Huge Increase in JORC Resource at TCM
Perth, Nov 8, 2012 AEST (ABN Newswire) - Pan Asia Corporation Ltd (
ASX:PZC) is pleased to announce a further JORC upgrade at its flagship TCM High CV Coal Project in South Kalimantan, Indonesia, to 177 million tonnes (measured, indicated & inferred) and importantly an increase to 129 million tonnes on the mineable seams.
CEO Alan Hopkins said "This very large increase in tonnes allows us to target a mine life of more than 30 years and significantly expands the resource base for the planned updated feasibility study.
Combined with the now expected higher mining recoveries and lower capex, we have the chance to really boost the NPV for this high CV project."
PARAMETERS USED IN JORC UPGRADE
1. A total of 64 boreholes was used for the update of the resource estimation;
2. All finished boreholes were geophysically logged, samples taken and sent to laboratories;
3. Profiles, logs of boreholes and seam correlations have been completed;
4. Collar coordinates have been completed;
5. Laboratory testing: quality, geotech, gas methane undertaken;
6. Some of the coal quality data has been obtained from boreholes with less than 95% linear recovery. The lower core recoveries typically result from the weak, brittle nature of Indonesian coals, high vitrinite contents and drilling techniques used. The removal of geotechnical samples from the coal seams has also affected sample recovery for coal quality testwork in some boreholes. Coal quality contour plans indicate a relatively consistent spatial distribution of key quality parameters, including air-dried ash content and calorific value. The low degree of spatial variability is typical of the seams of the Tanjung Formation, which typically do not exhibit the degree of variability observed in many Australian coal formations. This has been further verified by statistical analysis of geological data over the TCM concession area, which has illustrated that the quality values are within expected ranges and have not been affected by boreholes with less than 95% recovery.
7. A full version of an updated resource statement has been elaborated with the recent drilling and laboratory testing completed.
Future resource statements will only report resources within the S5 and S6 seams as they are expected to be economically viable by underground mining methods. All other seams will be excluded.
View the complete Pan Asia Corp announcement including JORC Resource Update: TCM Project and Tables & Figures, at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-PZC-612931.pdf
Contact
Pan Asia Corporation Limited
T: +61-8-9381-5819
F: +61-8-9388-3701
WWW: www.panasiacorp.com.au
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