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From: B-Haile (eritrea.lave@comhem.se)
Date: Thu Nov 25 2010 - 17:12:14 EST
South Boulder Mines recommences drilling at Colluli Potash Project
Monday, November 22, 2010
South Boulder Mines (ASX: STB) has resumed drilling at its fully owned Colluli Potash Project in Eritrea, targeting extensions to high grade potash at the world's shallowest potash deposit.
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.
The initial exploration target is to define 300-500mt of potash ores with average grades from 21 - 25% KCl at less than 100m depth.
The current program is part of a larger 12-15 hole program and 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.
A 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.
The Colluli project is unique because it contains such shallow good quality mineralisation, which is at an order of magnitude shallower than most known deposits of this type.
South Boulder intends to demonstrate through feasibility studies that a low capital cost and low operating cost operation can be built.
The immediate work program for the Colluli project is to continue to drill and define resources that will be used as the basis for the scoping study.
A JORC compliant resource is expected to be completed in early December 2010, with an update expected in the March quarter of 2011.
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