Pacific Potash Discovers Potash in Alberta, Drills 10.01 Feet of 18.79% KCL at Provost
February 15 2012 - 11:21AM
Marketwired
Pacific Potash Corporation (the "Company) (TSX
VENTURE:PP)(OTCQX:PPOTF)(FRANKFURT:P9P) is pleased to provide
results for the first wells drilled and cored within the company's
100 per cent owned Provost Potash Property, located near Provost,
Alberta. The Provost Potash Property encompasses 17,781 hectares
along the Alberta-Saskatchewan border, approximately 45 km west of
the historic Unity Potash Mine near Unity, Saskatchewan.
Steve Khan, Director and CEO of Pacific Potash, commented, "Our
goal with the 2011 drill program was to confirm the presence of
potash within Alberta, and we are excited to announce that we are
the first company ever to drill for and discover potash within the
Province. These results confirm our initial analysis of the
property and we look forward to future drilling and development of
a potential potash resource within the top ranked mining
jurisdiction in the world."
Drillhole PPC-37, located within the south-central part of the
property and completed in early November, 2011, intersected and
cored two zones of sylvite mineralization (Upper zone and Lower
zone) within the Patience Lake Member, near the top of the Prairie
Evaporite Formation. A second hole, PPC-38, completed in late
November, 2011 and located about 10 km due north of PPC-37,
intersected and cored the Lower Zone of sylvite mineralization.
Core samples from drill holes PPC-37 and PPC-38, were collected by
Norwest Corporation in Calgary, Alberta and forwarded to the
Saskatchewan Research Council's Geoanalytical Laboratories in
Saskatoon, Saskatchewan.
Analytical results from PPC-37 indicate weighted average grades
of 11.85% K2O (18.76% KCl) over 10.01 feet (3.05 m) within the
Upper Zone at a depth of 4353.67 feet (1327.25 m) and 21.25% K2O
(33.64% KCl) over 1.31 feet (0.40 m) in the Lower Zone starting at
a depth of 4401.57 feet (1341.80 m). A summary of the analytical
results for both the Upper Zone and the Lower Zone is shown in
Table 1. Low grades of MgO indicate that sylvite is the major
potash mineral, rather than carnallite. Drill intercepts represent
true thickness as the holes were drilled vertically and the potash
zones are flat lying.
Table 1. Summary of Analytical Results for Drill Holes PPC-38 and PPC-37
---------------------------------------------------------------------------
Depth
----------------------------------
From To Interval Grade Grade
--------------- --------------- ----------- KCl K2O MgO
Zone (ft) (m) (ft) (m) (ft) (m) (%) (wt %)(wt %)
---------------------------------------------------------------------------
PPC-37
---------------------------------------------------------------------------
Upper 4353.67 1327.25 4363.68 1330.35 10.01 3.10 18.76 11.85 0.1
---------------------------------------------------------------------------
including: 4354.49 1327.45 4359.42 1329.00 4.93 1.55 29.70 18.76 0.09
---------------------------------------------------------------------------
Lower 4401.57 1341.60 4402.89 1342.00 1.32 0.40 33.64 21.25 0.09
---------------------------------------------------------------------------
PPC-38
---------------------------------------------------------------------------
Upper - - - - - -
---------------------------------------------------------------------------
Lower 4426.02 1349.05 4427 1349.35 0.98 0.30 34.11 21.55 0.17
---------------------------------------------------------------------------
- KCl is calculated as K2O multiplied by 1.583.
Analytical results from PPC-38 indicate that the Upper Zone is
not present at this location, but the Lower Zone is, and maintained
at weighted average grades of 21.55% K2O (34.11% KCl) over .98 feet
(0.30 m) with low grades of MgO. At this location the Upper Zone
may be missing due to a local reef or other subsurface feature,
which prevented the deposition of potash at this site.
Alternatively, the potash may have been eroded given it's proximity
to the Prairie Evaporite - Watt Mountain Unconformity.
The potash stratigraphy, as derived from recent drilling and
historical well logs on Pacific Potash's Provost Property, suggests
a strong northwest to southeast orientation. Historic gamma ray
logs from PVR Provost 4-18-38-1W4, located approximately 5 km
southwest of PPC-38, indicate strong sylvite mineralization with an
estimated grade of 25% K2O (39.56% KCl) over 7.39 feet in the Upper
Zone and 15.3% K2O (24.22% KCl) for the Lower Zone. The use of
gamma ray logs to identify potash layers, while an important
exploration tool, is dependent on many variables (background
radiation levels, calibration errors, size of individual beds,
etc.) and is not an absolute measure of grade and thickness.
Estimates for K2O are based on Schlumberger's (1974) approximation
of 15 API = 1% K2O for potash bearing units. Until these intervals
are confirmed by chemical analysis, they should not be considered
as an absolute measure of grade across width. However, potential
targets for future exploration drilling will likely be concentrated
in the unexplored areas proximal to PVR Provost 4-18-38-1W4.
To view the map accompanying this press release please click on
the following link:
http://media3.marketwire.com/docs/PP0215Map.jpg
Qualified Person
Jody Dahrouge, P.Geol., senior vice-president of exploration for
the company and a qualified person for the purposes of NI 43-101,
has approved the preparation of the technical information in this
news release.
About Pacific Potash Corporation
Pacific Potash Corporation (TSX
VENTURE:PP)(OTCQX:PPOTF)(FRANKFURT:P9P) is engaged in the
exploration and development of the Provost Potash Property and the
surrounding potash claims located in the prolific Prairie Evaporite
Formation, which is host to multiple conventional and solution
potash mines. The Company is also actively looking to acquire other
prospective potash assets in North America.
Forward-Looking Statements
This press release contains forward-looking statements. All
statements, other than of historical fact, that address activities,
events, or developments that the Company believes, expects, or
anticipates will or may occur in the future (including, without
limitation, statements regarding the estimation of mineral
resources, exploration results, potential mineralization, potential
mineral resources, and mineral reserves) are forward-looking
statements. Forward-looking statements are often identifiable by
the use of words such as "anticipate", "believe", "plan", "may",
"could", "would", "might", or "will", "estimates", "expect",
"intend", "budget", "scheduled", "forecasts" and similar
expressions or variations (including negative variations) of such
words and phrases. Forward-looking statements are subject to a
number of risks and uncertainties, many of differ materially from
those discussed in the forward-looking statements. Factors that
could cause actual results or events to differ materially from
current expectations include, among other things, without
limitation, failure to establish estimated mineral resources, the
possibility that future exploration results will not be consistent
with the Company's expectations, the price of potash and phosphate,
changes to regulations affecting the Company's activities,
including tax and trade laws and policies; delays in obtaining or
failures to obtain required regulatory permits and approvals from
government authorities; delays in commencing the Company's proposed
drilling program, exploration costs varying significantly from
estimates; uncertainties relating to the availability and costs of
financing needed to complete exploration activities and demonstrate
the feasibility of the Company's projects; the success of future
exploration and development initiatives; and other risks involved
in the mineral exploration and development industry. Any
forward-looking statement speaks only as of the date on which it is
made and, except as may be required by applicable securities laws,
the Company disclaims any intent or obligation to update any
forward-looking statement.
Contacts: Pacific Potash Corp. Richard Tremblay
604-629-7095rtremblay@pacificpotash.com www.pacificpotash.com
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