Perth, July 31, 2012 (ABN Newswire) - Pan Asia Corporation Ltd (ASX:PZC) is pleased to announce the completion of the Phase 4 Drilling Programme in the north of the TCM Project concession.
Following the last drilling update on 12 June 2012, a further 3 holes have been drilled to complete the Phase 4 drilling programme. All holes in the programme have intersected the target coal seams as expected. All holes have been surveyed, geophysically logged and cored through the target seams to obtain coal quality data, with the quality results of the last 2 holes expected within the next 3 weeks. Geological interpretation of the intersected coal in the last 2 holes conforms to the known coal formation. Coal quality is expected to be in line with all quality data obtained to date.
An update to the market on economic mineralisation will be made once all coal quality analysis is received. A further update will be provided on completion of the re-optimisation of the mine design which will be updated in the Feasibility Study.
Company CEO Alan Hopkins said "A terrific result. We now look forward to obtaining the updated JORC and also the effect of the nearby holes on the current mine design."
Table 1 below shows the seam depth and thickness correlated from drill logs and geophysical logging for all of Phase 4 drilling (TCM055 - TCM063). (see link below).
Pan Asia Corporation Limited (ASX:PZC) is moving to become a significant long term supplier of key energy resources into the expanding Asian markets. With offices in Jakarta (GKBI), Perth and Sydney, our flagship project (“TCM”) is a high CV thermal coal project in South Kalimantan.
Pan Asia seeks to build significant projects; de-risking them ready for development partnership / offtake agreements with quality, life of mine partners.
Pan Asia Corporation Limited T: +61-8-9381-5819 F: +61-8-9388-3701 WWW: www.panasiacorp.com.au