Carpentaria Exploration Limited (ASX:CAP) Successful Start To Drilling At Hughenden Coal Project
Perth, July 6, 2010 AEST (ABN Newswire) - Carpentaria Exploration Limited (
ASX:CAP) announced today a positive start to drilling at the Hughenden Export Thermal Coal Project (Carpentaria interest: 20%), with the first drill hole intersecting coal interpreted as being from the Betts Creek Beds of the Galilee Basin at shallower depths than previously interpreted.
Drilling was conducted on EPC1394, which is located in the northern Galilee Basin of Queensland, by FTB (Qld Pty Ltd). Carpentaria holds a 20% stake in FTB with the remaining equity held by Guildford Coal Limited.
Under an agreement announced on February 22, 2010, Guildford Coal is providing the initial phase of exploration funding for FTB.
Carpentaria's Executive Chairman, Nick Sheard, said the Company was encouraged by the initial results in one of the world's top basins for thermal coal.
"The Galilee Basin has been the focus for a number of major coal export deals, and we are excited by the prospects for a thermal coal deposit favourably located near infrastructure," Mr Sheard said.
"Guildford Coal has assembled a strong team with considerable expertise and experience in coal exploration, development and operations. These initial results have boosted confidence in Hughenden's potential."
Model supported
Guildford's stratigraphic and structural model for the northern end of the Galilee Basin suggested that the coal-bearing Betts Creek Beds were relatively deep in this central location.
The initial hole located in the centre of the Hughenden Project was designed to confirm Guildford's stratigraphic and structural model, with a total depth of 500m.
The drilling has intersected coal that is believed to be from the Betts Creek Beds at an estimated depth of 300m, some 100m shallower than the previously interpreted.
This proof of concept suggests a shallow dip of the coal beds down from the north to the south.
The recent granting of adjacent tenements to the north and north east of EPC1394, will allow the drilling pattern to progress in a north-easterly direction towards the basin edge, targeting shallower intersections.
Mr Sheard said the project partners now had eight granted tenements spanning an estimated 6,333 square kilometres, targeting export thermal coal contained within the Galilee and Eromanga Basins:
- EPC1394; EPC1477; EPC1300; EPC1576; EPC1574; EPC2046; EPC2048; EPC 2049
"Hughenden has given Carpentaria exposure to potentially attractive export coal projects at minimal cost to shareholders, but with maximum upside," Mr Sheard said.
"Carpentaria has now assembled an attractive range of projects, diversified both geographically and by commodity type across eastern Australia, including the exciting Hawsons magnetite iron and Euriowie tin discoveries near Broken Hill, NSW. Boosted by an aggressive exploration program and the efforts of our project partners, we are in an excellent position to achieve our goal of building strong cash flow-generating mining operations."
For the complete Carpentaria Exploration announcement including figures, please view the following link:
http://www.abnnewswire.net/media/en/docs/63239-ASX-CAP-221871.pdf
About Carpentaria Resources Ltd
Carpentaria Resources Ltd (ASX:CAP) is focussed on delivering the best quality iron concentrates into the growing premium end of the iron ore market.
The Company aims to build a long term, low cost premium quality iron ore business from the development of its flagship asset, the Hawsons Iron Project, utilising existing infrastructure.
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