Raytec Metals Corp. to Begin 2D Seismic Survey on KP441 Potash Claimadmin
Monday, August 25th 2008
Raytec Metals Corp. has engaged the services of Kinetex Inc., a subsidiary of FirstGrowth-EDS, to conduct 2-D seismic work on its Saskatchewan KP441 potash claim in advance of a proposed phase one drill program.
The Company recently received its exploration permits on the KP441 and KP452 potash claims, covering 91,549 acres, from the Saskatchewan Ministry of Energy and Mines. In June 2008, a NI43-101 compliant resource was established on the southwest portion of the KP441 claim using data from two historic holes drilled by Canadian Exploration Ltd. in 1969. The resource estimation, which covers approximately 17% of claim KP441, includes a net recoverable indicated resource of 12.49 million metric tonnes of K2O and a net recoverable inferred resource of 12.24 million metric tonnes of K2O. The technical report is available for viewing at www.sedar.com.
To confirm the quality, quantity and extent of the potash mineral resources within the KP441 claim, the technical report recommended that the Company acquire available existing 2-D reflection seismic trade data to confirm the continuity of the various Prairie Evaporite members as well as undertake a 2-D reflection seismic survey over the entire KP441 permit area. Reflection seismic surveys offer the Company a way of determining the lateral extent of the potash beds as well as providing geological data warning of potential anomalies that could affect future drilling and mining operations.
The seismic survey is scheduled to commence in the upcoming weeks and will take approximately 2 months to be conducted with all data processed. Raytec intends to follow up this initial 2-D survey work with a 3-D seismic survey to further investigate the lithology and volumetrics of the potash mineralization within its permit area. Successful completion of this work will lead to the design and commencement of a phase one drill program focussed to expanding the current potash resource.
States Brian Thurston, President of Raytec: “With the receipt of our NI43-101 resource and exploration permit, all the pieces of our story are falling neatly into place and I’m pleased with the pace at which this has occurred. We are focused on accelerating shareholder value at this point by immediately commencing work that will lead to the expansion of our existing potash resource.”
The company is also awaiting the receipt of additional exploration permits on its KP455, KP466, KP467 and KP468 potash claim applications (contiguous with the KP441 potash claim) in south-central Saskatchewan. It has also made an application for the KP500 potash claim block located directly southwest of the Company’s KP441 potash disposition which lies within an area of influence to the recently announced NI43-101 resource estimate. In total, the pending applications cover 207,360 acres. The company anticipates that these new applications will be granted in the upcoming weeks and will be making announcements as each is received.
Mr. Howard Cummer was recently added to Raytec’s advisory board announced in a press release on August 19, 2008. He held the position of Vice President and Managing Director of Canpotex Hong Kong Limited between 1994 and 2006. The Company would like to correct that it mistakenly announced Mr. Cummer as having a PhD degree. Mr. Cummer in fact earned a Masters degree from the University of Western Ontario before pursuing post-graduate studies at the London School of Economics.
The technical content in this news release has been reviewed by Wayne J. Roberts, P.Geo., a director of Raytec and a qualified person as defined by National Instrument 43-101.
Raytec Metals Corp. is a dynamic Canadian exploration Company focused on the exploration and commercialization of potash in Saskatchewan, Canada – the largest producing region for potash in the world. The company has been permitted to prospect 91,549 acres with 207,360 acres still pending. The Company’s potash claims are located near two world-class potash mines that have been in production since the 1960s and are also directly positioned adjacent to claims held by BHP Billiton. The Company also holds iron ore projects in Ontario and uranium projects in the Athabasca Basin of Saskatchewan. Active work programs are planned for all projects in the fall of 2008.