Idaho phosphate deposits revised upward
Stonegate Agricom Ltd. announced assay results for an additional five drill holes of the Lower Phosphate Zone (LPZ) at its Paris Hills Phosphate Project in Idaho show larger than previously reported mineralized phosphate deposits.
The LPZ assay results were issued out of Toronto last week. Holes drilled in areas between previously drilled holes confirm mineralization continuity, and projections are that areas to the north of drilled areas are an extension of the previously known mineralized phosphate.
"The assay results from our latest diamond drill holes at the Paris Hills LPZ show the high-grade mineralized area covers more of the property than previously included in measured and indicated resource estimates announced in a news release dated March 26, 2012,” said Mark Ashcroft, president and chief executive officer. “Grades and thicknesses are consistent with ranges previously published for the deposit."
Ashcroft continued, “Estimates will likely generate a revised mineral reserve estimate and longer estimated mine life when the mine plan is updated for the bankable feasibility study that is planned for release by the end of 2012.
"Another positive feature of these latest drilling results is that the deposit remains open to the north, leaving open the possibility for the company to engage in future additional exploration drilling in a northern direction and thereby potentially adding further to the known mineralized phosphate deposit area for the LPZ."
Overall the LPZ drilling has indicated assay results of P2O5 grades range from 24.5 percent to 34.5 percent and phosphate bed thicknesses ranging from 1.1 to 2.7 meters, according to the company announcement.