The Conversation (0)
Potash has been discovered in a well near Medicine Hat, on the Grizzly Discoveries Inc. (TSXV:GZD,OTCQX:GZDIF,FWB:G6H) 100% owned 984,000 acre South Block of its Alberta Potash Project. The Company currently owns 100% of the metallic and industrial mineral rights (including Potash) for 1,928,000 million acres in two blocks (north and South) and a 50% interest (along with Pacific Potash Corp.) in a further 523,000 acres (Provost Property) in Alberta.
As quoted in the press release:
SRC analytical results from Well GZD100 Medhat 8-36-19-1W4 yielded weighted average grades of 2.62% K2O (4.15% KCl) over 22.35 m (73.33 ft) at a depth of 1,648.5 m (5,408.46 ft) for the low grade zone. The interval contains higher grade portions including 6.4% K2O (10.14% KCl) over 4.55 m (14.93 ft), 8.77% K2O (13.88% KCl) over 2.65 m (8.69 ft) and 13.0% K2O (20.58% KCl) over 1.15 m (3.77 ft) within the Upper Zone and 2.45% K2O (3.88% KCl) over 3.3 m (10.83 ft) in the Lower Zone. 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. In 1980, historic oil well DEML MEDHAT 6-36-19-1W4, located 800 m west of the current well location, yielded a gamma log spike of about 218 API units at a depth of approximately 1,662 m below surface for a calculated maximum potash grade of approximately 22% K2O. Drill intercepts likely represent true thickness as the holes were drilled vertically and the potash zones are flat lying.
Grizzly President and CEO, Brian Testo, said:
Our goal with the 2011 drill program was to confirm the presence of potash with potentially economic grades within Alberta. These results confirm the presence of potash on the property and we look forward to future drilling and development of a potential potash resource in Alberta, ranked as one of the top mining jurisdictions in the world by the Fraser Institute, and with a highly advantageous tax and royalty regime, which should have a positive impact on the future economics of an Alberta based potash development.”
Click here to read the Grizzly Discoveries Inc. (TSXV:GZD) press release
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