Friday, 21 Oct 2011
Newland Resources has reached its first major milestone for the Comet Ridge Project area in the Bowen Basin of Queensland with the release of a maiden JORC Resource of 150 million tonnes of coal.
Independent geologists, McElroy Bryan Geological Services prepared the JORC Resource Statement. The Resource has coking coal potential of 50 million tonnes of coal at depths less than 50 metres and subsequent drilling is expected to increase the Resource.
The Resource at the Comet Ridge Project is contained in the Fair Hill Seam and has a cumulative thickness of between 2.5 and 4.0 metres.
Mr Gavin May Newland Resources' managing director said while 150 million tonnes is a significant tonnage, the 50 million tonnes of resource with coking coal potential at depths less than 50 metres is what excites me.
He said that "NRL has a clear focus on delineating economic coal, so future exploration will concentrate on conversion of these resources into mineable reserves.”
The JORC Resource Statement covers an area of about 30 square kilometres which is less than 15% of the total EPC 1230 area. Drilling to the west and North West of the defined JORC Resource since 8 October has continued to delineate the Fair Hill Seam at shallow depths and NRL expects this resource to increase in the near future.
Ongoing coal handling and quality testing will determine the economics of the Comet Ridge Project with results expected before year end.
The company has a 100% interest in six coal leases covering more than 1,900 square kilometres in Queensland Bowen Basin with the area well serviced by infrastructure including railways and power.
(sourced proactiveinvestors)
Newland Resources has reached its first major milestone for the Comet Ridge Project area in the Bowen Basin of Queensland with the release of a maiden JORC Resource of 150 million tonnes of coal.
Independent geologists, McElroy Bryan Geological Services prepared the JORC Resource Statement. The Resource has coking coal potential of 50 million tonnes of coal at depths less than 50 metres and subsequent drilling is expected to increase the Resource.
The Resource at the Comet Ridge Project is contained in the Fair Hill Seam and has a cumulative thickness of between 2.5 and 4.0 metres.
Mr Gavin May Newland Resources' managing director said while 150 million tonnes is a significant tonnage, the 50 million tonnes of resource with coking coal potential at depths less than 50 metres is what excites me.
He said that "NRL has a clear focus on delineating economic coal, so future exploration will concentrate on conversion of these resources into mineable reserves.”
The JORC Resource Statement covers an area of about 30 square kilometres which is less than 15% of the total EPC 1230 area. Drilling to the west and North West of the defined JORC Resource since 8 October has continued to delineate the Fair Hill Seam at shallow depths and NRL expects this resource to increase in the near future.
Ongoing coal handling and quality testing will determine the economics of the Comet Ridge Project with results expected before year end.
The company has a 100% interest in six coal leases covering more than 1,900 square kilometres in Queensland Bowen Basin with the area well serviced by infrastructure including railways and power.
(sourced proactiveinvestors)
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