Vancouver-Raytec Metals Corp. reports that it has engaged the services of Kinetex Inc., a subsidiary of FirstGrowth-EDS, to conduct 2-D seismic work on its Saskatchewan KP441 potash claim in advance of a proposed phase one drill program. The company recently received its exploration permits on the KP441 and KP452 potash claims, covering 91,549 acres, from the Saskatchewan Ministry of Energy and Mines. In June 2008, a NI43-101 compliant resource was established on the southwest portion of the KP441 claim using data from two historic holes drilled by Canadian Exploration Ltd. in 1969. The resource estimation, which covers approximately 17 percent of claim KP441, includes a net recoverable indicated resource of 12.49 million mt of K2O and a net recoverable inferred resource of 12.24 million mt of K2O. To confirm the quality, quantity, and extent of the potash mineral resources within the KP441 claim, the technical report recommended that the company acquire available existing 2-D reflection seismic trade data to confirm the continuity of the various Prairie Evaporite members, as well as undertake a 2-D reflection seismic survey over the entire KP441 permit area. The seismic survey is scheduled to commence in the upcoming weeks and will take approximately two months to be conducted with all data processed. Raytec intends to follow up this initial 2-D survey work with a 3-D seismic survey to further investigate the lithology and volumetrics of the potash mineralization within its permit area. Successful completion of this work will lead to the design and commencement of a phase one drill program focused on expanding the current potash resource. “With the receipt of our NI43-101 resource and exploration permit, all the pieces of our story are falling neatly into place and I’m pleased with the pace at which this has occurred,” said Brian Thurston, Raytec president. “We are focused on accelerating shareholder value at this point by immediately commencing work that will lead to the expansion of our existing potash resource.” The company is also awaiting the receipt of additional exploration permits on its KP455, KP466, KP467, and KP468 potash claim applications (contiguous with the KP441 potash claim) in south-central Saskatchewan. It has also made an application for the KP500 potash claim block located directly southwest of the company’s KP441 potash disposition, which lies within an area of influence to the recently announced NI43-101 resource estimate. In total, the pending applications cover 207,360 acres. The company anticipates that these new applications will be granted in the upcoming weeks and will be making announcements as each is received.
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