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Message: Athabasca Potash Inc.: Update on Assay Results

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Athabasca Potash Inc.: Update on Assay Results

posted on Feb 21, 08 04:36AM

SASKATOON, SASKATCHEWAN--(Marketwire - Feb. 19, 2008) - Athabasca Potash Inc. ("Athabasca") (TSX:API) is pleased to provide the assay results from the 5 potash wells drilled in the fall of 2007 on its wholly-owned Burr Project, located 13.5 kilometres north of the Lanigan potash mine, and 26 kilometres from the town of Lanigan.

For a map of 2007 Drill Hole and Historic Drill Hole Locations and Appropriate Area of Favourable Exploration click here: http://media3.marketwire.com/docs/21...

The split core samples from the 5 potash wells were analyzed at the accredited Geoanalytical Laboratory of the Saskatchewan Research Council (SRC) in Saskatoon. The Geoanalytical Laboratory has been certified by the Standards Council of Canada (SCC) to conform with the requirements of ISO/IEC 17025:2005 (CAN-P-4E).

The following table shows the significant potash intersections in each drill hole and are reported using a 15% K2O cut-off as was used and documented in the NI 43-101 Technical Report for a Resource Estimation on the Burr Project and Review of Other Permitted Areas for Athabasca Potash Inc. Saskatchewan Canada, September 19, 2007 (available @ www.sedar.com or www.athabascapotash.ca) (the "Technical Report"). The individual assay results that are included in the summarized intervals below are included in a table at the end of this release.




List of Grade Intersections by 2007 Drill Hole for the Upper and Lower
Patience Lake Sub-Members and Belle Plaine Member


----------------------------------------------------------------------------
                             Thickness
                                    of                     Acid       Water
             From      To Intersection    K2O   MgO  Insolubles  Insolubles
               (m)     (m)          (m) (wt %)(wt %)      (wt %)      (wt %)
----------------------------------------------------------------------------


                       Upper Patience Lake Sub-member
Burr
 9-29      918.00  922.59         4.59  26.85  0.12          NA          NA
Burr
 1-17      955.66  963.07         7.41  23.63  0.08          NA        6.04
Burr
 16-24     945.22  950.00         4.78  24.98  0.08          NA        7.11
Burr
 13-21     933.68  937.95         4.27  20.80  0.08          NA        5.43
Burr
 13-23(1)  957.65  959.25         1.60  13.75  0.08          NA          NA


                       Lower Patience Lake Sub-member
Burr
 9-29      927.87  931.45         3.58  25.97  0.11          NA        5.63
Burr
 1-17      965.83  970.60         4.77  22.64  0.10          NA        6.83
Burr
 16-24     955.14  959.10         3.96  22.76  0.07          NA        6.68
Burr
 13-21     940.20  943.73         3.53  No Significant Grades to Report
Burr
 13-23(1)  960.54  963.88         3.34  No Significant Grades to Report


                            Belle Plaine Member
Burr
 9-29      942.33  946.19         3.86  No Significant Grades to Report
Burr
 1-17      980.48  984.28         3.80  18.48  0.09          NA        5.25
Burr
 16-24     969.48  973.55         4.07  22.70  0.08          NA        3.44
Burr
 13-21     961.22  977.02        15.80  No Significant Grades to Report
Burr
 13-23(1)  976.24  980.08         3.84  No Significant Grades to Report
----------------------------------------------------------------------------
(1) refer to leach anomaly below

Localized carnallite-rich areas are common in the potash deposits of Saskatchewan. Carnallite has been identified by 2-D and 3-D seismic surveys at other Saskatchewan mines and this is still being studied at the Burr Project. In 2006, Athabasca completed some 2-D seismic survey lines that identified two areas of potential carnallite mineralization. One of the 2007 potash wells, Burr 13-21, was drilled to test one of these areas for carnallite and to help refine the seismic interpretation of carnallite presence. Burr 13-21 did find carnallite present in both the Lower Patience Lake Sub-member and the Belle Plaine Member but not in the Upper Patience Lake Sub-member, which verifies the interpretation of the 2-D seismic survey. With this information, and a 3-D seismic survey completed in December 2007 Athabasca is able to define and exclude the area of carnallite mineralization and focus future testing on other areas of potential potash mineralization and more productive ground.

