Business & Finance
Business and Finance
Business and Finance
Fri, July 10, 2009
Thu, July 9, 2009 Passport Metals Inc.: Passport Metals Inc.: Holbrook Basin Drilling Program Update
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2009) - Passport Metals Inc. (TSX VENTURE:PPI) is pleased to announce completion of the second hole, PP DDH 02-09, at its Holbrook Basin potash project . This hole also twinned one of the previous holes drilled in the 1960's. A total of 5 holes have been permitted and Passport now plans to complete all five holes in this phase of the program.
The objective of this phase of the exploration program is to correlate the historic well data with modern coring and down hole geophysical surveying to verify the historical data and allow Passport to combine the historical data with the data from the 2009 programs to define a NI43-101 potash mineral resource for Passport's Holbrook Basin holdings.
PP DDH 02-09 was rotary drilled to a depth of 880 feet (268.2 metres) and cored from that point through the complete potash horizons to a final depth of 1068 feet (325.52 metres). Initial geophysical down hole testing by electrical gamma rays (an industry standard) indicated the presence of potash in PP DDH 02-09. The entire core horizon has been sealed in plastic to prevent desiccation and shipped to ALS Chemex Laboratory in Reno, Nevada. The ALS Chemex analyses and testing will determine the mineralization, type of potash horizons, widths and grades and most importantly the solubility of the deposit for solution mine testing. Results from the tests performed by ALS Chemex will be released upon receipt. The core from PP DDH 01-09 is being currently being processed. Assay results from this hole are not expected for at least another two weeks.
Drilling on the third hole of this program commenced on July 6th and it is anticipated that this hole will be drilled and cored to 1020 feet (323.1 metres).
Passport has also added two additional exploration permits to the property holdings: Township 17 North - Range 23 East - Section 32 at 433.64 acres and Township 17 North - Range 22 East - Section 36 at 640 acres. Passport now has the right to earn a 100% interest in 18 State Leases totaling 11,046.73 acres or 4,470.45 hectares.
R. Tim Henneberry, P.Geo., a Director of Passport, is the Qualified Person as defined in National Instrument 43-101, who has reviewed and approved the technical content of this news release.
On behalf of the Board of Directors
PASSPORT METALS INC.
Laara Shaffer, Director
Neither 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.
