Properties Overview
Ringbolt Ventures Ltd. is currently focused on three primary properties which include two potash properties, one located in the Lisbon Valley, Utah (Paradox Basin), the other in Arizona’s Holbrook Basin, as well as one prospective uranium property, in the Hornby Basin of Canada’s North West Territories.
Lisbon Valley, Utah (Paradox Basin) - Potash
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The Lisbon Valley potash property is located in the Paradox Basin, an area which according to the United States Geological Services (USGS) is reported to contain over 2 billion tons of potash1. The Paradox Basin is home to Intrepid Potash’s Cane Creek potash mine, which is located less than 20 miles from Ringbolt’s property.
Ringbolt’s Lisbon Valley potash property includes 6,277 acres within the State mineral leases that were granted in July 2008. In addition to the State mineral leases, the Company has 25 prospecting permit applications pending for an additional 51,966 acres of Federal Land in the Lisbon Valley.
Previous exploration activities in the area, most notably a number of previously drilled oil and gas wells that Ringbolt has identified, will assist the company in establishing the potential for the discovery of another economical potash occurrence in the Lisbon Valley.
Holbrook Basin, Arizona - Potash
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Located in East-Central Arizona, the Holbrook Basin is thought to potentially possess anywhere from 682 million metric tons to 2.27 billion tons of potash2. As such there has been growing interest in exploration in the area as potash prices have risen dramatically over the past 18 months.
Ringbolt, through its 90% interest in BUA USA LLC, has been issued 15 State mineral exploration permits in the area, covering 9,594 acres. These permits also contain a number of previously drilled oil and gas wells which may assist the Company in its strategic exploration and development programs in the area.
A recently completed report commissioned by the Arizona Geological Survey (AGS) on potash occurrences in the Holbrook Basin outlines the prospect that Ringbolt’s State Exploration Licences may be underlain by the Permian Supai structure3, which hosts an extensive salt body containing a possible potash occurrence, which the Company intends on confirming in the near future.
Both the Lisbon Valley and Holbrook Basin properties are located in the United States, perfectly situated to take advantage of the potash supply shortfall which has resulted in the U.S. currently importing 88% of its required potash needs.
Ringbolts current potash exploration permits are located in close proximity to railway and roadway. More importantly, these properties are advantageously located near Ringbolt’s largest potential consumer base. With its highly developed agricultural economy and limited domestic production, the United States is currently the second largest importer of potash world wide, representing 17.7% of total estimated consumption for 2007. The U.S. imports 88% of its potash requirements, 90% of which comes from Canadian sources, and demand continues to grow.
The Hornby Basin, Northwest Territories - Uranium
The Hornby Basin property is a highly prospective uranium property located in Canada’s Northwest Territories, some 430 kilometres northwest of Yellowknife and 80 kilometres north of Port Radium, at Great Bear Lake.
The property is underlain by rocks of the Hornby Basin Group overlying intermediate to felsic rocks of the Echo Bay Formation. The contact between the two groups is the favourable contact for Athabasca Basin type uranium mineralization.
The Echo Bay Formation is intruded by granatoid rocks, which are thought to be responsible for the Iron-Ore Copper Gold (IOCG) mineralization at Fortune Mineral Ltd.’s Nico Deposit in the southern Bear Province, which is located about 300 kilometres to the south of Ringbolt’s Hornby Basin uranium property. The IOCG mineralization is also a target of Alberta Star Development’s (TSX-Venture: ASX) Contact Lake Claims area, which is located 75 kilometres to the east of Ringbolt’s uranium property.
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