new potash discovery

South Boulder Mines Ltd (ASX; STB) is very pleased to report a new highly
significant potash discovery located approximately 10kms northwest along
strike of the initial Colluli potash resource. Diamond drill hole Col-023 was
drilled to a total depth of 52.60m and intersected the following
mineralisation;
?? 2.20m of sylvinitite from 33.38m and;
?? 3.65m of carnallitite from 37.40m and;
?? 6.80m of kainitite from 41.05m.
Preliminary geological logging has indicated that the sylvinite (KCl)
mineralisation appears to be of the type very similar to high grade intervals
that have been intersected at the Colluli deposit. Grades up to 44% KCl
have been intersected within the Colluli Resource.
An immediate follow-up drill program is underway at the new prospect in
order to define the extent of additional mineralisation. Initial proposed hole
locations are shown in Figure 1.
South Boulder Managing Director Lorry Hughes commenting on the new
discovery explained.
??This is a fantastic result, the exploration team has done an outstanding
job. This new prospect certainly will add significantly to an already world
class project. This new discovery has the potential to be more important
than the Colluli deposit in terms of startup operations as it is closer to the
ports. The geological setting and potash mineralisation appears very
similar to what we have defined at Colluli.
It is typical of evaporite deposits to be laterally extensive and to have
similar grades across the deposit, we see that in other parts of the basin.
South Boulder will continue to drill aggressively to define more shallow
potash and to understand how big the entire project is.??
The samples for Col-023 will be dispatched for laboratory analysis as soon
as possible and details on further exploration will be released as they come
to hand.