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Potash Minerals' State Hole #2 well reveals potash over wide area at Paradox Basin

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Potash Minerals (ASX: POK), fomerly Transit Holdings has completed the drilling of State Hole #2 at a total depth of 6,755 feet (2,059 metres) and has cored potash in both Beds 13 and 18 at the Paradox Basin Potash Project in Utah.

Together with the results from State Hole #1, the drilling provides the company with confidence in the presence of potash over a wide area of the project.  The first two state holes covers only a small portion of the 365 square kilometres in the project.

Preliminary results from gamma logs from State Hole #2 include:

- Potash Bed 13 - 2.9 metres at 22.2% KCl (13.9% K2O) & 2.7m at 11.7% KCl (7.3% K2O);
- Potash Bed 18 Upper – 6.7m at 17.3% KCl equivalent (10.8% K2O); and
- Potash Bed 18 Lower – 0.3m at 2.2 KCl (1.4% K2O).

The Potash Bed 13 intersection in State Hole #2 provides encouragement to the company as it suggests the possibility of mineable potash in this bed area.

Transit is in the process of drilling four exploratory wells to augment a database of historical drilling at the project which hosts an exploration target of 3.4 to 5.2 billion tonnes of sylvinite ore at 23% to 34% KCl. The program is designed to upgrade the Paradox Basin Potash Project’s exploration target into a JORC Resource.

Importantly, the company’s focus is on sylvinite, a high grade form of potash ore that is cheaper and more effective to process to a saleable form than any other form of potash ore.

The drill rig has now been moved and State Hole #3 has been spudded. The demonstration of good intersections of Potash in State Hole #3 has potential to open up another area of potash mineralization.

The company recently executed a Memorandum of Understanding (MOU) with the United States Bureau of Land Management (BLM) to facilitate drilling a further four holes on Federal lands and to expand resources across both Federal and State land holdings.

The Potash Bed 18 intersections were less than those intersected in some historic holes to the west. Beds are a mixture of sylvinite and carnallite in this particular location.

Assay results have now been received from State Hole #1 and these results showed potash in Beds 13 and 18, although no beds returned above 6.4% KCl equivalent grade.  Results correlated well with the gamma logs but until further drilling has been undertaken the company deems this area to be a lower priority.

The company and joint venture partner, K2O Utah LLC, are conducting the drill campaign as part of the project’s Pre–Feasibility Study.

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