Stonegate Announces Additional Assay Results from Drilling at the Paris Hills Phosphate Project in Idaho

TORONTO, Jan. 17 /CNW/ - Stonegate Agricom Ltd. ("Company") (TSX: ST) today announced that definition drilling continues to confirm the continuity and high-grade nature of the Upper and Lower Zones of its Paris Hills Phosphate Project in Idaho.

The drilling program that began in September 2010 has been expanded and drilling is continuing through the winter with one reverse circulation rig and three diamond-drill coring rigs currently on site. 

Sixteen of the 25 holes that were pre-collared using a reverse circulation rig have been successfully completed.  Assay results have been received for six holes showing high-grade intercepts in the Lower Zone ranging from 29.1% to 31.3% P2O5 and in the Upper Zone from 22.6% to 29.6% P2O5.

Detailed results for the six holes are reported in a table below. Results for hole PA002 and the Upper Zone of hole PA001 were previously reported in a news release dated December 7, 2010.

A map of the drill hole sites at the Paris Hills Phosphate Project is available at:

http://files.newswire.ca/923/nrmapv4.pdf

Paris Hills Phosphate Project Assay Results as of January 17, 2011

                     
Zone Hole From To Interval % P2O5 CaO:P2O5 % Al2O3 % Fe2O3 % MgO MER
Upper PA001 137.16m (450 ft) 142.04m (466 ft) 4.88m (16 ft) 23.47 1.37 3.75 1.58 0.29 0.24
  PA002 145.08m (476 ft) 148.74m (488 ft) 3.66m (12 ft) 27.04 1.48 2.77 1.19 0.34 0.16
  PA003 130.00m (426.5 ft) 131.52m (431.5 ft) 1.52m (5 ft) 29.64 1.38 2.44 1.03 0.32 0.13
  PA004 49.83m (163.5 ft) 55.08m (180.7 ft) 5.25m (17.2 ft) 23.76 1.40 2.44 0.89 0.26 0.15
  PA005 109.42m (359 ft) 111.86m (367 ft) 2.44m (8 ft*) 22.60 1.43 3.61 1.36 0.40 0.24
  PA006 54.56m (179 ft) 58.52m (192 ft) 3.96m (13 ft) 27.80 1.38 3.35 1.01 0.34 0.17
Lower PA001 174.65m (573 ft) 177.49m (582.3 ft) 2.84m (9.3 ft) 31.17 1.40 2.06 0.36 0.28 0.09
  PA002 207.26m (680 ft) 209.4m (687 ft) 2.14m (7 ft) 30.49 1.51 0.98 0.43 0.26 0.05
  PA003 187.15m (614 ft) 189.59m (622 ft) 2.44m (8 ft) 29.15 1.46 1.56 0.71 0.47 0.09
  PA004 105.77m (347 ft) 108.51m (356 ft) 2.74m (9 ft) 30.85 1.41 2.39 0.57 0.28 0.11
  PA005 163.98m (538 ft) 165.81m (544 ft) 1.83m (6 ft) 31.30 1.45 1.21 0.46 0.34 0.06

* includes 0.75 feet of no sample recovery (0% P2O5).  MER = minor element ratio

The holes reported in the table were drilled in the southeastern part of the property with a spacing of up to 450m (1,500 ft) along two sections spaced 150m (500 ft) apart.  All drill holes are vertical and the stratigraphy near horizontal and the intervals are therefore approximately true thickness.

Drill core samples are submitted to ALS Laboratory Group in Elko, Nevada, for preparation.  Analyses are being completed at the group's Vancouver laboratory.  Results for 10 other holes are pending. Internal standard and blanks were submitted with the samples as part of Stonegate's quality control program.

This news release has been reviewed and approved by Michelle Stone, Ph.D., P.Geo., Vice President Exploration of Stonegate Agricom, who is a qualified person as defined in National Instrument 43-101.

About Stonegate Agricom

Stonegate Agricom, which is actively engaged in acquiring and developing agricultural nutrient projects, is currently focused on the development of two potentially world-class, long-life phosphate deposits, the Mantaro Phosphate Project located in Peru and the Paris Hills Phosphate Project located in Idaho. Stonegate is confident that the two deposits have sufficient size and grade and are in the right locations to become strategic, cost-effective sources of phosphate supply for major fertilizer producers. The Company intends to conduct definition and exploration drilling to confirm and expand estimates of NI 43-101 compliant mineral resources and reserves in the deposits and then complete feasibility studies leading to a decision to proceed with extracting and processing the phosphate. More information is available at www.stonegateagricom.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable law.  Generally, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".  All forward-looking statements and forward-looking information are based on reasonable assumptions that have been made by the Company as at the date of such information.  Forward-looking statements and forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements and forward-looking information, including but not limited to: the general risks associated with the speculative nature of the Company's business, commodity prices, current global financial conditions, uncertainty of additional capital, price volatility, the Mantaro and Paris Hills projects are advanced exploration stage projects, limited operating history, no history of earnings, government regulation in the mining industry, environmental risks and hazards, impending climate change legislation, required approvals and permits, foreign subsidiaries, political and economic risk in Peru, risks relating to the retention of the Mantaro project, risks relating to the retention of the Paris Hills project, expiration of leases and permits for the Paris Hills Project, title to mineral properties, obtaining and converting mineral concessions and surface rights, community relations and project support, water rights, exploration, development and operating risks, uncertainty in the estimation of mineral resources, uncertainty of inferred mineral resources, mineral exploration, reliability of historical exploration work, absence of public trading market, risks associated with having a controlling shareholder, arbitrary offering price, dilution to the common shares, dependence on key personnel, currency fluctuations, insurance and uninsured risks, competition, legal proceedings, conflicts of interest and lack of dividends as well as those factors discussed in the section entitled "Risk Factors" in the Company's preliminary prospectus.  Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.  There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information.  Accordingly, readers should not place undue reliance on forward-looking statements or forward-looking information.  The forward-looking statements and forward-looking information contained in this press release are included for the purpose of providing investors with information to assist them in understanding the offering as well as the Company's expected financial and operational performance and may not be appropriate for other purposes.  Stonegate does not undertake to update any forward-looking statement or forward-looking information that is included herein, except in accordance with applicable securities laws.

SOURCE Stonegate Agricom Ltd

For further information:

Wayne Cheveldayoff
Vice President, Investor Relations
Stonegate Agricom Ltd.
Tel: 416-864-0303
wcheveldayoff@stonegateagricom.com
















Christine Stewart
Renmark Financial Communications Inc.
Tel: 416-644-2020
cstewart@renmarkfinancial.com
 

Organization Profile

Stonegate Agricom Ltd

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890