Pan Asia confirms 2nd underground deposit potential
Tuesday, March 27 2012 - 01:56 AM WIB
Australian-listed company Pan Asia Corporation has confirmed the potential of second underground deposit in the north of the PT Transcoal Minergy (TCM) coal concession in South Kalimantan after completing 4 exploratory drill holes in the north of the concession, drill core and geophysical logging.
It was confirmed that the newly found deposit is the continuity of the same coal seams from the TCM north deposit (which contains a 114mt JORC resource and is undergoing a feasibility study for an underground longwall mining operation).
The company said in a statement that the spacing of the drill holes extended 1.5 kilometers north from the previously drilled limit of the TCM south deposit, which remains open for another 4 kilometers to the north.
?This is an excellent result confirming the probability of a similar deposit in the northern half of the concession,? said Pan Asia CEO Alan Hopkins.
Editing by Er Audy Zandri