March Resources Corp. provided an update on the progress of the drilling of the Pica #1 well in Chile. March previously spud the well on January 21, 2008 and provided a drilling update on February 21, 2008. They are presently drilling at approximately 2,350 metres depth. The drilling operation to date has gone extremely well, although the drilling was slower than expected through the volcanic tuff rocks previously encountered uphole of this depth.
March is anticipating that it will reach a total depth of between 3,200 and 3,500 metres within the next 10 to 14 days. Once total depth is reached the Corporation will log the well and prospective zones identified from logs and drill cutting samples will be completed and tested. The results of the logging and testing will be released as they become available.
March intends to complete Pica #1 and move immediately to the drilling of Pica #2. The well site construction for Pica # 2 has been completed and the Corporation anticipates the spud of Pica #2 within 7days of the completion of Pica #1. March has a 100% interest in the prospect.
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