Phase 1 Drilling at Titiribi Project Identifies Significant Coal Intercepts
Perth, June 4, 2013 AEST (ABN Newswire) - Colombian-focused coal explorer Ascot Resources Limited (
ASX:AZQ) ("Ascot" or "the Company") is pleased to announce the results of the final drill intercepts from the completion of the Phase 1 drilling program at the flagship 90%-owned Titiribi coal project in Colombia.
The Company completed an additional 5 diamond drill holes (to the reported 9 holes1) for a total of 2,465m and has continued to intersect significant coal seams within the El Balsal and El Silencio licence areas.
In addition to the completed Phase 1 drill program, the Company has completed a resistivity survey over the Titiribi project area. The resistivity survey involved the use of non-ground disturbing geophysical tools and has assisted in the geological modelling process by providing further data to more accurately correlate the multiple coal seams encountered within the licence areas and confirm their continuity.
The completion of Phase 1 drilling and the resistivity survey will assist the Company in delivering its mine planning study that is currently being undertaken as part of the Company's overall scoping study for the Titiribi Project, due in early Q3, 2013.
The Company is on track to publish an initial Coal Resource estimate in accordance with JORC guidelines by late June, early July 20132. Coal seam thickness and quality results will be validated by an independent consultant prior to finalising any Coal Resource estimate in accordance with JORC guidelines.
Coal quality analysis
Preliminary coal quality results from the recently completed drill holes continue to demonstrate:
- - high calorific values (CV) in excess of 6,500 kcal/kg;
- - free swelling index's (FSI's) in excess of 5;
- - extremely low phosphorous (P), generally less than 0.005%; and
- - low ash (less than 10%).
The results of the completed holes confirm the coal present at the Titiribi project contain properties that are typically consistent with a metallurgical type coking coal. The Company will publish the results of additional test work relating to the coal's coking properties over coming months.
The potential marketability of the coal in local and export markets continues to be assessed by the Company and will provide guidance towards the completion of the Scoping Study in early Q3, 2013. The Company has had preliminary discussions with local off-take and marketing parties in relation to the potential sale of coal from Titiribi.
Subsequent and other work
In addition, the Company intends to continue exploration drilling in the northern concession area, Lara, to test the continuity of the strike extension as determined by the field mapping program completed in 2012.
The Company has also commenced preliminary work on the method of mining with early indications being that the extraction of coal will likely be via open pit mining.
To View table of coal intersections, please visit:
http://media.abnnewswire.net/media/en/docs/75279-ASX-AZQ-637697.pdf
Contact
Paul Kopejtka
Executive Chairman
T: +61(0) 8 9381 4534
F: +61(0) 8 9380 6440
Andy Caruso
Managing Director and Chief
Executive Officer
T: +61(0) 8 9381 4534
F: +61(0) 8 9380 6440
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