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Passport Potash Inc. (TSXV:PPI,OTCQX:PPRTF) announces a new NI 43-101 compliant mineral resource estimate by ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH (ERCOSPLAN).
Passport Potash Inc. (TSXV:PPI,OTCQX:PPRTF) announces a new NI 43-101 compliant mineral resource estimate by ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH (ERCOSPLAN): 125.6 million tonnes of indicated mineralized material with an average KCl grade of 14.29% (equivalent to an Indicated Resource of 17.96 million tonnes of KCl) and 587.8 million tonnes of inferred mineralized material with an average KCl grade of 12.20% (equivalent to an Inferred Resource of 71.71 million tonnes of KCl).
As quoted in the press release:
Indicated resources occur within a radius of 1,000m of an investigated Passport drill hole and Inferred resources occur within a radius of 2,000m of an investigated Passport drill hole, minus any indicated resources in this area.
Generally, the deposit is divided into three potash beds dominated by Halite with appreciable amounts of Sylvite (up to 50%) and Carnallite locally (up to 20%), while subordinate amounts of Anhydrite and Insolubles occur. The single beds are separated by relatively low grade mineralized beds dominated by Halite.
In their report ERCOSPLAN recommends an additional drill program consisting of 15 additional wells. The recommendation is designed to further expand the indicated and inferred resource as well as to confirm the continuity of the deposit.
Passport Potash President and CEO, Joshua Bleak, said:
“We are very happy with the initial resource calculation that we have received from ERCOSPLAN. The initial resource is based on only 40% of our total land holdings, so there is great optimism in the future expansion of our resource. We are currently following the recommendations from ERCOSPLAN and drilling the targets that were identified in the report. We look to include that data in a future NI 43-101 resource update. We look to begin our preliminary economic assessment shortly as our next step.”
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