Palace Resource spots coal deposits in Sumatra?s Lumpu coal project

Australia listed firm Palace Resources Ltd announced that the company had completed the mapping of about 60 percent of its concession area in Lumpu coal project, Western Sumatra showing indications of the coal-bearing prospect.

The explorations found a number of indications of coal-bearing sequence trending north-northeast through the concession and dipping to the east at varying angles, but mostly less than 25?.

The company said that the recent mapping had identified 2 coal occurrences within the concession, with an exposure of coal at 1 location being measured at 2.80 meters in thickness.

Managing Director of Palace Resources Ltd, Nicholas Clark said that ?I am pleased that after much work and effort of the company and its team in the area, the actual observance of coal within the concession area, in what appears to be a seam of reasonable thickness, supports the continuation of the mapping program. I am very excited by the prospect of advancing to the next phases of exploration and equally as excited about the future of the company.?

The company is seeking to complete mapping program in its remaining concession area. ?Strike continuity of this coal exposure has yet to be demonstrated,? the company said. (demas)