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Pan Asia Corporation Ltd announced that the second phase of drilling undertaken at the Company’s flagship predevelopment TCM Coal Project in South Kalimantan, Indonesia has substantially increased the Project’s JORC Resource to 53.2 million tonnes comprising 22.4 million tonnes of Indicated coal resources and 30.8 million tonnes of Inferred Coal Resources.
Prior to this phase 2 drilling programme, the JORC Resource for TCM was 30.7 million tonnes, comprising 19.7 million tonnes of Indicated Coal Resources & 11 million tonnes of Inferred Coal Resources. The quality of the coal has an average calorific value of 6,566 kcal /kg (ADB), 6.41% total moisture, 13.52% ash and 1.52% sulphur. This compares with the phase 1 drilling quality of coal having an average calorific value of 6,682 kcal/kg (ADB), 4.64% total moisture, 12.09% ash & 1.83% sulphur. CEO Alan Hopkins said “The TCM Project features strongly in our corporate strategy to be a major supplier of key resources into the expanding Asian markets. The substantial increase in the Project’s JORC Resource is great progress”. “TCM continues to generate consistently good results. We are confident this Project has great potential to rerate the Company, and we look forward to moving forward rapidly to the next phase.” The JORC Resource calculation was undertaken by leading coal industry group Kopex Mining Contractors (part of the KOPEX Group). |
