Vancouver-Ringbolt Ventures Ltd. said Sept. 30 that through its 90 percent owned U.S. subsidiary, it applied for and received 15 state exploration leases on lands located in the Holbrook Basin, Apache County, Arizona. Ringbolt says a recently released survey states that the basin is potentially underlain by 3,500 square miles of salt beds, 600 square miles of which are also underlain by a potash bed. The leases cover 9,594 acres of land in what appears, from an initial review of the technical data, to be part of the thickest part of the basin, where the salt has in the past been measured as being 600 feet thick, according to Ringbolt. It is estimated the potash bed may lie at the top of the salt sequence, at depths of 700 to 2,000 feet ?Çô shallow enough to permit possible underground mining rather than solution mining. Ringbolt has not done any work to verify the existence of potash/salt beds on the property, and there is no certainty that potash will be identified on the property. Ringbolt’s subsidiary has also applied for and received nine Utah State Exploration Leases on lands located in the Paradox Basin. Ringbolt says it has $2.9 million in cash and cash equivalents on hand, and is well positioned to continue its uranium and potash exploration plans in the coming months. It is engaged in the acquisition, exploration, and potential development of primarily uranium metal and potash properties in Canada, Utah, and Arizona.
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