Burr 13-23 encountered a localized leached anomaly. The drill hole encountered only low grade sylvinite mineralization and the carnallite content was low. Leached anomalies are commonly found in other potash mines as described by Mackintosh and McVittie in Potash Technology (Edited by R.M. McKercher and published by Pergammon Press, 1983) "Leached zones are characterized by partial or complete absence of sylvite in what is otherwise a normal, continuous stratigraphic sequence. Shale beds are continuous, but ore beds are distinctly thinner than normal. Thinning is proportional to sylvite deficiency." "Leached zones generally are circular or oval in plan, and saucer shaped in section. They range in diameter from a few meters to as much as 400 meters, but a few are linear, being up to 20 m wide and greater than 1600 m long. They occur randomly throughout the mine but can occur on the edge of complex collapse structures."

The 2007 potash wells have encountered stable overlying rocks and thick Salt Back for the Lower Patience Lake Sub-member as summarized in the following table. Mechanical testwork is being completed on some samples of the overlying bedrock.




Depth to Bottom of 2nd Red Bed and Thickness of Salt Back, Members and
Interbed Salts in 2007 API Drill Holes, All units are in metres


----------------------------------------------------------------------------
----------------------------------------------------------------------------
              Depth  Salt     Upper     Upper     Upper  Interbed     Lower
                 to  Back  Patience  Patience  Patience     Salts  Patience
             Bottom            Lake      Lake      Lake                Lake
             of 2nd            Sub-      Sub-      Sub-                Sub-
                Red          Member    Member    Member              Member
                Bed


              Depth    (m)   Top (m)   Bottom        (m)       (m)   Top (m)
                 (m)                       (m)
----------------------------------------------------------------------------


Burr 9-29    913.28  4.72    918.00    922.59      4.59      9.87    927.87
Burr 1-17    946.70  8.96    955.66    963.07      7.41     10.17    965.83
Burr 16-24   937.07  8.15    945.22    950.00      4.78      9.92    955.14
Burr 13-21   928.07  5.61    933.68    937.95      4.27      6.52    940.20
Burr 13-23   949.98  7.67    957.65    959.25      1.60      2.89    960.54
----------------------------------------------------------------------------
----------------------------------------------------------------------------



----------------------------------------------------------------------------
----------------------------------------------------------------------------
                          Lower     Lower  Interbed   Belle   Belle   Belle
                       Patience  Patience     Salts  Plaine  Plaine  Plaine
                           Lake      Lake            Member  Member  Member
                           Sub-      Sub-
                         Member    Member


                         Bottom        (m)       (m) Top (m) Bottom      (m)
                             (m)                                 (m)
----------------------------------------------------------------------------


Burr 9-29                931.45      3.58     10.88  942.33  946.19    3.86
Burr 1-17                970.60      4.77      9.88  980.48  984.28    3.80
Burr 16-24               959.10      3.96     10.38  969.48  973.55    4.07
Burr 13-21               943.73      3.53         -       -       -       -
Burr 13-23               963.88      3.34     12.36  976.24  980.08    3.84
----------------------------------------------------------------------------
----------------------------------------------------------------------------


Note: For the purposes of this release the Salt Back is considered to
      include the Upper Patience Lake Sub-member and the Interbed Salts of
      Upper and Lower Patience Lake Sub-members.

The geological setting and favourable mineralization shown at the Burr Project are consistent with characteristics of existing Saskatchewan potash mines. "We expect this13-23 hole to be treated as a localized anomaly that will not materially impact the resource tonnage attributable to neighbouring holes Burr-01 and Burr16-24 in the pending resource estimate. With a 14% deduction for mining level anomalies and a 40% mining extraction ratio, we are very pleased with the exploration results in the focused mine plan areas, including where a 3-D seismic survey has been completed in late December, 2007" states Dawn Zhou, President and Chief Executive Officer.

As recommended in the Technical Report, Athabasca has sent core samples from the historical potash wells for analysis at an assay lab to corroborate the historical analysis results. These results are still pending.

Athabasca has also sent duplicates of the core samples from the 2007 potash wells to another assay lab (SGS-Lakefield Laboratory) to verify analysis completed by the Geoanalytical Laboratory of the SRC. The results of these samples are still pending.

When Athabasca receives the analytical results for the historical drill core and the check analysis results for the 2007 drill holes, a new mineral resource estimate for the project will be commissioned.

Susan Lomas, P.Geo. of Lions Gate Geological Consulting Inc (LGGC), is the Qualified Person (as defined by National Instrument 43-101) for this press release and has reviewed the results as reported in the tables above.

