Additional Coal Intersected At Hughenden Coal Project, Queensland - Carpentaria Exploration Limited (ASX:CAP) 20% Interest
Carpentaria holds a 20% interest in this project located in central Queensland, where Guildford is spending A$2 million on exploration through to the definition of an Inferred Resource. The project partners currently have eight granted tenements spanning 6,333 square kilometres across the Galilee and Eromanga Basins, targeting export quality thermal coal and in a favourable location for infrastructure.
Carpentaria's Executive Chairman, Nick Sheard, said Guildford was anticipating the completion of a JORC-defined Inferred Resource before the end of 2010, which if achieved, would add significant value to Carpentaria's project portfolio.
A second drill rig is planned to commence in September, pending granting of the EPC1478 tenement.
"Carpentaria is highly encouraged by the initial drilling results at Hughenden, with the potential for the development of a thermal coal deposit targeting export markets. This adds to our current attractive range of projects across eastern Australia, including the Hawsons iron and Euriowie tin discoveries near Broken Hill," Mr Sheard said.
"Boosted by an aggressive A$10 million exploration program this calendar year and the support of our joint venture partners, Carpentaria is moving quickly to make the transition from explorer to mining house in an environment of rising commodity prices."
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About Carpentaria Resources Ltd
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.
Carpentaria Resources Ltd