Oct 15 2015
Red Moon Potash Inc., announces that it has retained Apex Geoscience Ltd of Edmonton, Alberta to undertake the preparation of a National Instrument 43-101 compliant Mineral Resource Assessment report on the halite (rock salt) deposit located at the Company's Captain Cook project in western Newfoundland.
The report will be based primarily on the Company's drilling results from 2013 and 2014, related geophysical data and historical information. This will be the first mineral resource assessment of this rock salt deposit. Based on the exploration and delineation results to date, the company believes that the deposit has commercial potential and that a mineral resource assessment is required to help verify that potential and, if warranted, facilitate the solicitation of a partner to advance the project towards development. The report is expected to be completed in December 2015. The Company is not planning any further drilling until the results and recommendations of the assessment are delivered.
Drilling at the Captain Cook project has discovered a relatively shallow, high grade salt deposit adjacent to the site of a former gypsum mine. The project has access to extensive infrastructure including a port, constructed by the former gypsum mine operator that is located approximately 5 kilometers by haulage road from the discovery hole. The Trans-Canada highway and several other secondary roads and high voltage power lines cross the property. The Stephenville airport is a 20 minute drive from the property.
The Company also reports that it has received a $100,000 grant from the Junior Exploration Assistance Program as a contribution towards its 2014 drilling campaign. It graciously acknowledges the support of the Department of Natural Resources of the Government of Newfoundland and Labrador in this regard.
Patrick J. Laracy, P. Geo, President, and Patrick Collins, P. Geo, Exploration Manager, are qualified persons responsible for the contents of this news release as defined in National Instrument 43-101.
Red Moon is an exploration company focused on potash/salt exploration in Western Newfoundland. Vulcan Minerals Inc. (TSX VENTURE:VUL) owns approximately 65% of the common shares of Red Moon and owns a 3% royalty on the project lands. Red Moon currently owns 902 mineral claims covering approximately 22,500 hectares of prospective lands for salt/potash mineral exploration in the Bay St. George Basin. The basin is of similar geology to the Sussex basin in New Brunswick where potash and salt are currently being mined.