The abundant near-surface potash being mined by PGRX in the Holbrook Basin is ideal for fertilizer applications, and with year-round warm weather, as well as ready access to hungry agribusiness markets in Arizona, California, and Mexico (using some of the best ports, roads, and other logistical infrastructure anywhere in the world), the operation has plenty of future upside. This is easy, cost-effective potash mining, in a basin that is not only part of the Permian Supai Salt Formation (very similar to the Carlsbad mine in New Mexico in terms of near-surface evaporate sequences), but shares many of the size and geological characteristics of other, producing potash salt basins here in the U.S.
The majority of the mineralization at Holbrook occurs in two primary seams and the completed NI 43-101 compliant technical report done on the property one year ago to the month, showed the sylvite-mineralized strata (using a 40%-ft grade cutoff) estimate to be extremely healthy, with over 5.7M tons KCI (potassium chloride) in the measured category (36.8M tons of sylvinite at around 15.48% grade).
This new drilling program (the fourth undertaken thus far), aimed substantially at moving from the existing PFS to a definitive feasibility study, is slated as a 16 to 17 hole program and will be delineating the deeper of the two seams in much greater detail. This is going to be mostly infill drilling in order to move more of the massive tonnage (52.8M tons KCI, or 311.3M tons slyvinite at an average grade of 16.98% currently in the inferred category) from the inferred category to measured and indicated resources.
Core sampling for the definitive feasibility study will be organized around the requisite rock mechanic and metallurgical testing objectives set by the company and confidence is running high for success of the program as PGRX has tapped trusted allies Boart Longyear and Major Drilling, two of the top drillers in the game today, for the job. Knocking out the definitive feasibility study will put the company on-track for an updated NI 43-101 sometime before the close of this year and Damon Barber, CEO of PGRX, bolstered investor confidence today with this look at their latest effort to get a better set of handles on the true potential of their Arizona potash property’s mineral wealth.
For more information, visit www.ProspectGRI.com
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