Caldera Resources Inc.: Potash Option at Cromer Cone Projectadmin
September 29, 2008 Filed Under: Diamond Mining, Potash Mining
Caldera Resources Inc. announce that it has negotiated an option over 100% of the potash rights on two Exploration Licences that are part of its Cromer Cone Project located in the East Pilbara region of Western Australia.
Mr. Ronald Winston is a 50% joint venture partner with Caldera in the Cromer Cone Project. The potash option right has been signed with South Boulder Mines Ltd which already has a land holding in the immediate area.
Caldera’s tenements consist of one granted exploration licence, E45/2562, and one exploration licence application, ELA45/2688, which are located immediately east and approximately 45kms east of South Boulder’s ELA45/3122.
To acquire the option, South Boulder will issue 200,000 of its shares, 100,000 to Caldera and 100,000 to Ronald Winston. Within 5 months, South Boulder can then elect to exercise the option by the issue of a further 400,000 shares (200,000 to Caldera and 200,000 to Ronald Winston). Caldera and Ronald Winston will jointly retain a royalty 1.25% gross FOB sales revenue per tonne of potash sold in respect of the Optioned Property.
The project is located in the Gibson Desert in Western Australia, approximately 400km east of Newman. The – 100 km2 of shallow lacustrine drainage on the tenements are considered prospective for Sulphate of Potash (K2SO4). Reward Minerals Ltd has defined a JORC resource to the west of South Boulder’s tenements and proposes to extract the potassium from sub-surface brines via a solar evaporation process.
South Boulder is in the process of organising site heritage surveys with the Western Desert Lands Aboriginal Corporation (WDLAC) as representatives of the Martu Traditional Owners of the area, so that on ground exploration can commence. New plans including this new exploration tenure have been submitted to WDLAC for inclusion in any plans.
South Boulder plans to conduct first past non-ground disturbing sampling of select parts of the drainage system once permission is given by WDLAC. If results are encouraging, South Boulder proposes to conduct further detailed exploration/evaluation in order to define a JORC compliant resource by the end of the year.
Caldera is engaged in diamond exploration in Australia. Three projects are located in the Pilbara region of northern Western Australia, one of which is joint ventured with Mr. Ronald Winston. The Company also has one project located adjacent to the Ellendale Lamproite Field in the Kimberley region of Western Australia. Caldera also has three base metal/gold projects in South Australia.