South Boulder Mines Ltd – ASX Release, 22 November 2010
- Drilling targeting extensions to high grade potash has re-commenced;
- Previously announced hole Col-004 intersected a total thickness of 21.46m of potash including the high grade interval of 3.44m of sylvinitite @ 44% KCl from 28.68m;
- Initial exploration target is to define 300-500mt of potash ores with average grades from 21 – 25% KCl at less than 100m depth;
- Current program is part of a larger 12-15 hole program. The drilling data will be used to define JORC/43-101 compliant independent geological resource estimates that will form the basis of a engineering scoping study;
- A ground orientation gravity survey was completed over currently interpreted extents of shallow potash mineralisation. The current drill program will test areas defined by the gravity survey as containing potash bearing evaporites;
- Scoping study to evaluate the production of 1.0 – 1.5Mt p.a of low capex and op-ex potash from an open pit mine has commenced;
- Exploration results to date have confirmed Colluli as the world’s shallowest buried evaporite potash deposit;
- New drilling results will be released as the come to hand.
Colluli Potash Project plan showing current drill holes. The yellow circle is showing the initial target and gravity survey area.
Recent investor relations and broker/media coverage on The Company’s projects can be viewed on the website in the “media coverage” section by following the link http://www.southbouldermines.com.au.
About South Boulder Mines Ltd
Listed in 2003, South Boulder Mines (ASX: STB) is a diversified explorer primarily focused on gold, nickel and potash. South boulder has a 100% interest in the Colluli Potash Project in Eritrea and a 100% interest in the Duketon Gold Project in Western Australia.
Within the Duketon Gold Project area, South Boulder entered a farm-out Joint Venture (JV) Agreement with Independence, whereby Independence can earn a 70% interest in the nickel rights on JV tenements held by South Boulder in the Duketon Project, by the completion of a Bankable Feasibility Study within 5 years of the
grant of the relevant tenement.
About the Nickel Joint Venture
The Duketon Nickel JV has had recent success at The Rosie and C2 Nickel sulphide prospects where drilling has defined intercepts of 5.20m @ 9.13% Ni, 1.09% Cu, 0.21% Co and 7.09g/t PGE’s at Rosie and 50m @
0.92% Ni including 37m @ 1.05% Ni at C2. The deposits are located approximately 120km NNW of Laverton, W.A in the Duketon Greenstone Belt. The deposits are approximately 2km apart and the mineralisation at both prospects is considered open in most directions. A Mining Lease application has been lodged with the Department of Mines and Energy. The Mining Lease application comprises a total of 19.13km2.
South Boulder Mines Ltd
+ 61 (8) 6315 1444