About Passport Potash - PPI.V
Passport Potash Inc. engages in the acquisition, exploration, and development of mineral resource properties. It principally holds an option interest in the Holbrook Basin potash project comprising 12 mineral exploration permits totaling 7,933.31 acres located east of the Town of Holbrook in the County of Navajo, Arizona. The company was formerly known as Passport Metals Inc. and changed its name to Passport Potash Inc. in November 2009. Passport Potash Inc. is based in Vancouver, Canada.
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
NEW NEWS 2010
Passport Potash oversubscribes financing
2010-06-16 17:53 ET - News Release
Ms. Laara Shaffer reports
PRIVATE PLACEMENT UPDATE
Passport Potash Inc.'s non-brokered private placement of four million units at five cents announced in Stockwatch on May 27, 2010, has been oversubscribed by $50,000. Each unit will consist of one common share and one full warrant exercisable at 10 cents for a period of two years.
Passport Potash 4,960,476-share private placement
2010-06-29 18:22 ET - Private Placement
The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced May 27, 2010, and June 16, 2010.
Number of shares: 4,960,476 shares
Purchase price: Five cents per share
Warrants: 4,960,476 share purchase warrants to purchase 4,960,476 shares
Warrant exercise price: 10 cents for a two-year period
Hidden placees: 18 hidden placees
Insider: Joshua D. Bleak, 504,394
Pro group: William Vance, 500,000
Finders' fees: Mackie Research Capital Corp. receives $2,400 and 60,000 non-transferable warrants, each exercisable for one share at a price of 10 cents per share for a two-year period; Union Securities Ltd. receives $4,000 and 100,000 non-transferable warrants, each exercisable for one share at a price of 10 cents per share for a two-year period; Haywood Securities Inc. receives $2,000 and 50,000 non-transferable warrants, each exercisable for one share at a price of 10 cents per share for a two-year period
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.
Some info on Potash
“Potash is the common name for potassium carbonate and various mined and manufactured salts that contain the element potassium in water-soluble form. In some rare cases, potash can be formed with traces of organic materials such as plant remains”
The following table lists a number of potassium compounds which use the word potash in their traditional names:
Caustic potash or potash lye
Carbonate of potash, salts of tartar, or pearlash
Chlorate of potash
Muriate of potash
Nitrate of potash or saltpeter
Permanganate of potash
Image from : http://en.wikipedia.org/wiki/Potash
roduction and resources of potash
(2008, in million tonnes of K2O content)
Image from : http://en.wikipedia.org/wiki/Potash
Canadian junior mining company Passport Metals has opened offices in the Phoenix area and filed permits for 5 drill holes to confirm the extent and quality of potash in the Holbrook basin. The company has 3210 hectares of State Trust Lands under contract. [right, Passport Metals map showing State Trust Lands they hold in the Holbrook basin]
AZGS released a report last summer estimating potash resources of 682 million to 2.27 billion tons at 6% - 20% K2O. These numbers are based on exploration holes drilled in the 1960s before modern reporting requirements were in place, so are not considered confirmed. Potash is a key component of fertilizers. Prices have skyrocketed from about $50-100 per ton three years ago to $750-1000 per ton in this past year. AZGS estimates the Holbrook basin could contain as much as one-fourth of the U.S. resource base.
The Arizona State Land Dept. is working on a surface use plan which is required before the Oil and Gas Conservation
Commission can issue permits for the drill holes.