Apr 012011
 

By Linda Kor —

Passport Potash continues to expand its potash exploration project in the Holbrook Basin. An option agreement has been made with Ringbolt Ventures Ltd. for 15,994 acres of mineral exploration permits on land managed by Arizona State Land Management.

According to information provided by Passport, the agreement with Ringbolt Ventures Ltd. will allow Passport to acquire a 100 percent interest in Ringbolt’s Holbrook Basin potash property and to conduct a $2.25 million exploration program on the optioned property.

The option agreement has the potential to expand Passport’s foothold to include land in the eastern por-tions of the Holbrook Basin, increasing Passport’s land holdings to more than 86,000 acres, or 134 square miles. This area comprises 22 percent of the estimated 600 square miles of potash deposits in the Holbrook Basin.

The Holbrook Basin represents one of the largest known untapped potash deposits in the United States. Passport is currently in the process of assessing the quality and depth of the potash with hopes of beginning its mining operation within the next several years.