Athabasca Potash Inc. was founded with a goal of establishing itself as a pre-eminent Canadian public company engaged solely in potash exploration and development, and to provide its shareholders with a unique investment opportunity focused entirely on potash.

Further information on Athabasca and the Burr Project is available on its website @ www.athabascapotash.ca.

The following table includes the assay results that are included in the summarized intervals in this press release.




----------------------------------------------------------------------------
                                                                      Water
                                                     K2O     MgO  Insoluble
HoleID       Depth       To   Width   Sample  Zone  wt %    wt %          %
                (m)      (m)     (m)       #
----------------------------------------------------------------------------
Burr 9-29   918.00   918.86    0.86    78403   UPL    24   0.138         NA
Burr 9-29   918.86   919.44    0.58    78404   UPL    38   0.116         NA
Burr 9-29   919.44   919.75    0.31    78405   UPL  27.2   0.159         NA
Burr 9-29   919.75   920.09    0.34    78406   UPL  31.9   0.086         NA
Burr 9-29   920.09   920.40    0.31    78407   UPL  35.2   0.077         NA
Burr 9-29   920.40   921.10    0.70    78408   UPL  26.6    0.14         NA
Burr 9-29   921.10   921.54    0.44    78409   UPL  18.5    0.09         NA
Burr 9-29   921.54   921.81    0.27    78410   UPL  26.3   0.102         NA
Burr 9-29   921.81   922.05    0.24    78411   UPL  7.64   0.207         NA
Burr 9-29   922.05   922.59    0.54    78412   UPL  27.2   0.087         NA


Burr 9-29   927.87   928.40    0.53    78423   LPL  32.1   0.083       2.18
Burr 9-29   928.40   928.75    0.35    78424   LPL  19.1   0.202      17.51
Burr 9-29   928.75   929.32    0.57    78425   LPL  36.6   0.099       4.99
Burr 9-29   929.32   929.74    0.42    78426   LPL  24.9   0.086       3.99
Burr 9-29   929.74   930.23    0.49    78427   LPL  20.3   0.061       1.22
Burr 9-29   930.23   930.80    0.57    78428   LPL  15.8   0.159       9.46
Burr 9-29   930.80   931.09    0.29    78429   LPL    28   0.072       1.95
Burr 9-29   931.09   931.45    0.36    78430   LPL  30.2   0.119       4.99


Burr 9-29   942.33   942.95    0.62    78434    BP  12.7    12.2         NA
Burr 9-29   942.95   943.15    0.20    78435    BP  11.8    13.2         NA
Burr 9-29   943.15   944.50               NS    BP
Burr 9-29   944.50   944.70    0.20    78436    BP  11.9    11.2         NA
Burr 9-29   944.70   946.19               NS    BP


Burr 1-17   955.66   956.00    0.34    83907   UPL  16.3   0.032       0.65
Burr 1-17   956.00   956.50    0.50    83908   UPL  27.9   0.049       1.53
Burr 1-17   956.50   957.00    0.50    83909   UPL  22.3   0.089      10.04
Burr 1-17   957.00   957.50    0.50    83910   UPL  32.5   0.073       5.73
Burr 1-17   957.50   958.00    0.50    83911   UPL  34.3   0.046       1.44
Burr 1-17   958.00   958.36    0.36    83912   UPL  33.3   0.056        3.6
Burr 1-17   958.36   958.52    0.16    83913   UPL  11.4   0.184       33.1
Burr 1-17   958.52   958.88    0.36    83914   UPL  29.7   0.072       7.35
Burr 1-17   958.88   959.30    0.42    83915   UPL  26.7   0.106       11.5
Burr 1-17   959.30   959.50    0.20    83916   UPL  21.4   0.055       1.25
Burr 1-17   959.50   959.59    0.09    83917   UPL  30.2   0.033       0.39
Burr 1-17   959.59   960.32    0.73    83918   UPL  18.6   0.113      11.34
Burr 1-17   960.32   960.79    0.47    83919   UPL  21.5   0.072       3.73
Burr 1-17   960.79   961.05    0.26    83920   UPL   4.6   0.089       6.04
Burr 1-17   961.05   961.38    0.33    83921   UPL   5.4   0.064       0.85
Burr 1-17   961.38   962.04    0.66    83922   UPL  17.9    0.09       7.85
Burr 1-17   962.04   962.35    0.31    83923   UPL  28.9   0.079        5.4
Burr 1-17   962.35   962.88    0.53    83924   UPL    34   0.048       0.83
Burr 1-17   962.88   963.07    0.19    83925   UPL    15   0.134       8.69


