI-43-101 compliant resource estimate for its Holbrook basin properties. The company said, the "resource estimate consists of 125.6 million tonnes of indicated mineralized material with an average KCl grade of 14.29% (equivalent to an Indicated Resource of 17.96 million tonnes of KCl) and 587.8 million tonnes of inferred mineralized material with an average KCl grade of 12.20% (equivalent to an Inferred Resource of 71.71 million tonnes of KCl). It is important to note that at present the estimated resources cover only about 40% of the Company's current holdings." [Right, potash and salt core, Holbrook basin. Photo credit, Dave Palmer]
The full report is at http://passportpotash.com/pdf/report.pdf.
The website Potash and Phosphate published a summary of the news conference saying Passport envisions an operation producing 2 million tonnes of potash per year. They also report that consulting engineering company ERCOSPLAN "reports having found three essential potash beds containing significant amounts of Sylvite (about 50% KCl - potash) as well as Halite (rock salt) and 20% Carnallite potash (potassium magnesium chloride KMgCl3, which can itself produce potash through a process of evaporation (as is done by Israeli and Jordanian potash producers in the Dead Sea). Passport is already acting on ERCOSPLAN’s recommendations to drill 15 more wells to widen the indicated and inferred resources and determine the extent of the deposit area and the results will be announced pending completion."
It is important to note that at present the estimated resources cover only about 40% of the Company's current holdings..
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