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News Releases
July 11, 2008
Ringbolt Ventures Ltd.: Clarification
As a result of a review by the British Columbia Securities Commission, Ringbolt Ventures Ltd. is issuing the following news release to clarify its disclosure.
The company wishes to retract its news in Stockwatch dated June 5, 2008, on the basis that the public might infer that the company has a potash resource on its Utah property. The company wants to clarify that it does not have a National Instrument 43-101 resource or a historic resource.
The potential quantity and grade of the potash on the company's property in the Paradox basin are conceptual in nature. There has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the targets being delineated as a mineral resource.
A review of oil and gas wells drilled in the Paradox basin has found 20 drill holes, which are summarized in the table.
The following potash analyses predate National Instrument 43-101 standards and must be viewed as historical in nature.
DRILL HOLE SUMMARY |
Well No. |
Township |
Depth to bed 5 (feet) |
Thickness of bed 5(feet) |
K20% for bed5 |
Depth bed 9 (feet) |
Thickness of bed 9(feet) |
K20% for bed 9 |
Method used |
|
|
|
|
|
|
|
|
|
P-USA-1 |
SEC 33-29S-24E |
4,323 |
8 |
15.90% |
4,968 |
10 |
10.00% |
Radiometric |
P-A-1 |
SEC 2-30S-24E |
3,599 |
13 |
18.00% |
|
|
|
Radiometric |
P-C-3 |
SEC 3-30S-24E |
4,466 |
7 |
8.30% |
5,151 |
10 |
19.70% |
Radiometric |
P-A-2 |
SEC 10-30S-24E |
|
|
|
5,544 |
18 |
21.60% |
Radiometric |
P-B-1 |
SEC 14-30S-24E |
4,634 |
3 |
6.40% |
5,790 |
75 |
Trace |
Radiometric |
P-B-2 |
SEC 14-30S-24E |
4,571 |
9 |
22.20% |
|
|
|
Radiometric |
P-D-2 |
SEC 13-30S-24E |
3,551 |
6.5 |
16.70% |
4,357 |
17 |
19.20% |
Radiometric |
P-D-1 |
SEC 24-30S-24E |
3,887 |
8 |
17.10% |
|
|
|
Radiometric |
P-C-2 |
SEC 3-30S-24E |
|
|
|
5,520 |
5 |
21.60% |
Radiometric |
P-A-814 |
SEC 14-30S-24E |
4,514 |
3 |
11.40% |
5,460 |
13 |
27.90% |
Radiometric |
S-47-17P |
SEC 17-30S-25E |
|
|
|
2,706 |
10 |
33.40% |
Core |
S-88-21P |
SEC 21-30S-25E |
|
|
|
2,380 |
4 |
28.00% |
Core |
S-73-19P |
SEC 19-30S-25E |
|
|
|
3,740 |
3 |
13.30% |
Core |
S-75-12P |
SEC 12-30S-24E |
2,538 |
10 |
22.50% |
3,404 |
6 |
23.70% |
Core |
S-63-29P |
SEC 29-30S-25E |
2,633 |
4.4 |
15.90% |
|
|
|
Core |
S-37-1P |
SEC 1-30S-24E |
2,930 |
6.8 |
24.50% |
|
|
|
Core |
S-77-35P |
SEC 35-29 |
2,826 |
|
? |
3,771 |
19 |
31.09% |
Core |
|
1/2S-34E |
|
|
|
|
|
|
|
S-77-1P |
SEC 1-30S-24E |
|
|
|
2,900 |
3.86 |
29.60% |
Core |
S-36-29P |
SEC 29-30S-25E |
3,854 |
3.94 |
14.80% |
|
|
|
Core |
S-41-7P |
SEC 7-30S-25E |
|
|
|
2,928 |
4.78 |
33.06% |
Core |
A map showing drill hole locations has been put on the company's website.
The nature of the potash mineralization, according to the Hite report ("The Geology of the Lisbon Valley Potash Deposits, San Juan County, Utah," by Robert J. Hite, United States Department of the Interior-Geological Survey, Open-File Report 78-148, 1978), is sylvanite (a mixture of halite and sylvite) with minor carnallite and no other potash minerals identified. His identification is based on analysis of drill core.
The potash beds are contained within the Paradox Evaporate basin, which has as much as 6,000 feet of salt (halite) contained in 29 separate cycles of salt/clastic material. Eighteen of the cycles contain beds of potash, of which two beds, the No. 5 and No. 9, appear to be the most prospective.
The potash mineralization identified by the 20 wells occurs in the potash beds on the southwest flank of the northwest-trending Lisbon Valley anticline. The dip of the beds is approximately flat in the northwest direction and is up to 16 per cent in the northeast direction. Published reports indicate that the area is not subjected to the structural complications found on the crest of the Lisbon Valley anticline and on the Cane Creek anticline.
In the 10 wells drilled on the exploration licence, potash beds No. 5 and No. 9, were cored and analyzed for K2O. The data must be regarded as historical in nature, because they predate 43-101 requirements. Radioimetric logs are also available for these holes; the radiometric data correlate well with the chemical data. The 10 wells on the prospecting permits were logged radiometrically.
The Hite report indicates that the wells were drilled using saturated brine drilling fluid, to minimize solution cavitation. The wells should be re-entered and relogged, or else redrilled.
The grade and apparent thickness of the mineralization in the individual holes are shown on the map on the company website. The true thickness of the mineralized zones is expected to be very close to the apparent thickness, because of the relatively flat nature of the basin and of the mineralization.
The company has distributed a research report published on June 4, 2008, by Howlett Research, which included a resource estimate for the Paradox basin. The company has caused the reference to be deleted from the research report to avoid any confusion.
Stuart Havenstrite, CPG, and Mike Magrum, PEng, both qualified persons under National Instrument 43-101, have approved the technical content of this news release.
On behalf of the Board of Directors
Jason Walsh, Director
We seek Safe Harbor.
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