Colluli Potash Project Update

South Boulder Mines Ltd (ASX; STB) is pleased to report that assay results from diamond drilling have returned further high grade potash from the Colluli Area A potash deposit. The results from another two holes within the current JORC/43-101 compliant Mineral Resource Estimate area, continue to confirm the robust nature of the deposit (Figure 1).

                                                                                                    

Hole Col-015 intersected a total thickness of 17.53m of potash with a combined grade of 17.31% KCl including;

2.12m of sylvinite @ 19.31% KCl from 62.98m;

9.10m of kainitite @ 21.39% KCl from 82.24m includes;

6.22m of kainitite @ 23.37% KCl from 85.12m.

Hole Col-017 intersected a total thickness of 22.03m of potash with a combined grade of 21.97% KCl including;

7.60m of sylvinite @ 30.01% KCl from 45.95m includes;

4.93m of sylvinite @ 37.20% KCl from 48.62m;

1.70m of kainitite @ 25.78% KCl from 53.55m;

7.32m of kainitite @ 22.10% KCl from 60.66m.

The results will be included in an upgraded Mineral Resource Estimate for the Area A deposit (Table 1) which will be used as the basis for the current engineering scoping study due to be complete in the September quarter.

The highly encouraging Area B Discovery will be included in the definitive feasibility study to follow.

The engineering scoping study is being completed by a multi-disciplinary technical team that is highly experienced in potash, mining and environmental assessment. Definitive feasibility study activities commenced or completed include;

Initial JORC/43-101 Mineral Resource Estimate (complete);

Determination of initial open pit design parameters (complete);

Metallurgical processing route testwork (underway);

Design of the hydrogeological assessment program and model parameters for surface and groundwater (underway);

Port, coastal and transport options evaluation field trip and report (complete);

Environmental, social impact and archaeological survey planning (underway);

Collection of environmental and local climate data (underway);

Marketing study for MOP and SOP production/sales (underway).

Drilling is continuing and details on further exploration results and feasibility study activity will be released as they come to hand. 

                                                                                       

Hole No.

East (m)

North (m)

RL (m)

Azi. (degr.)

Dip (degr.)

E.O.H.

From

To

Interval (m)

KCl (%)