Burr 1-17   965.83   966.21    0.38    83932   LPL  35.4   0.099       4.46
Burr 1-17   966.21   966.61    0.40    83933   LPL  14.3   0.159      11.87
Burr 1-17   966.61   967.06    0.45    83934   LPL  13.5   0.071       1.62
Burr 1-17   967.06   967.40    0.34    83935   LPL  24.7   0.058       1.42
Burr 1-17   967.40   967.68    0.28    83936   LPL  39.7   0.048        2.2
Burr 1-17   967.68   968.05    0.37    83937   LPL  22.5   0.089       5.95
Burr 1-17   968.05   968.39    0.34    83938   LPL  16.1   0.053       1.26
Burr 1-17   968.39   968.81    0.42    83939   LPL  9.27   0.159      13.45
Burr 1-17   968.81   969.10    0.29    83940   LPL  18.2    0.07        3.7
Burr 1-17   969.10   969.28    0.18    83941   LPL  38.9   0.026       0.99
Burr 1-17   969.28   969.71    0.43    83942   LPL  39.9   0.085       4.48
Burr 1-17   969.71   969.85    0.14    83943   LPL  7.62   0.567      44.05
Burr 1-17   969.85   970.05    0.20    83944   LPL  18.7   0.041       1.93
Burr 1-17   970.05   970.29    0.24    83945   LPL  14.2   0.109      11.65
Burr 1-17   970.29   970.50    0.21    83946   LPL  25.2   0.084       4.29
Burr 1-17   970.50   970.60    0.10    83947   LPL  25.8   0.193      25.97


Burr 1-17   980.48   980.93    0.45    83950    BP  22.5   0.105      12.09
Burr 1-17   980.93   981.69    0.76    83951    BP  12.6   0.117        5.5
Burr 1-17   981.69   982.13    0.44    83952    BP  35.5   0.052       1.04
Burr 1-17   982.13   982.51    0.38    83953    BP  21.4    0.08       3.71
Burr 1-17   982.51   982.94    0.43    83954    BP    21   0.051       0.73
Burr 1-17   982.94   983.36    0.42    83955    BP  5.14   0.053       0.34
Burr 1-17   983.36   984.09    0.73    83956    BP  17.9   0.108       6.27
Burr 1-17   984.09   984.28    0.19    83957    BP  13.2   0.185      17.95


Burr 16-24  945.22   945.78    0.56    80204   UPL  20.8   0.042        0.6
Burr 16-24  945.78   946.12    0.34    80205   UPL  29.1   0.057       2.54
Burr 16-24  946.12   946.74    0.62    80206   UPL  31.4   0.076       9.02
Burr 16-24  946.74   946.89    0.15    80207   UPL  30.7   0.084      10.47
Burr 16-24  946.89   947.60    0.71    80208   UPL  29.1   0.086       8.79
Burr 16-24  947.60   948.00    0.40    80209   UPL  27.6    0.08        6.8
Burr 16-24  948.00   948.48    0.48    80210   UPL  23.9   0.073       5.98
Burr 16-24  948.48   948.84    0.36    80211   UPL  22.2   0.044       1.14
Burr 16-24  948.84   949.32    0.48    80212   UPL  22.5   0.123      15.35
Burr 16-24  949.32   949.50    0.18    80213   UPL   8.8   0.148      27.08
Burr 16-24  949.50   950.00    0.50    80214   UPL  20.5   0.059       2.26


Burr 16-24  955.14   955.54    0.40    80222   LPL  23.7   0.083       9.75
Burr 16-24  955.54   955.83    0.29    80223   LPL  31.8   0.046       3.02
Burr 16-24  955.83   956.05    0.22    80224   LPL  19.7   0.225      29.13
Burr 16-24  956.05   956.50    0.45    80225   LPL  28.6   0.082       9.25
Burr 16-24  956.50   957.48    0.98    80226   LPL  27.1   0.046       2.73
Burr 16-24  957.48   958.08    0.60    80227   LPL  17.8   0.096       7.72
Burr 16-24  958.08   958.50    0.42    80228   LPL  18.3   0.066       5.01
Burr 16-24  958.50   959.10    0.60    80229   LPL  15.5   0.054       2.84


