IC Potash Corp announces further core results and commencement of tendering process for pre-feasibility study
Thu Jan 14, 9:51 AM
Email StoryIM StoryPrintable View.TORONTO, Jan. 14 /CNW/ - IC Potash Corp. ("ICP"or the "Company") (TSXV: ICP.V) announced today positive results for drill holes 3, 4 and 5 of the Phase I Ochoa Potash drill program in New Mexico. The geology of the cores matches that found in the core holes reported in the press release of December 23, 2009. As expected from the geophysics logs previously studied, and from the earlier drill results, good quality polyhalite is found between thin anhydrite layers, all located within the salt bed of the Rustler formation of the Permian Delaware basin.
These continued positive results, and predictable stratigraphy further validate the Company's exploration model, methodology, and expectations.
"These continued positive results further validate the stratigraphy of the deposit which will determine optimal locations for the Phase II in-fill drilling program," said Sidney Himmel, the President and CEO of IC Potash Corp. "With the initial success of the Phase I drill program, we anticipate the completion of drilling and analytical testing by no later than mid-February. At that point we should be positioned to plan detailed Phase II drill programs and commence our pre-feasibility study."
The company is now commencing the tendering process for a pre-feasibility study which is expected to begin during the second quarter of this year. It is intended that the pre-feasibility study will include resource evaluation, mining and processing methodologies, and hydrology.
Initial grade, based on X-ray diffraction, is given below for second set of drill cores completed. Detailed analytical techniques are being applied to the cores to confirm the preliminary X-ray diffraction analytical results. The Company is using Inductively Coupled Plasma Mass Spectrometry, thin section microscopy and Scanning Electron Microprobe (SEM) analysis for confirmation purposes.
The preliminary Polyhalite thickness and grade based on X-ray diffraction are as follows:
Hole No. Thickness (Depth) Polyhalite Grade
ICP-5 6.28 Ft (992.14-998.42) 86%
ICP-4 5.35 Ft (964.53-969.88) 70%
ICP-3 5.00 Ft (1554.2-1559.2) 79%
IPC-3 Polyhalite Cored Interval
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Depth from Surface XRD analyses
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Sample No. from to Polyhalite Anhydrite Halite
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569061 1554.2 1554.7 28 60 -
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569063 1554.7 1555.15 85 - -
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569064 1555.15 1555.55 74 7 3
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569065 1555.55 1556 89 - -
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569066 1556 1556.45 93 - less than 3
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569068 1556.45 1556.85 86 - 9
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569069 1556.85 1557.3 90 - -
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569070 1557.3 1557.8 82 - 12
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569071 1557.8 1558.15 86 - 5
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569072 1558.15 1558.75 85 - 10
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569073 1558.75 1559.2 77 - 14
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IPC-4 Polyhalite Cored Interval
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Depth from Surface XRD analyses
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Sample No. from to Polyhalite Anhydrite Halite
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569109 963.91 964.53 5 68 16
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569110 964.53 965.03 71 20 -
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569113 965.03 965.43 88 5 5
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569114 965.43 965.84 88 - 6
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569115 965.84 966.27 92 - -
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569117 966.27 966.75 88 - -
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569119 966.75 967.18 21 67 less than 3
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569121 967.18 967.68 - 85 7
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569122 967.68 968.16 39 37 16
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569123 968.16 968.7 90 - -
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569124 968.7 969.4 94 - -
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569125 969.4 969.88 94 - -
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IPC-5 Polyhalite Cored Interval
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Depth from Surface XRD analyses
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Sample No. from to Polyhalite Anhydrite Halite
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569134 991.74 992.14 11 73 10
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569136 992.14 992.65 81 8 5
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569137 992.65 993.26 93 - 1
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569138 993.26 993.78 93 - -
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569140 993.78 994.2 95 - -
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569141 994.2 994.65 95 - -
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569142 994.65 995.2 94 - 3
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569143 995.2 995.65 90 - 5
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569145 995.65 996.1 85 3 5
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569147 996.1 996.49 70 - 23
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569148 996.49 996.97 90 - 5
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569149 996.97 997.39 77 - 17
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569150 997.39 997.96 85 - 7
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569201 997.96 998.42 64 12 17
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569202 998.42 999 10 58 21
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All scientific and technical disclosure in this press release has been prepared under the supervision of ICP Chief Geologist, Marc Melker CPG, and has been verified by him. Marc Melker CPG is a Qualified Person within the meaning of National Instrument 43-101.
The Phase I drill program has been designed to: (i) validate interpretations of historical oil and gas geophysical logs; (ii) expand the classification of resources reported in the 43-101 Technical Report; (iii) extend the polyhalite target bed to the north-west where it appears to ramp-up closer to the surface than further to the east; (iv) ascertain chemical and thickness variability; and (v) determine optimal locations for Phase II in-fill drilling and prefeasibility studies. The Company anticipates completing the Phase I drilling program by no later than mid February 2010. For further information concerning the Ochoa Project, please refer to the technical report dated August 19, 2009 entitled "Polyhalite Resources and a Preliminary Economic Assessment of the Ochoa Project, Lea County, Southeast New Mexico" available on SEDAR at www.sedar.com.
National Instrument 43-101 compliant QA/QC measures are being employed in the field and laboratories to ensure defensibility of the data through a validation process using blanks, standards and replicates. Core splits are carefully preserved against moisture degradation and placed in secure, temperature controlled storage area to enable any future confirmation audits of the core. Reference samples are collected and photographed of all rock units encountered during drilling for future observations. Select chip samples from core are procured for density measurements and thin section microscopy and Scanning Electron Microprobe (SEM) validation.
About Intercontinental Potash Corp
ICP is developing its Ochoa New Mexico property with the primary purpose of using polyhalite as feedstock to produce Sulphate of Potash. Sulphate of Potash, "SOP" or Potassium Sulphate, is premium priced potash. The market for SOP is approximately 4 million tonnes per year. SOP is used as a significant alternative fertilizer to sylvite (Muriate of Potash or MOP) for agricultural products such as fruits, vegetables, tobacco, potatoes, and horticultural plants. SOP has low "salinity" compared to MOP, and therefore is also used in various saline soils in the world, which are found for example in China, India, the Mediterranean, and the United States. Polyhalite may also be developed as a slow release multi-nutrient fertilizer which contains the plant macronutrients Potassium, Sulphate, Magnesium and Calcium.
ICP's Ochoa property consists of federal sub-surface potassium permits granted by the Bureau of Land Management ("BLM") covering more than 36,500 acres of land. All reclamation plans, environmental plans, and archeological work have been approved by BLM. The Company is currently conducting a Phase I drill program, which commenced in November, described in the press release of Trigon Uranium Corp., December 8, 2009, and which is available at www.intercontinentalpoash.com . ICP carries out all activities through its wholly owned subsidiary, Intercontinental Potash Corp.
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of ICP, including, but not limited to, risks associated with mineral exploration and mining activities, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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.
Contacts
please visit www.intercontinentalpotash.com or contact: Investor Relations
Joanna Longo
Vice President
The Equicom Group
(416) 815-0700 ext. 233
jlongo@equicomgroup.com |
