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The Howard Group



The Howard Group > Group's Default Discussion > PPI (POTASH) news after close Friday View modes: 
  • PPI (POTASH) news after close Friday

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    Passport Metals drills 14.75% K2O from 961.5 to 962.0 m

    2009-11-06 15:13 ET - News Release

    Ms. Laara Shaffer reports

    PPI DRILL RESULTS

    PassportMetals Inc. has received assay results for the four holes completedduring the 2009 exploration program at its Holbrook basin potashproject in Arizona. Drilling of the fifth hole was postponed untillater in the year.

    The four rotary/diamond drill core holes were completed between June 23and July 17, 2009. The total drilled was 4,207 feet or 1,282.3 metres.These holes were drilled within 500 feet (150 metres) of existing holesfrom the Arkla Exploration Co. program to ensure the Passport holewould not encounter one of the whipstocks from each of the Arkla holes.

    Passport has now received assay results from all four of the holes. Thepotash horizon was intersected in all four holes with values rangingfrom 6.98 per cent K2O over 1.1 metres in PP-DDD-03-09 to 14.64 percent K2O over 1.4 metres in PP-DDH-01-09. The potash grade in each ofthe four Passport holes and the four nearby Arkla holes is shown in thetable so named.

     POTASH GRADE IN EACH OF THE FOUR PASSPORT HOLES AND THE FOUR NEARBY ARKLA HOLES 

    Passport m from m to % K2O Arkla m from m to % K2O

    PP-DDH-01-09 272.8 274.2 14.64 Arkla 99 281.6 282.9 14.00
    PP-DDH-02-09 302.4 303.6 11.60 Arkla 14 309.2 310.4 11.05
    PP-DDH-03-09 292.6 293.5 6.98 Arkla 32 296.0 297.2 14.59
    PP-DDH-04-09 311.7 312.4 9.85 Arkla 59 312.9 314.1 12.15

    The main interval in holes PP-DDH-01-09 and PP-DDH-02-09 showsrelatively low magnesium content, suggesting the potash mineral islikely sylvinite as opposed to carnallite. The main interval in each ofthe holes also shows relatively low total insolubles, suggestingminimal clay content. The magnesium and total insolubles are marginallyhigher in holes PP-DDH-03-09 and PP-DDH-04-09.

    The detailed sampling results for PP-DDH-01-09 and PP-DDH-02-09 werepreviously released in the PPI news release in Stockwatch dated Aug. 4,2009. The detailed sampling results for PP-DDH-03-09 and PP-DDH-04-09are as shown in the tables so named.

     DETAILED SAMPLING RESULTS FOR PP-DDH-03-09 

    Hole No. Feet from Feet to % K2O % MgO % Insolubles

    PP-DDH 03-09 960.0 960.5 4.26 4.14 0.22
    PP-DDH 03-09 960.5 961.0 6.46 1.84 0.27
    PP-DDH 03-09 961.0 961.5 4.92 3.84 2.95
    PP-DDH 03-09 961.5 962.0 14.75 2.66 3.77
    PP-DDH 03-09 962.0 963.0 5.74 2.04 1.76

    DETAILED SAMPLING RESULTS FOR PP-DDH-04-09

    Hole No. Feet from Feet to % K2O % MgO % Insolubles

    PP-DDH-04-09 1,022.5 1,023.0 12.55 3.28 2.18
    PP-DDH-04-09 1,023.0 1,023.5 14.00 3.86 2.15
    PP-DDH-04-09 1,023.5 1,024.0 13.20 2.50 2.40
    PP-DDH-04-09 1,024.0 1,024.5 5.47 1.92 1.35
    PP-DDH-04-09 1,024.5 1,025.0 4.05 1.93 0.54

    Thin slices of core have been taken from the potash ineach of the four holes for petrological examination. These samples arecurrently at Vancouver Petrographics Ltd. for mineralogicalidentification.

    All holes were rotary drilled to the anhydrite that marks the top ofthe evaporite sequence. The remainder of the holes was cored through apoint 50 to 100 feet below the suspected location of the potashhorizon. The entire core horizon has been sealed in plastic to preventdesiccation. Downhole geophysical surveying by electrical gamma rays(an industry standard) identified the potassium-rich section of thehole. The potassium-rich section, indicating the presence of potash,was continuously sampled in six-inch or 12-inch sections, and assayedby whole-rock analyses to report the grade in percentage of K2O. Thewhole-rock analyses also gave values for various impurities, MgO andSi2O.

    All sample processing was handled by ALS Chemex in Reno, Nev. Theanalyses were completed at the ALS Chemex Laboratory in NorthVancouver, B.C. ALS Chemex is an internationally renowned analyticallaboratory with an ISO 9001:2000 accreditation. QA/QC (qualityassurance/quality control) protocols consisting of standards and blankswere inserted into the sample stream by ALS Chemex. The drillingprogram was supervised by Clive Bailey, CPG.

    The company wishes to announce a non-brokered private placement of 7.5million shares at 10 cents, with a full warrant attached, exercisableat 15 cents for a one-year term. The proceeds of $750,000 will be usedfor the drilling program in the Holbrook basin. The foregoing issubject to regulatory approval.

    The company has granted 268,000 incentive stock options to consultants at 10 cents, with a five-year term.

    R. Tim Henneberry, PGeo, a director of Passport, is the qualifiedperson, as defined in National Instrument 43-101, who has reviewed andapproved the technical content of this news release.


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