Nordic Announces Option of Potash Permits on Saskatchewan-Alberta Border
09 July 2008 - 4:07AM
Marketwired Canada
Nordic Diamonds Ltd. (TSX VENTURE:NDL) ("Nordic") announces that it has signed a
option with Grizzly Diamonds Ltd. ("Grizzly") to acquire a land position in
southeast Alberta for potash. The Teddybear-2 Property (the "Property") totals
50,000 acres located 50 km northeast of Medicine Hat, Alberta along the
Saskatchewan border and is road accessible year round.
Previous exploration for potash in this region of Alberta was completed in the
1940-1950's. A large portion of the Property is located in close proximity to
areas reported to be underlain by potash bearing beds within the uppermost
portion of the Prairie Evaporite Formation. The presence of potash beds within
the upper portion of the Prairie Evaporite in east-central Alberta near and
along the Saskatchewan border is indicated by geological maps produced by the
Alberta and Saskatchewan governments. This under explored area of Alberta is
currently becoming very active for potash exploration.
In addition, the Property is located south of a reported occurrence of potash
minerals in a deep well (VCO #15) in the Vermilion area of east-central Alberta.
The author reporting the occurrence suggests that the potash mineral "sylvite
exists in substantial quantities" "throughout the first 50 feet of the Prairie
Evaporite" (Golden, B.Sc., 1965) and that the potash minerals "are of the same
composition and depositional sequence and depth as the potash at Unity and
Saskatoon, Saskatchewan", currently the location of a number of potash mines.
The reported occurrence of potash minerals is at a depth of approximately 1,061
m below surface.
Under the terms of the agreement with Grizzly, Nordic can earn into an initial
undivided 51% on the following terms:
- $25,000 cash on signing
- 200,000 common shares of Nordic upon regulatory approval
- incurring a total of $2,000,000 of exploration expenditures before September
1, 2009 including one drill hole to test the Prairie Evaporite Horizon.
Nordic can elect to increase its interest in the Property to an undivided 70%
interest by carrying Grizzly to a pre-feasibility study on or before September
1, 2011.
Nordic has initiated a detailed compilation with Grizzly of all historic
exploration, including oil and gas drilling, and seismic data for the permits
leading to a National Instrument 43-101 ("NI 43-101") technical report. All
field programs are being conducted under the supervision of Michael Dufresne, P.
Geol., a principal of APEX Geoscience Ltd. ("APEX") and a Qualified Person under
NI 43-101.
This news release and the information contained herein has been reviewed by
Michael Dufresne, P. Geol., a principal of APEX Geoscience Ltd. and a Qualified
Person under NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
NORDIC DIAMONDS LTD.
Alvin Jackson, P.Geo, Chairman and CEO
Certain information presented in this release may constitute "forward-looking
statements" within the meaning of the US Private Securities Litigation Reform
Act of 1995. Such forward-looking statements are based on numerous assumptions,
and involve known and unknown risks, uncertainties and other factors, including
risks inherent in mineral exploration and development, which may cause the
actual results, performance, or achievements of the Company to be materially
different from any projected future results, performance, or achievements
expressed or implied by such forward-looking statements.
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