General Mining Corporation Completes Potash Targeted Drilling in Mongolia, Marketstock.com
The shallow structural drilling program targeting bedded potash by General Mining Corporation (ASX: GMM) in Mongolia, has been completed, with eight holes drilled by a combination of direct circulation rotary and down-hole hammer drilling to a maximum depth of 150 metres.
General Mining said no salt has been detected in drill cuttings at these shallow depths, with the geophysical logs still to be received in Australia.
These logs will be analysed together with other available information to provide General Mining with a better understanding of the geology of the area, and to identify priority locations for a deeper drilling program.
The project comprises five granted exploration licences covering more than 2000km2 within the Uvs Nuur Basin, prospective for bedded and domal potash deposits, as well as for lithium and potassium brines.
General Mining reported $3 million in cash at the end of the September quarter 2010.
General Mining stock price has plummeted 25% since the announcement.
Read announcement here