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From: Berhane Habtemariam (Berhane.Habtemariam@gmx.de)
Date: Thu Apr 28 2011 - 13:54:08 EDT
South Boulder Mines Limited New Potash Discovery Continues To Deliver
Shallow Potash
<http://www.minenportal.de/unternehmen_snapshot.php?mid=1164> South Boulder
Mines Ltd.11:20 AEST Apr 28, 2011 ABN Newswire (C) 2004-2011 Asia Business
News PL. All Rights Reserved.
Sydney, Australia (ABN Newswire) -
<http://www.minenportal.de/unternehmen_snapshot.php?mid=1164> South Boulder
Mines Limited (ASX: STB) is very pleased to report that the new potash
discovery located approximately 10kms northwest along strike of the current
43-101/JORC compliant Colluli Potash Resource continues to deliver shallow
potash in all diamond holes drilled to date. The mineralisation has been
intersected over approximately 5km2 and is open in all directions. With
further drilling, the area of mineralisation is expected to grow
significantly. Diamond drill holes Col-024, 025 and 026 intersected the
following mineralisation;
Hole Col-024
- 1.10m of carnallitite from 30.41m and;
- 9.43m of kainitite from 31.51m.
Hole Col-025
- 5.51m of sylvinite from 35.70m and;
- 0.93m of carnallitite from 41.21m and;
- 9.17m of kainitite from 41.93m.
Hole Col-026
- 3.25m of sylvinite from 82.65m and;
- 5.04m of carnallitite from 85.90m and;
- 7.04m of kainitite from 90.94m.
Preliminary geological logging of all the holes has indicated that the
sylvinite (KCl) mineralisation appears to be very similar to high grade
intervals that have been identified at the Colluli Resource. Grades up to
44% KCl have been intersected within the Colluli Resource.
The carnallite intersected contains the sulphate mineral kieserite
(MgSO4.H2O) which is a mineral used for large scale production of SOP
(K2SO4).
Further definition and extensional drilling at the new area is planned to
resume soon after Easter and a scheduled rig maintenance/field break.
Once resumed, drilling activity will focus on the general area. The proposed
hole locations will initially explore a priority area of approximately
20km2.
It is expected the new discovery will significantly enhance the Colluli
project economics that are currently under scoping study and become part of
the full feasibility study.
The samples will be dispatched for assaying as soon as possible once all
South Boulder standard quality control and quality assurance procedures have
been completed. Details on further exploration will be released as they come
to hand.
Investor Coverage
Recent investor relations, corporate videos and broker/media coverage on The
Company's projects can be viewed on the website in the 'Media Centre' and
'Investor Centre' sections by following the links
www.southbouldermines.com.au and www.abid.co.
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 was granted over the
Rosie and C2 deposits on the 19th of November. A resource definition and
exploration drilling program and scoping study into an open pit mine at C2
and an underground mine at Rosie is underway.
For the complete announcement of South Boulder Mines Limited including
figures, please refer to the following link:
<http://www.abnnewswire.net/media/en/docs/538759.pdf>
http://www.abnnewswire.net/media/en/docs/538759.pdf
About South Boulder Mines Limited:
Listed in 2003, South Boulder Mines (ASX: STB) is a diversified explorer
focused on potash, nickel and gold. 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.
The Colluli Potash Project has a current JORC/43-101 Compliant Measured,
Indicated and Inferred Mineral Resource Estimate comprised of 33.39Mt @
18.56% KCl of Measured Resources, 173.37Mt @ 18.57% KCl of Indicated
Resources and 340.86Mt @ 18.58% KCl of Inferred Resources for a total of
547.62Mt @ 18.58% KCl (total contained potash of 101.73Mt); This includes
higher grade material of 119.21Mt @ 23.14% KCl. There is an exploration
target of 750Mt - 1.25 billion tonnes @ 18-20% KCl. An engineering scoping
study into open pit mining and processing to produce up to 10Mt p.a of
potash is underway.
Within the Duketon Gold Project area, South Boulder entered a farm-out Joint
Venture 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.
Contact:
Lorry Hughes
CEO/Managing Director
South Boulder Mines Limited
Kerry Rudd
Share Holder Enquiries
South Boulder Mines Limited
Liam Cornelius
Executive Director
South Boulder Mines Limited
Terry Grammer
Chairman
South Boulder Mines Limited
Tel: +61-8-6315-1444
<http://www.southbouldermines.com.au> http://www.southbouldermines.com.au
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