Feb 162011
 

By Linda Kor —

Passport Potash officials have announced that they have obtained private financing for their Holbrook Basin project after issuing 28,430,000 common shares of stock for a total of $7,107,500. The funds will be used for continued exploration in the potash project.

They also noted that they engaged Zonge International to conduct a 50 line-mile seismic survey of the basin site. The results of the survey will be used in evaluating geologic, stratigraphic and structural information for the project. This will provide data regarding the thickness and continuity of the potash horizon, and the mapping of possible faults and other geologic structures within that area.

Passport President Joshua Bleak provided a statement noting, “Retaining Zonge to perform the seismic survey will greatly bolster our understanding of the Holbrook Basin potash deposits, and will carry our exploration efforts to a level not yet realized in the Holbrook Basin.”

Boart Longyear M&E Drilling Services is leading the drilling program on the project, which includes 12 mineral exploration permits totaling 7,933 acres of land.

“The results of the seismic survey, together with the results of our ongoing drilling, will produce a characterization for the potash deposits that will be a key step in moving toward resource development,” said Bleak.