PPI.V is a small potash company on the TSX.V, The company has secured some cash for drilling and have applied for permits to drill soon. The story is really heating up so I will let you find out for your self. The company is turning a new leaf and I bought in. There are lost of rumors of a buy out.Holbrook Basin Potash Project
Passport Potash (PPI-X) is exploring the Holbrook Basin Potash Project for its potash potential. The road accessible, 3210 hectare Holbrook Basin Potash Property lies 13 kilometres east of the Town of Holbrook in the County of Navajo, Arizona.
Passport Potash can earn a 100% interest, subject to a 1% Net Smelter Return (NSR) royalty by making cash payments totaling US$1,250,000 and issuing 500,000 common shares over the next two years. Passport must also grant 1,000,000 options with the price set by the 10 day trading average from the date of TSX Venture Exchange approval. The options have a three year expiry date.
The project lies within the Permian Holbrook Basin of east central Arizona. The central 9,030 square kilometres of the basin is underlain by an evaporite sequence that includes a central 1,550 square kilometre portion that hosts a continuous potash horizon ranging in thickness from 0.3 to 12.2 metres. The potash is the target of the Passport Potash Inc. exploration program. NEWS
Passport applies for Twin Buttes Ranch drill permits
2010-07-06 09:23 ET - News Release
Mr. Stephen Butrenchuk reports
Passport Potash Inc. has submitted drill permit applications to the Arizona oil and Gas Conservation Commission (AZOGCC) for eight holes on the Twin Buttes Ranch property, located in the potash-bearing Holbrook basin in northeastern Arizona. The proposed drill holes are located in the southeastern corner of the property where previous drilling by Arkla Exploration intersected in excess of 20 feet (6.1 metres) of potash and where according to the isopach map with Mr. Rauzi's (an Arizona Geological Survey state geologist) report, the potash horizon underlying this portion of the Twin Butte Ranch property appears to thicken from 10 feet (3.0 metres) to in excess of 20 feet (6.1 metres) from northwest to southeast across the ranch property. The depth to the top of the potash horizon ranges from 990 to 1440 feet (301.8 to 438.9 metres). Total depth of these holes is expected to vary from 1300-1600 feet (396-487.8 metres). The company plans to commence drilling of these holes as soon as possible.
These proposed drill holes are in addition to previous applications to the Arizona State Land Department (ASLD) for 10 drill holes on ground optioned from Southwest Exploration Inc. and which was partially drill tested by Passport in 2009.
Stephen Butrenchuk, P. Geol., President 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.