Passport Potash Inc. (TSXV:PPI,OTCQX:PPRTF) announced an updated NI 43-101 mineral resource estimate for its Holbrook Basin property in Northern Arizona, adding measured resource with an increase in indicated resource of 101.30%.
As quoted in the press release:
The updated resource estimate includes Measured and Indicated Resources and totals 278.3 million tonnes of mineralized material with an average grade of 14.89% (equivalent to a Resource of 41.48 million tonnes of KCl). For the Indicated category, 252.87 million tonnes of mineralized material with an average KCl grade of 14.93% (equivalent to an Indicated Resource of 37.79 million tonnes of KCl) have been estimated. For the Measured category, 25.43 million tonnes of mineralized material with an average KCl grade of 14.5% (equivalent to a Measured Resource of 3.69 million tonnes of KCl) have been estimated.
The inferred resource consists of 673.84 million tonnes with an average KCl grade of 12.96% (equivalent to an Inferred Resource of 87.29 million tonnes of KCl).
The mineral resources reported here represent significant expansions in tonnage compared with the previous Mineral Resource report filed in March of 2012 (“March 2012 Report”).
*Measured Resource: the March 2012 Report did not include Measured Resource.
*Indicated Resource: expanded by 101.30%
*Inferred Resource: expanded by 14.57%
Passport Potash President and CEO Joshua Bleak said:
This is a great report and truly shows the potential of the potash resource in the Holbrook Basin. The updated resource estimate still covers only 37% of our properties. We are excited about moving this project forward. We have done a lot of exploration work to define this resource and will continue our exploration program based on the advice of our potash experts. We remain as committed to this project as we were when we began exploration in 2009.