Burr 16-24  969.48   969.93    0.45    80233    BP  27.1   0.063       2.99
Burr 16-24  969.93   970.18    0.25    80234    BP  19.3   0.224      18.82
Burr 16-24  970.18   970.48    0.30    80235    BP  28.4   0.056       0.93
Burr 16-24  970.48   971.40    0.92    80236    BP  31.6   0.044       0.77
Burr 16-24  971.40   971.94    0.54    80237    BP  28.9   0.064       2.42
Burr 16-24  971.94   973.04    1.10    80238    BP  11.2   0.082       2.24
Burr 16-24  973.04   973.55    0.51    80239    BP  19.3   0.095       6.22


Burr 13-21  933.68   934.02    0.34    84203   UPL  32.4   0.072       4.95
Burr 13-21  934.02   934.40    0.38    84204   UPL  33.9   0.037       0.28
Burr 13-21  934.40   934.90    0.50    84205   UPL  26.6   0.068       2.77
Burr 13-21  934.90   935.25    0.35    84206   UPL  15.1   0.121       11.7
Burr 13-21  935.25   935.45    0.20    84207   UPL  24.8   0.075       4.47
Burr 13-21  935.45   935.76    0.31    84208   UPL  8.32   0.092       7.32
Burr 13-21  935.76   936.23    0.47    84209   UPL  5.91   0.062       0.45
Burr 13-21  936.23   936.48    0.25    84210   UPL  4.87   0.106        6.8
Burr 13-21  936.48   936.92    0.44    84211   UPL  15.6   0.097       9.22
Burr 13-21  936.92   937.15    0.23    84212   UPL  27.9    0.04       0.38
Burr 13-21  937.15   937.48    0.33    84213   UPL  26.5   0.111        9.3
Burr 13-21  937.48   937.70    0.22    84214   UPL  41.6   0.034       0.71
Burr 13-21  937.70   937.95    0.25    84215   UPL  14.4   0.139      13.88


Burr 13-21  940.20   940.85    0.65    84216   LPL  8.61    4.83       6.96
Burr 13-21  940.85   941.39    0.54    84217   LPL  14.5      13       0.26
Burr 13-21  941.39   941.79    0.40    84218   LPL  14.5      13       0.25
Burr 13-21  941.79   942.03    0.24    84219   LPL  12.6    10.7       3.21
Burr 13-21  942.03   942.13    0.10    84220   LPL  5.01    3.05      17.79
Burr 13-21  942.13   943.00    0.87    84221   LPL  11.4    8.61        3.3
Burr 13-21  943.00   943.73    0.73    84222   LPL  13.7    12.1       0.34


Burr 13-23  957.65   957.95    0.30    84023   UPL  23.5   0.073         NA
Burr 13-23  957.95   958.52    0.57    84024   UPL  2.25   0.079         NA
Burr 13-23  958.52   958.75    0.23    84025   UPL  17.5    0.11         NA
Burr 13-23  958.75   959.25    0.50    84026   UPL  19.3   0.076         NA


Burr 13-23  960.54   961.25    0.71    84030   LPL   8.3   0.116         NA
Burr 13-23  961.25   962.32    1.07    84031   LPL  2.44   0.051         NA
Burr 13-23  962.32   962.43    0.11    84032   LPL  1.53   0.062         NA
Burr 13-23  962.43   963.18    0.75    84033   LPL  2.18   0.053         NA
Burr 13-23  963.18   963.88    0.70    84034   LPL  1.13   0.068         NA

Caution Regarding Forward-Looking Statements

Certain of the statements made and information contained herein is "forward-looking information" within the meaning of certain securities laws. This includes statements concerning Athabasca's plans at its mineral properties, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Athabasca, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, exploration and development risks, the economic viability of the extraction of potash from identified deposits, the cyclicality of the potash industry, potash supply increases, the cost-effectiveness of brownfield expansion of potash production, lack of historic drill hole documentation, additional funding requirements, challenges or impairments to title, access to certain potash mineralization must be negotiated, volatility in potash prices, currency exchange rate fluctuations, insurance limitations, the loss of key employees, imprecision in the Burr Project's Inferred Mineral Resource estimate, permit requirements, governmental regulations, aboriginal land use, environmental risks, competition, attracting and retaining personnel, and changes to tax laws. In addition, forward-looking information is based on various assumptions. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, Athabasca undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

For more information, please contact

Athabasca Potash Inc.
Dawn Zhou
President and Chief Executive Officer
(306) 933-4298
Email: info@athabascapotash.ca
Website: www.athabascapotash.ca