Pacific Potash Initiates Drilling on its 100% Owned Amazonas Basin Potash Property
November 15, 2013 (Source: Accesswire) — Pacific Potash Corporation (TSX-V: PP; OTCQX: PPOTF; FSE: P9P, “Pacific Potash”, “the Company”) is pleased to announce that it has commenced drilling its Amazonas Basin Potash Property. Mobilization, set-up and the initial pre-collar and casing of the well have been completed and normal drilling operation is currently underway. The depth of the well is currently 456m and it is being cased and cemented to complete the first stage of drilling operation. The second stage of drilling will involve the commencement of coring which comprises rocks from the Andira and Nova Olinda formations. The Nova Olinda Formation is the target horizon for potash exploration in this basin. All significant potash intercepts have been located within Cycle VII of this formation. The Cycle VII potash mineralization occurs in numerous drill holes in the Middle Amazon basin, including those that define the Fazendinha and Arari potash occurrences.
“Drilling to date has been extremely smooth, logistics have been on time and on budget.” Mr. Balbir Johal, Executive Co-Chairman and Director reports, “Being fully funded for several wells, we anticipate many exciting months of exploration in anticipation of a new potash discovery in this world class basin.”
On Monday Nov. 11, 2013 a new potash discovery was announced directly across the river from Pacific Potash’s claims near the city of Itacoatiara by Brazil Potash Corp. Itacoatiara is the site of Pacific Potash’s field office and is located directly across the Amazon River from Pacific Potash’s claims. The first well site is a short 40-minute boat ride from the city. The discovery is another piece of evidence that proves the multiple deposit hypothesis of this basin.
Itacoatiara hosts a Panamax capacity port with a floating unit linked to the shore by a bridged conveyor. The port has five berths for barges and three warehouses. The port has a grain terminal (Hermasa) that made the Export Northwest Corridor feasible where the production of the Northwest regions of Mato Grosso and Southwest of Rondonia is drained. It mainly exports soybeans, soybean oil and bran. Itacoatiara is also accessible by paved Amazonas State highway (AM010) 265 km east from Manaus, the capital city of the state.
This is Pacific Potash’s first well of a planned multi-well drill program on the Amazonas Potash Project aimed at making a new potash discovery. The well is expected to take approximately 60 days from the start of drilling and will be drilled to a true depth of 1400m. The target formation, Nova Olinda Cycle VII is anticipated to occur at a depth of approximately 1300m. Gamma-ray and Caliper downhole geophysics will be run in the well to identify the mineralized zone and to better correlate the stratigraphy in the area.
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About Pacific Potash Corporation
Pacific Potash Corporation trades on the TSX Venture Exchange under the symbol: PP, as well on the OTCQX under the symbol: PPOTF and on the Frankfurt Stock Exchange under P9P. Pacific Potash is engaged in the exploration and development of the Amazonas Potash Project and the surrounding potash claims targeting the Middle Amazonas Potash Basin, currently the host to multiple new exploration campaigns for potash.
We seek safe harbour.
On behalf of the Board,
Pacific Potash Corporation
Executive Co-Chairman & Director
Andre Costa, P.Geo, CEO & President of Pacific Potash Corp and qualified person for the purposes of NI 43-101, has reviewed and approved the preparation of the technical information in this news release.
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.
Caution concerning forward-looking information
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Pacific Potash in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Pacific Potash’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Pacific Potash disclaims any obligation to update or revise any forward-looking information or statements except as may be required.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>