Draig Resources says it is close to establishing a JORC-compliant resource at its coal exploration projects in Mongolia.
The Perth-based miner, which was previously known as C@ Ltd, announced today that drilling programs had intercepted a coal seam with a cumulative thickness of 66.75 metres, including a single continuous seam thickness of 33.4 meters at a depth of less than 61 metres.
Draig managing director Mark Earley said the results would allow the company to extend its drilling program and would contribute to a JORC-compliant resource being established.
“The depth and thickness of the coal seams encountered have exceeded our expectations and, while we await coal quality analysis, the coal samples so far are reported as being visually hard, bright coal,” Mr Earley said in a statement.
“The latest drill holes have been frequently intercepting a steeply dipping coal sequence. Further drilling will test the potential extension or possible repeat of this sequence in the northern part of the Teeg licence.”
At close of trade today, Draig stocks had slipped 6.4 per cent, trading at 44 cents.
