SASKATOON, Jan. 17, 2013 /CNW/ - North Atlantic Potash Inc. (North Atlantic), the Canadian subsidiary of JSC Acron, has completed an 11-hole drilling project on its wholly owned Foam Lake Potash Property. In addition, 330 kilometres of 2D seismic were acquired by Boyd Petrosearch on behalf of North Atlantic. The internationally recognized potash geologic firm North Rim Exploration Ltd. prepared the 43-101 compliant Resource Summary Report for Foam Lake. The results to date have confirmed 942 million tonnes in-place at 19% K2O (30% KCL) with 218 million tonnes Indicated and 724 million tonnes Inferred.
The Foam Lake Property consists of four contiguous Potash Permits, KP 382, 383, 508, 509, covering an area of 318,000 acres. The drill program consisted of 11 holes with three holes in KP 382, five holes in KP 508, two holes in KP 509 and one hole in KP 383. Three typical Saskatchewan Potash Members were intersected and sampled which included: the Patience Lake, Belle Plaine and Esterhazy Members. As expected the Esterhazy Member was the most consistent of the three potash zones intersected and is the bases of the resource estimate.
"We are very pleased with the results of our intensive exploration program in the Foam Lake area which encourages us to move forward to the next stage in our development. With the strong financial and extensive fertilizer experience from our parent JSC Acron, this project and the Joint Venture we are pursuing with Rio Tinto in southern Saskatchewan presents a very promising future for our company." said Arie Zuckerman, President of North Atlantic Potash. "Our goal remains to move the company towards potash development in Saskatchewan."
"In one short year following our very successful agreements with Yancoal and Rio Tinto in September 2011, we've accomplished a significant amount of work delineating our potash assets in Saskatchewan." added David Waugh, CEO of North Atlantic Potash. "As we expand our resource base knowledge we'll continue to leverage our holdings to advance our overall global potash development strategy."
North Atlantic Potash
North Atlantic Potash Inc. is focused on development of potash production in Canada. We currently possess one of the largest potash permitted acreages in the world over the Saskatchewan Potash belt. Our business was established in 2008 with the acquisition of over 2.1 million acres of exploration permits with the goal to develop a potash mine. www.northatlanticpotash.com
Acron is a fast-growing group of interrelated companies and one of the leading global mineral fertilizer producers. Key business segments include ammonia, nitrogen and complex mineral fertilizers, as well as organic and non-organic compounds. The Group includes three major production facilities, its own logistics infrastructure, an international sales network, and is investing in its own raw material base. www.acron.ru/en/
SOURCE North Atlantic Potash Inc.