Padang completes acquisition of the Paser Project

By Harry Roy Gunawan

ASX-listed Padang Resources Limited announced that it has received shareholder approval to proceed with the acquisition of a 70 percent interest in Paser Project, East Kalimantan, and a drilling program to test for near surface coal targets would commence shortly.

It said that interpretation of previous surface mapping, resistivity surveys and drilling has highlighted a number of near surface coal targets.

?The proposed drilling program will be designed to confirm coal quality and the depth, thickness and spread of coal seams below surface,? the company said in the statement.

The company earlier said that it has identified 3 potential coal seams with a relative north-south pattern of strike and thicknesses varying from 0.4 to 3.4 meters.The Seam 1 has a potential thickness of 1.1 meters with the strike direction of 840 meters, Seam 2 has a potential thickness of 0.5 meters with the strike direction of 1,160 meters, and Seam 3 has a potential thickness of 3.4 meters based on coal thickness from drilling data in Borehole GMM-01 with the strike direction of 940 meters.

Editing by Adianto P. Simamora