Pan Asia Corporation Limited: Drilling Confirms Potential for Second Underground Coal Deposit
27.03.2012 | ABN Newswire
08:26 AEST Mar 27, 2012 ABN Newswire (C) 2004-2012 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - Pan Asia Corporation Ltd (ASX:PZC) is pleased to announce confirmation of a potential second underground deposit in the north of the TCM coal concession in South Kalimantan.
After completing 4 exploratory drill holes in the north of the concession, drill core and geophysical logging have confirmed continuity of the same coal seams from the TCM Nouth deposit (which contains a 114mt JORC resource and is undergoing a feasibility study for an underground longwall mining operation).
The spacing of these drill holes extended ~1.5 kilometres north from the previously drilled limit of the TCM South deposit and it remains open for another ~4 kilometres to the north (see diagram in Link Below).
Pan Asia CEO Alan Hopkins said 'This is an excellent result confirming the probability of a similar deposit in the northern half of the concession.'
PARAMETERS USED IN JORC UPGRADE IN OCTOBER 2011
1. A total of 35 boreholes was used for the update of the resource estimation;
2. This preliminary resource update was made for the purpose of re-estimating the resource numbers and evaluating the tectonic structure of the rocks;
3. All finished boreholes were geophysically logged, samples taken and sent to laboratories;
4. Profiles, logs of boreholes and seam correlations have been completed;
5. Collar coordinates have been completed;
6. Laboratory testing: quality, Geotech, gas methane underway;
7. Quality model to be updated;
8. Full version of resource statements to be elaborated after all drilling and laboratory testing completed.
For the full announcement including tables and diagrams, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-PZC-583556.pdf
About Pan Asia Corporation Limited:
Pan Asia Corporation Limited (ASX:PZC) is a rapidly growing resource company listed on the Australian Securities Exchange (ASX Code: PZC) with offices in Jakarta, Perth and Sydney.
The Company aims to be a major supplier of key resources into the expanding Asian markets and has a Flagship high CV thermal coal project with an initial significant JORC resource in South Kalimantan (TCM Project). The TCM Project is nearing completion of Feasibility Study (scheduled for early next quarter).
Pan Asia brings together an experienced Board and management team with a proven track record in the identification, funding and development of resources projects around the world.
Contact:
Pan Asia Corporation Limited
T: +61-8-9381-5819
F: +61-8-9388-3701
WWW: www.panasiacorp.com.au