Australian Market Report of September 17, 2010: Good Results Continue From Pan Asia Corporation Ltd TCM Coal Project
17.09.2010 | ABN Newswire
13:30 AEST Sept 17, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - Good results continue from Pan Asia Corporation Limited's (ASX: PZC) TCM Coal Project located in South Kalimantan, Indonesia. PZC have provided an update on its drilling activities, following the completion of the successful initial 12 hole programme, four additional drill holes have been completed as part of the phase 2 programme. The four holes have all returned significant intersections of coal, with cumulative thickness up to 7.26 m. Drilling remains ongoing, with the program to continue southward, followed by planned further drilling to the north and east.
Sihayo Gold Limited's (ASX: SIH) regional exploration team have planned an extensive work program covering numerous high impact gold and copper / gold prospects across the Contract of Work Area (COW). The regional work is in addition to ongoing resource extension and exploration drilling at our flagship Sihayo Pungkut gold project, containing 10.7 Million tonnes at 2.9 grams of gold per tonne for 1.01 Million ounces. At the Tambang Tinggi prospect detailed mapping and sampling confirms that gold mineralisation identified in previous scout drilling is part of a large mineralised system, surveys will commence next month and focus on the Tambang Tinggi, Hutabargot Julu and Tarutung gold prospects and the Sihayo Pungkut extensions.
International minerals company Malagasy Minerals Limited (ASX: MGY) reported it has intersected a zone of massive and disseminated sulphides in the first diamond drill hole to be completed at its recently discovered Ianapera Nickel-Copper Project, located in southern Madagascar. Drilling commenced recently to test up to 11 massive sulphide gossans containing anomalous nickel and copper which were discovered at Ianapera, located in the northern part of Malagasy's 100%-owned Ampanihy Project, earlier this year.
Triton Gold Limited (ASX: TON) has gained 100% control over key tenements at Salmon Gums Gold Project, as Teck Australia Pty Ltd has declined its option to farm-in to two key exploration licences at the Salmon Gums project in the Albany Fraser Province of Western Australia. While Teck's participation would have been of value, the Triton Board is pleased to have full control and the flexibility to continue the exploration of these two highly prospective tenements. Planning for future programmes is in progress and funding options are under consideration. The two exploration licences subject to the Teck farm-in option, are now excluded from the 2007 Tropicana Gold Belt Alliance Agreement ('Tropicana Agreement').
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