TORONTO, Aug. 3 /CNW/ - IC Potash Corp. ("ICP" or the "Company") (TSXV: ICP) is pleased to announce analytical results from the second two cores of its current Phase II drill program. The thickness of the intersected polyhalite cores are 5.7 feet at 85% polyhalite and 5.5 feet at 77% Polyhalite. These results are as expected and are based on x-ray diffraction ("XRD") and x-ray fluroresence ("XRF").
Results for the next two holes are expected this month. As with the first program (released February 10, 2010), and prior results from this program (July 20, 2010), and as predicted from the geological model, the polyhalite core was found between thin anhydrite layers within the salt bed of the Rustler formation of the Permian Delaware basin in New Mexico. The Company anticipates completing the Phase II drilling program by September 2010.
"These positive results reveal that the grade and thickness of the core continues to be consistent with geophysical log analysis from historically obtained rotary drill holes, and from prior core drilling. The original geophysical data formed the basis for our business, and the geological model continues to be confirmed," said Sidney Himmel, President and CEO of IC Potash Corp. "Continued positive results from this drilling program has the potential to shorten our exploration and drilling program with the final stage beginning in October 2010. With 400 million tons of inferred resources of 85% Polyhalite, the drill program has been designed to prioritize targets, to confirm the resource, and to further define it. With the current program, the continued strong market for Sulphate of Potash, and recent metallurgical modeling and analysis, we continue to be well positioned to be a leading SOP producer."
The drill program is being performed in accordance with the program description contained in the 43-101 Compliant Report; "Polyhalite Resources and a Preliminary Economic Assessment of the Ochoa project Lea County, Southeast New Mexico" which was prepared as at August 19, 2009. The coring program continues to validate the Company's geologic model for polyhalite. NI43-101 compliant QA/QC measures are being employed in the field and laboratories to ensure defensibility of the data through a validation process using blanks, standards and replicates.
The standards used are a combination of in-house prepared and commercially obtained materials of polyhalite and other related minerals. Retained core splits are carefully preserved against moisture degradation and placed in secure climate controlled storage areas to enable any future confirmation audits of the core. Sealed analytical splits are packaged in hard plastic thermal containers for shipment for sample preparation and analysis. All cores are photographed and reference samples are collected and photographed for all rock units encountered during drilling for future reference.
All scientific and technical disclosures in this press release have been prepared under the supervision of Marc Melker with IC Potash who is a Qualified Person within the meaning of National Instrument 43-101.
About IC Potash Corp
IC Potash intends to become a primary producer of Sulfate of Potash ("SOP") by mining its 100%-owned Polyhalite Ochoa property in New Mexico. SOP is a non-chloride based potash fertilizer that sells at a substantial premium over the price of Muriate of Potash ("MOP"), the most widely used fertilizer in the world. Typically SOP sells at a premium of over 40% to MOP. IC Potash is focused on being the lowest cost producer of SOP in the world. The SOP market is over 5 million tonnes per year and is a significant fertilizer in the fruit, vegetable, tobacco, potato, and horticultural industries, and for agriculture in saline and dry soils and soils in which there is much agriculture with varieties of crops, such as for example in China, India, the Mediterranean, and the United States. IC Potash Ochoa property consists of over 100,000 acres of federal sub-surface potassium prospecting permits and State of New Mexico Potassium mining leases.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of ICP, including, but not limited to, risks associated with mineral exploration and mining activities, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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.
SOURCE IC Potash Corp.
For further information: For further information: please visit www.intercontinentalpotash.com or contact: David Feick, Equicom Group, 403 218 2839, firstname.lastname@example.org; or Sidney Himmel, 416 624 3781