Comment

Col-001

644810

1589031

-115

000

-90

141.30

59.17

67.80

8.63

21.09

Sylvinite and Carnallite

INCLUDES

59.17

61.13

1.96

25.72

Sylvinite

INCLUDES

63.37

67.80

4.43

27.25

Sylvinite and Carnallite

INCLUDES

63.85

65.20

1.35

39.07

Sylvinite

83.78

103.48

19.70

16.36

Lower Carnallite and Kainitite

INCLUDES

94.17

103.48

9.31

19.73

Kainitite

Col-002

644817

1591488

-113

000

-90

40.60

Abandoned

Col-002B

644806

1591484

-114

000

-90

90.10

56.35

81.01

24.66

16.04

Lower Carnallite and Kainitite

INCLUDES

62.71

67.60

4.89

20.38

Lower Carnallite

INCLUDES

76.60

80.37

3.77

21.85

Kainitite

Col-003

641614

1591197

-122

000

-90

120.82

No samples taken, results to be reviewed

Col-004

642900

1590970

-116

000

-90

73.60

28.68

36.40

7.72

24.92

Sylvinite

INCLUDES

32.96

36.40

3.44

43.48

Sylvinite

48.55

63.34

14.79

15.86

Lower Carnallite and Kainitite

INCLUDES

55.60

62.80

7.20

22.10

Kainitite

INCLUDES

58.60

62.80

4.20

24.47

Kainitite

Col-005

642975

1595149

-114

000

-90

141.00

No samples taken, hole to be deepened

Col-006

643853

1589912

-119

000

-90

91.60

48.00

48.77

0.77

23.40

Sylvinite

51.12

54.56

3.44

34.31

Sylvinite

INCLUDES

51.59

54.56

2.97

35.65

Sylvinite

54.56

55.60

1.04

20.19

Upper Carnallite

70.60

77.76

7.16

11.53

Lower Carnallite

77.76

87.49

9.73

18.90

Kainitite

Col-007

643708

1591828

-117

000

-90

60.10

24.98

25.37

0.39

19.35

Sylvinite

38.29

45.39

7.10

13.65

Lower Carnallite

45.39

54.71

9.32

18.43

Kainitite

Col-007B

643710

1591845

-117

000

-90

27.10

Stratigraphic hole, no samples taken

Col-008

642696

1592083

-120

000

-90

52.60

22.22

24.74

2.52

38.79

Sylvinite

36.53

40.21

3.68

13.80

Lower Carnallite

40.21

48.42

7.45

20.57

Kainitite

Col-009

643367

1593178

-113

000

-90

40.60

23.98

24.63

0.65

42.00

Sylvinite

24.82

27.72

2.90

15.60

Lower Carnallite

27.72

36.55

8.83

16.97

Kainitite

 

Hole No.

East (m)

North (m)

RL (m)

Azi. (degr.)

Dip (degr.)

E.O.H.

From

To

Interval (m)

KCl (%)

Comment

Col-010

644278

1592455

-118

000

-90

60.60

23.65

24.98

1.33

37.35

Sylvinite

28.11

39.60

11.49

14.66

Lower Carnallite

39.60

54.60

15.00

15.55

Kainitite

Col-011

645288

1589934

-119

000

-90

93.10

63.98

76.43

12.45

14.43

Lower Carnallite

INCLUDES

71.30

74.87

3.57

19.68

Lower Carnallite

76.43

88.45

12.02

14.90

Kainitite

INCLUDES

85.16

88.45

3.29

19.90

Kainitite

Col-012

645881

1588680

-112

000

-90

106.60

81.56

90.64

9.08

16.08

Lower Carnallite

90.64

102.74

12.10

14.81

Kainitite

Col-013

642179

1592673

-118

000

-90

37.60

24.56

25.75

1.19

12.56

Sylvinite

29.07

30.56

1.49

11.05

Lower Carnallite

32.65

33.78

1.13

21.20

Kainitite

Col-014

642986

1593545

-117

000

-90

34.60

19.60

29.45

9.85

16.17

Kainitite

#Col-015

643596

1589355

-115

000

-90

94.60

62.98

65.10

2.12

19.31

Sylvinite

75.93

82.24

6.31

10.76

Lower Carnallite

82.24

91.34

9.10

21.39

Kainitite

INCLUDES

85.12

91.34

6.22

23.37

Kainitite

Col-016

643683

1593710

-115

000

-90

28.60

18.09

24.10

6.01

18.32

Kainitite

#Col-017

642638

1590227

-118

000

-90

72.10

45.95

53.55

7.60

30.01

Sylvinite

INCLUDES

45.95

46.91

0.96

31.59

Sylvinite

INCLUDES

48.62

53.55

4.93

37.20

Sylvinite

53.55

55.25

1.70

25.78

Kainitite

55.25

60.66

5.41

9.29

Lower Carnallite

60.66

67.98

7.32

22.10

Kainitite

Col-018

642104

1590740

-116

000

-90

55.60

Assays awaited, approximate thickness 2.50m

Col-019

642356

1589817

-125

000

-90

61.00

-

-

-

-

No samples taken

Col-019B

642391

1589841

-125

000

-90

80.00

-

-

-

-

No samples taken

Col-020

643114

1589559

-102

000

-90

147.00

-

-

-

-

No samples taken

Col-021A

646281

1588298

-112

000

-90

51.00

-

-

-

-

Collapsed hole, no samples taken

Col-021B

646170

1588388

-112

000

-90

117.10

Assays awaited, approximate thickness 29.19m

Col-22

646155

1589549

-117

000

-90

85.60

-

-

-

-

No samples taken, hole to be deepened

99
-