Ringbolt Ventures is holding 70% share in Potash Green Utah and will apply for drilling permits to drill additional six holes on the Lisbon Valley potash project in Utah.
Ringbolt has discovered further six drill sites at the Lisbon Valley project on Utah State leases and is in the permitting process of these sites. Ringbolt is expanding the activities in Utah due to the latest farm-out of Arizona potash project in the Holbrook Basin.
The project has nine state mineral leases, 6,421 acres in total and claims for potash prospecting permits, totaling 24,640 acres. It is situated in San Juan County, Utah, which is a large sedimentary basin having Pennsylvanian to Cretaceous age rocks. The Pennsylvanian Paradox structure has salt and potash beds, which are above 4,000 feet thick, with 29 individual cycles of salt, potash and clastic deposits. The salt beds are found to be near the apex of the disperse series and at 3,000 to 4,800 feet depth in the project area.
In 1924, Potash had been first identified in Paradox basin in an oil and gas well. In 1962, Superior Oil drilled the first potash at the top of Lisbon Valley anticline. Potash and salt derivatives have been produced from the Cane Creek mine, since 1964. Initially, Potash was got through underground mining and from 1970, solution mining method was employed. Due to hot summers and low humidity, solution mining has been confirmed to be the best process in the project.
Also, Ringbolt is announcing 200,000 incentive stock options as grant to a definite consultant.