Vatic Ventures Corp. (TSXV:VCV) (the “Company” or “Vatic”) reports that it mobilized for the initial drilling program at its Saksrithai potash project in early-May, but the commencement of drilling has been impacted by continuing heavy rainfall in the project area.
Vatic Ventures Corp. (TSXV:VCV) (the “Company” or “Vatic”) reports that it mobilized for the initial drilling program at its Saksrithai potash project in early-May, but the commencement of drilling has been impacted by continuing heavy rainfall in the project area. Localized flooding and deterioration of the unpaved roads within the rural license areas has prevented access to the selected drilling locations. Accordingly, the Company has released the Drilling Contractor and plans to reschedule commencement of drilling following the end of the rainy season (October/November) by which time the local farmers will have harvested their crops within the area.
In the meantime, the Company continues its community relations programs to ensure cooperation and support from the various local and regional community stakeholders. The Company is taking advantage of the delay to undertake additional seismic data interpretation in the area.
Dr. Gerry Wright, the Company’s CEO commented: “It is disappointing that the program has been delayed but the opportunity to complete additional review of the seismic data will enable the Company to optimize our drill site targets. We are optimistic that the Saksrithai project will host a strategic potash resource, with a ready market in the immediate Southeast Asia region.”
About Saksrithai Development Co. Ltd.
Saksrithai Development Co. Ltd. (“Saksrithai”) is a private Thai company in which the Company holds an 80% shareholding. Saksrithai holds two contiguous Special Prospecting Licenses (SPLs) for potash exploration, within the Khorat evaporite basin. This basin, located in northeast Thailand and extending partly into Laos, covers an area of some 130,000 km². Potash was discovered in the basin in the mid-1970s and according to Hite and Japakasetr (1979)*: “the Khorat Plateau of northeastern Thailand and central Laos has outlined what may develop into one of the world’s largest potash deposits”. Both sylvinite and carnallite minerals are present in the basin.
Saksrithai’s licenses encompass an area of 32 km2 in Nakhon Ratchasima province and are adjacent to the Thai Kali Co. Ltd. ‘Dan Khun Thot’ potash mine which is currently under construction. ASEAN Potash Chaiyaphum Plc’s ‘Bamnet Narong’ mine, also under construction, is located some 40 km from the Saksrithai project.
The technical content of this news release has been reviewed and approved by Mr. Pieter J. Bakker, MSc. FAusIMM, who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
ON BEHALF OF THE BOARD OF DIRECTORS
Gerald Wright, CEO
* Hite, Robert J. and Japakasetr Thawat. Potash Deposits of the Khorat Plateau, Thailand and Laos. Economic Geology. Vol. 74. 1979. Pages 448-458.
ABOUT VATIC VENTURES CORP.
Vatic Ventures Corp. (www.vaticventures.com) is a junior exploration company and continues to assess new opportunities and prospects.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. “Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.” The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.” Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company’s expectations or projections.