Ringbolt Successfully Completes First Drill Hole on Lisbon Valley Potash Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/03/11 -- Ringbolt Ventures Ltd. (the 'Company' or 'Ringbolt'), (TSX VENTURE: RBV)(FRANKFURT: 3OZ)(OTCQX: RNGTF) is pleased to announce that it has completed the first drill hole on its Lisbon Valley Potash Project in Utah.
Drill hole RBV-11-36A-1, on a state lease located on section 36, township 29.5 south and ranges 25 east in Utah, was drilled to a total depth of 3,449.7 feet. The Company used a combination of reverse circulation drilling and standard core drilling in the zones where potash mineralization was expected.
Reverse circulation drilling was carried out from surface to a depth of 2,474 feet, where the first drill core point was located. Core drilling was carried out from 2,474 feet to 2,728 feet. The drill then switched back to reverse circulation drilling from 2,728 feet to 3,374 feet to the second projected core point. The remainder of the hole was cored to the end of the hole at 3,449 feet.
Upon completion, a down-hole survey was performed. The survey included Gamma Ray/Temperature, Gamma Ray/Density, Gamma Ray/Neutron/3-Arm, Sonic log and Caliper logs. All sections of the core were geologically logged and sections of interest are being sent for detailed analyses.
'The initial phase of the Lisbon Valley drill program has been successful and we are delighted to announce that we are progressing as planned. It is a huge milestone for the company as all of our efforts over the last 3 years have led us to this point and it is a testament to our geological teams that drilling ran smoothly. I am delighted with our progress to date and our shareholders are also very pleased and excited about the results which will follow soon,' says Simon Tam, President of Ringbolt.
Potash was first discovered in the Paradox Basin in an oil and gas well in 1924. In 1962, Superior Oil Company drilled the first potash at the crest of the Lisbon Valley anticline. Since 1964, potash and by product salt have been produced from the Cane Creek mine. The Cane Creek mine was first owned and operated by Texas Gulf Sulphur, and is now owned and operated by Intrepid Potash Company. Potash was originally produced by underground mining and, in 1970, the mine was converted to solution mining. Solution mining has proven to be the ideal process in the project area because of the hot summers and low humidity. The mine has produced nearly continuously since 1964, and reportedly has a future mine life of 30 years.
About Ringbolt Ventures Ltd.
Ringbolt Ventures Lisbon Valley project consists of nine state mineral leases totalling 6,421 acres and applications for potash prospecting permits, totalling 24,640 acres. The project is located in San Juan County, Utah, within the Paradox Basin, a large sedimentary basin containing rocks of Pennsylvanian to Cretaceous age. The salt and potash beds are in the Pennsylvanian Paradox formation that is over 4,000 feet thick, with 29 separate cycles of salt, potash and clastic sediments. The potash beds are located near the top of the evaporate sequence and occur at depths of 3,000 to 4,800 feet in the project area.
Technical information in this news release has been reviewed by Derrick Strickland, P.Geo, a qualified person as defined in NI 43-101.
Ringbolt Ventures Ltd. - please visit www.ringboltventures.com.
On behalf of the Board of Directors
Simon Tam, President & Director
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This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.
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