Passport Potash NI 43-101 Technical Report on Exploration Potential
Nov 02, 2011
OTC Disclosure News Service
Vancouver, BC, Canada –
Passport Potash NI 43-101 TechnicalReport on Exploration Potential
Exploration Potential Estimated to RangeFrom 460 Million to 500 Million Metric Tonnes KCL
VANCOUVER, BRITISHCOLUMBIA–(Marketwire, November 2, 2011) Passport Potash Inc. (TSX-V: PPI.V – News)(“Passport”) is pleased to announce that it hasreceived a NI 43-101 compliant technical report on the exploration potentialfor Passport’s Holbrook Basin Project. The Company expects that the report will be filed on SEDAR and will bereadily available for public viewing by Friday November 4th, 2011. The report, prepared by SRK Consulting (US)Inc. (SRK), indicates that it is possible to assess the exploration potentialfor Passport’s lands, using only Passport’s verifiable drill data as an orderof magnitude estimate. In that regard,SRK has reported that: Passport’s drill hole data shows that evaporite layerscontaining potash range in thickness from 2.6 to 18.4 meters and range in gradefrom 3.2% to 9.4% K2O, with an average thickness of 6.4 meters and a weightedaverage grade of 5.3% K2O.
· The exploration potential forthe total areal extent of Passport lands (554 sq. Km.) is estimated to rangebetween 290 and 315 million metric tonnes of K2O using a grade of 2% K2O as athreshold of mineralization, which is equivalent to a range from 460 to 500million metric tonnes of KCL.
· The exploration potential isnot a resource estimate and Passport is not representing this or any othernumber as a resource estimate for the Holbrook property. The potential quantityand grade is conceptual in nature. Therehas been insufficient exploration to define a mineral resource and it isuncertain if further exploration will result in the target being delineated asa mineral resource. Additionalexploration work is necessary and historical data would have to be verified toreport a resource estimate.
· Further work toward a resourceestimate, and to determine the potential for economic extraction, isjustified.
Findings in support of SRK’s estimated exploration potential are that:
· Passport’s drilling andsampling programs have helped confirm analytical and stratigraphic data fromthe twinned historic holes, improving confidence in the historic holes.
· Passport’s drill results havegenerally verified historical accounts of thickness and grade of potashmineralization.
· Passport’s digital gamma logconverted equivalent K2O data generally compares with Passport’s chemical assaydata from core. SRK has maderecommendations for the next phase of exploration, the development of a drillhole database (particularly for historical drill hole data) for use in asubsequent resource estimate and the approach to be taken for resourceestimation.
Passport’s President Joshua Bleak states “We are very excited by what we have read andconsidered. A lot of hard work andeffort has been put into this report and we are pleased to see that the projectmerits further exploration and development. SRK has made recommendations regarding this and related matters. We lookforward to completing additional drilling on lands that were not included inthis initial report.”
About Passport Potash Inc.
Passport Potash Inc. is a publicly tradedcorporation engaged in the exploration and development of advanced potashproperties with its major focus on a previously explored potash property inArizona. Passport has acquired a strategic position in the Holbrook Basin withland holdings encompassing over 81,315 acres. For more information regardingthe Holbrook Basin, please visit http://www.azgs.az.gov/arizona_geology/archived_issues/Summer_2008.pdf
Stephen B. Butrenchuk, P.Geol., Director ofPassport, is the Qualified Person as defined in National Instrument 43-101, whohas reviewed and approved the technical content of this news release.
Onbehalf of the Board of Directors of Passport Potash Inc.
Joshua Bleak, President
This news release includes certainstatements that may be deemed “forward-looking statements”. Forward-looking information includes, but is not limitedto: statements with respect to the effect and estimated timeline of thedrilling and assay results on the Company; the estimation of mineral reservesand mineral resources; the timing and amount of estimated future exploration;costs of exploration; capital expenditures; success of exploration activities;permitting time lines and permitting ; government regulation of miningoperations; potential future expansion of the PFNP; environmental risks;unanticipated reclamation expenses; and title disputes or claims. Generally,forward-looking information can be identified by the use of forward-lookingterminology such as “plans”, “expects” or “does notexpect”, “is expected”, “budget”, “scheduled”,”estimates”, “forecasts”, “intends”,”anticipates” or “does not anticipate”, or”believes”, or variations of such words and phrases or statementsthat certain actions, events or results “may”, “could”,”would”, “might” or “will be taken”,”occur” or “be achieved”. All statements in this release,other than statements of historical facts, including the likelihood ofcommercial mining and possible future financings are forward-lookingstatements. Although the Company believes the expectations expressed in suchforward-looking statements are based on reasonable assumptions, such statementsare not guarantees of future performance and actual results or developments maydiffer materially from those in the forward-looking statements. Factors thatcould cause actual results to differ materially from those in forward-lookingstatements include: unsuccessful exploration results; changes in metals prices;changes in the availability of funding for mineral exploration; unanticipatedchanges in key management personnel and general economic conditions. Mining isan inherently risky business. Accordingly the actual events may differmaterially from those projected in the forward-looking statements. For moreinformation on the Company and the risks and challenges of its business,investors should review the Company’s annual filings that are available at www.sedar.com.
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policies of theTSX Venture Exchange) accepts responsibility for the adequacy or accuracy ofthis release.
Peter J. Kletas
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.