Sunday, October 28, 2012

10 core holes permitted for Holbrook basin potash deposit

American West Potash (subsidiary of Prospect Global Resources) permitted 10 more exploration core holes in the Holbrook basin last week (AZOGCC permit numbers 1120-1130).  [Right, AZGS potash core hole viewer]   The holes are permitted by the Arizona Oil & Gas Conservation Commission because they penetrate potentially oil or gas bearing horizons.

This adds to a week of numerous announcements from the company, including word that a Chinese company signed a deal to buy 5 million tonnes of potash over a 10-year period for an estimated value of $2.375 billion, news that a private fund invested $100 million in the company, and that PGR would be issuing stock to raise the money needed to put an underground mine in operation by 2015.

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