Increase of Clifford Project JORC Resource
Brisbane, May 30, 2016 AEST (ABN Newswire) - Stanmore Coal Limited (
ASX:SMR) is pleased to announce a 67% increase to the JORC Resource estimate for the Clifford Project located in the Surat Basin. The results of the update are contained within Table 1 (see link below).
Highlights:
- Total JORC Resource increased from 370Mt to 620Mt (Indicated 190Mt, Inferred 430Mt) as a result of exploration completed during the 3rd farmin period of the JOGMEC funding agreement
- Feasibility assessment to follow with Japanese funding partner during upcoming final farm in period
During 2015, the Company completed further exploration activities in conjunction with funding partner Japan Oil, Gas and Metals National Corporation (JOGMEC). These activities included 29 rotary holes and 16 partially cored holes within the Grange and Liberty areas of the Clifford Project, targeting the most prospective potential open-cut areas identified from prior exploration campaigns.
The drilling campaign has resulted in a material increase of total JORC resources to the Grange and Liberty areas of the Clifford Project. The next phase to be undertaken with JOGMEC will include desktop studies to progress the mining and infrastructure assessment of the project during the upcoming 4th and final farm-in period for the Clifford Project. At the completion of the 4th farm-in period JOGMEC will have earnt an option over 40% of the project through JOGMEC's investment of A$4.5 million into exploration, coal quality analysis and feasibility assessment over a three year period.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/1OB5B08U
About Stanmore Coal Limited
Stanmore Coal (ASX:SMR) is an operating coal mining company with a number of additional prospective coal projects and mining assets within Queensland's Bowen and Surat Basins. Stanmore Coal owns 100% of the Isaac Plains Coal Mine and the adjoining Isaac Plains East Project and is focused on the creation of shareholder value via the efficient operation of Isaac Plains and identification of further local development opportunities. Stanmore continues to progress its prospective high quality thermal coal assets in the Northern Surat Basin which will prove to be valuable as the demand for high quality, low impurity thermal coal grows at a global level. Stanmore’s focus is on the prime coal bearing regions of the east coast of Australia.
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