Passport Potash will be expanding the exploration program at Holbrook Basin, Arizona because of the option agreement signed with Ringbolt Ventures.
Passport is permitted to buy 100% interest in Ringbolt's mineral exploration permits totaling 15,994.32 acres through the option agreement and will perform a US $2.25 million exploration at the project.
The expanded exploration of Passport may embrace 10 new drill holes and a 25-line mile seismic analysis on the option property, due to the results of initial estimation of company’s work plan. This program will raise the sum of drill holes to above 30 along with the additional 75-line miles of seismic survey of the company.
At present, Passport performs the exploration in their area in the western portion of the Holbrook Basin. The seismic crew of Zonge International has finished the data acquisition for the 50-line mile seismic survey at company’s area in Holbrook Basin. The company has completed seven additional drill holes at the Twin Buttes Ranch. SRK will prepare and present the geophysical and assay results in the NI 43-101 technical report.
Also, Passport seems to explore the eastern side of the Basin. Thick sections of potash are expected to be found on this portion of the Basin and will add significant value to the Basin property.