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IC Potash Corp
Symbol C : ICP
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IC Potash drills 5.75 ft of 91.2% polyhalite at Ochoa

2013-06-27 07:06 ET - News Release

Mr. Sidney Himmel reports

IC POTASH ANNOUNCES RESULTS OF PHASE 3 DRILL PROGRAM FOR OCHOA SULPHATE OF POTASH PROJECT IN NEW MEXICO

IC Potash Corp. has released results of the phase 3 drill program at its Ochoa sulphate of potash project in Lea county, New Mexico.

This drill program has confirmed the thickness and grades of polyhalite and has substantiated the Ochoa project's ore as accessible. The bed continues to exhibit consistent mineral and chemical compositions throughout. The phase 3 drill program was successfully completed with 12 exploration core holes during the period from Aug. 4, 2012, to March 24, 2013. The analytical data were completed in late May, 2013.

Core samples collected during phase 3 are being used in the company's pilot plant optimization work being conducted by HPD Inc. in connection with the feasibility study. The rock core is also being used to confirm rock mechanics necessary for preparation of the detailed mine plan.

ICP intends to prepare an updated mineral resources and reserves estimate for inclusion in the definitive feasibility study, the results of which are expected to be published during the third quarter.

Sidney Himmel, ICP president and chief executive officer, stated: "The successful outcome of our phase 3 drill program has served to continue supporting the fact that our Ochoa project is a long-life, high-quality asset capable of producing premium quality SOP from polyhalite at significantly lower costs than other prevailing SOP production methods. With our feasibility study on schedule to be completed during the third quarter, we look forward to sharing the detailed findings of the drill program, including a revised estimate of Ochoa's mineral resources and reserves."

Phase 3 drill program

All objectives of the drilling program were achieved, as summarized below:

  • Continue delineating polyhalite mineralization in the main resource area, which is the focus of ICP's feasibility study;
  • Collect sufficient core for processing methods optimization, and mine planning;
  • Conduct hydrologic testing of several stratigraphic horizons;
  • Obtain reconnaissance data in a separate unexplored prospect area.

A total of 18,747 feet of drilling were completed in phase 3. All holes were logged with petrophysical tools and abandoned by cementing the entire borehole. Recovery of 779 feet of six-inch-diameter core was obtained through the polyhalite zone of interest from the 11 holes in the main resource area. The polyhalite zone of interest includes, in addition to the polyhalite bed, halite and anhydrite that occurs above and below the polyhalite bed. Cores from above and below the polyhalite bed were used for geomechanical testing as well as geologic study.

     PHASE 3 DRILL HOLE SUMMARY OF MINERALOGY RESULTS FOR POLYHALITE BED

          Polyhalite zone    Thick-     Mineralogy (weight fraction %)
          Depth to  Depth to  ness  Polyhalite Anhydrite    Halite Magnesite
Hole ID        top      base   (ft)

ICP-083   1,407.35  1,412.50  5.15        89.0       2.5       2.9      5.7
ICP-084   1,370.65  1,376.00  5.35        89.3       2.4       2.9      5.4
ICP-085   1,410.25  1,415.77  5.52        85.7       3.0       3.1      8.2
ICP-086   1,481.74  1,487.00  5.29        90.6       1.9       1.7      4.3
ICP-087   1,477.40  1,483.50  6.10        90.3       2.7       2.2      4.8
ICP-088   1,506.89  1,511.65  4.76        90.8       2.1       2.5      4.5
ICP-089   1,515.20  1,520.80  5.60        85.2       2.7       5.8      6.3
ICP-090   1,447.58  1,453.33  5.75        91.2       1.5       2.7      4.5
ICP-092   1,516.63  1,521.91  5.28        88.5       4.9       1.4      5.2
ICP-093   1,492.85  1,497.72  4.87        90.0       2.3       2.2      5.6
ICP-095        n/a       n/a   n/a         n/a       n/a       n/a      n/a
ICP-097   1,506.75  1,511.80  5.05        76.0       7.2       7.3      9.1

A reconnaissance hole (ICP-095) was drilled in an unexplored area about 15 miles east of the main resource area. The hole did not encounter polyhalite.

With the completion of phase 3, the company now has drilled, cored and analyzed 31 holes in the main resource area. The results of phase 3 are similar to the 20 core holes drilled in phase 1 and phase 2, which continue to characterize mineralization as a single polyhalite bed composed predominantly of polyhalite with subordinate amounts of anhydrite, magnesite and halite.

All scientific and technical disclosures in this press release have been prepared under the supervision of Terre Lane, an employee of ICP who is a qualified person within the meaning of National Instrument 43-101.

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