ISX Resources Inc., Vancouver, said Oct. 12 that it has initiated a 25.6 km2, 3-dimensional seismic program within a 97,240-acre potash exploration permit known as Subsurface Mineral Permit KP 289. The seismic program is focused in the area of the abandoned Imperial Findlater potash solution mining pilot test site. Imperial Oil Ltd. (now ExxonMobil) explored the northwestern portion of the permit area in the 1960’s.
ISX said the historical data from this exploration program consists of drill cores, borehole geophysical well logs, chemical assay data from drill core analyses, seismic maps, and a brief seismic report. The Imperial Oil program was completed and abandoned in 1968. The Imperial Findlater site confirms the presence of potash mineralization, thus it was selected by ISX as a priority target for further potash resource definition.
ISX has engaged Boyd Petrosearch of Calgary to conduct and oversee all the aspects of this seismic survey. Data from the seismic survey will be used to further define the thickness, continuity, and variation of the Patience Lake and Belle Plaine potash-bearing beds. The company expects the program to be completed in first quarter 2008.
ISX controls a 97,240-acre Potash Exploration Permit, KP 289, in south-central Saskatchewan. The area is immediately adjoining the Belle Plaine potash solution mine operated by The Mosaic Co., which has been in continuous production since 1964 with a 2007 annual capacity of 2.8 million mt of KCl finished product. ISX believes that its own permit area shares the same general geological structure and bed characteristics as the Mosaic Belle Plaine operating potash solution mine.
The company recently completed a technical report on the permit area; a copy is filed on www.sedar.com. It said the authors estimated that the indicated and inferred mineral resources for the Patience Lake and Belle Plaine potential solution mining intervals are indicated mineral resource of 58 million mt of KCl, and inferred mineral resource of 570 million mt of KCl. When intervening potash beds are included, the indicated resource is increased to 65 million mt of KCl, and the inferred to 620 million mt KCl.
ISX is a Canadian-based potash company engaged in the identification, acquisition, exploration, and development of advanced resource properties. The primary interests of the company include an option to acquire 100 percent interest in the 97,240-acre Potash Subsurface Exploration permit (GM June 25, p. 12).