Where would you find the the world’s shallowest buried evaporite potash deposit? In Callolui Potash Project in Eritrea which is presently owned by South Boulder Mines (ASX:STB). The company in its latest exploration update has confirmed an increase in the initial exploration target of 500-750 MT of potash ores with average grades of 21-25% KCI located above 100 m vertical depth.
Diamond core drilling done by STB intersected additional potash in holes Col-011, 012, 013, 014, 015, 016 and 017
The current drilling is part of a JORC/43-101 resource and mining engineering study into the open pit mining and processing operation with an initial minimum starting capacity of 1.5Mt of potash p.a. The study will also examine the viability of substantially increased production capacity, a press release said.
A maiden JORC/43-101 resource report is due for completion in January 2011. Scoping study results are planned to be completed in mid 2011
Listed in 2003, South Boulder Mines (ASX: STB) is a diversified explorer primarily focused on potash, nickel and gold. South boulder has a 100% interest in the Colluli Potash Project in Eritrea and a 100% interest in the Duketon Gold Project in Western Australia. Within the Duketon Gold Project area, South Boulder entered a farm-out Joint Venture (JV) Agreement with Independence, whereby Independence can earn a 70% interest in the nickel rights on JV tenements held by South Boulder in the Duketon Project, by the completion of a Bankable Feasibility Study within 5 years of the grant of the relevant tenement.