Red Moon Potash -Delineates Salt/Potash Deposit in Newfoundland
August 25, 2014 (Source: Marketwired) — Red Moon Potash Inc. (“the Company” – “Red Moon”) (TSX VENTURE:RMK) is pleased to announce that it has successfully drilled the second hole of the Captain Cook salt/potash exploration program in western Newfoundland. CC #5 was drilled to a total depth of 632 metres and encountered a gross interval of 225 metres of salt (halite) containing three potash zones. Based on visual inspection, each of the potash zones appears to be less than one metre thick.
The core from both CC #4 and CC #5 is being logged in detail and sampled for salt and potash analysis. Results will be released when available. Hole CC #5 is 1000 metres east of the discovery hole CC #1 and demonstrates, in conjunction with the results previously released from CC #4, the extensive nature of the salt beds. The salt deposit is now proven by drilling to extend 2.5 kilometres in a northeast-southwest direction and 1000 metres east-west. Seismic data linking current drilling with drill holes two kilometres south of CC #1 suggest a much larger resource in the area. Drill location maps are available on the company website. www.redmoonpotash.com.
Get our daily investorintel update
CC #5 is the deepest intersection of the salt package in the Captain Cook area and provides valuable information as to the depositional and spatial geometry of this deposit. It is the company’s intention to prepare a National Instrument 43-101 compliant report on the project towards further evaluation of its development potential.
The Captain Cook salt/potash project is located in the Bay St. George Basin of Western Newfoundland near deep water ports and an airport. The Trans Canada highway and high voltage electrical power lines cross the property. The project is delineating an evaporite package of rocks analogous to the geology containing the potash/salt mines in the Sussex basin of New Brunswick. Patrick Laracy, P. Geo, President and Corwin Northcott, P. Geo, Exploration Manager are qualified persons responsible for the contents of this news release as defined in National Instrument 43-101.
Red Moon owns a 100% working interest subject to a 3% royalty to its parent company, Vulcan Minerals Inc. (TSX VENTURE:VUL). Vulcan is providing project management services to Red Moon, capitalizing on Vulcan’s drilling experience in the region.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This release may contain certain forward-looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors beyond the Company’s control may affect the actual results achieved. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except by law, the Company undertakes no obligation to publicly update or revise forward-looking information.
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>