Ringbolt Ventures Ltd. is an exploration potash mining company listed on the TSX Venture Exchange (ticker symbol RBV) (Frankfurt: 3OZ). Ringbolt's 86,000 acre Utah potash project has mineralized structure that continues directly onto the property of the largest potash producer in the United States, Intrepid Potash and could conceivably host a deposit of similar size.
Excerpt from Company’s June 5, 2008 press release offers insight into the scope of potash contained within Ringbolts two main potash bed:
“Ringbolt has acquired complete data on 20 of the 33 oil & gas wells drilled on or near their property (field verified). This data includes hole location as well as thickness and grade of the potash zones. The Company is continuing its search for further information on the other 13 drill holes. These wells were drilled in the 1950's and 1960's before the NI 43-101 requirements were in place, so the results of the data must be viewed as historical in nature. Radiometric data is available on all of the 20 holes and chemical data is available on 10 of the holes. Two major potash beds have been identified, the same beds from which potash is being produced in a mine 40 miles away. The data has allowed the company to make determinations of the permissive geometry of the two potash beds, including thickness, grade and aerial extent of the beds. The lower of the two beds, identified as bed #9, has an aerial extent of 650 million square feet, as measured within one mile of a mineralized well. The bed averages 8.6 feet in thickness and grades 22% K20. The upper of the two beds, identified as bed #5, has an aerial extent of 550 million square feet, as measured within one mile of a mineralized well. The bed averages 6.5 feet in thickness and grades 16.5% K20. If the search radius is extended to five miles from a mineralized hole, as is done in the Saskatchewan basin, the aerial extent of bed #9 increases to 3 billion square feet with similar thickness and grade. If the search radius is extended to five miles, the aerial extent of bed #5 increases to 2.5 billion square feet with similar thickness and grade. The majority of the historical drilling cited in this press release was carried out by Superior Oil Co. in the 1950's and the 1960's.”
Company Website: www.RingboltVentures.com
Recent articles of interest: miningmarketwatch.net |
