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According to the Arizona Geological Survey, the basin contains 600 square miles of potash. It was explored by Duvall and Arkla development companies in the 1960s and 1970s respectively, but the mine was not developed because of the low potash prices at the time.
It is understood that PASSORT is actively exploring development opportunities and has already conducted potash exploration investment in some regions of interest, and has decided to sign a letter of intent for joint development with the Karlsson Group. The company has authorized the issuance of $2.49 million worth of stimulating stocks to company directors, employees and consultants for 32 cents per share for a period of 5 years.
US company restarts potash project
The US Passport Potash Corp. has recently reactivated its potash drilling project in the Holbrook Basin, Arizona. The company plans to drill 10 to 15 mines to further define the scope and grade of the potassium mines in the area. The information obtained by the drilling will be published in the Technical Report No. 43-101 of the National Project.