Coalspur Mines Limited (ASX:CPL) Acquires Additional Coal Leases To Expand Vista South Project
Perth, Sep 7, 2010 AEST (ABN Newswire) - Coalspur Mines Limited (
ASX:CPL) (PINK:CSPZF) is pleased to advise that it has further expanded its coal lease position with the acquisition of additional Alberta Crown Coal Leases adjacent to the Vista South Project ("VSP").
The additional coal leases cover an area of 3,616 ha and are adjacent to the VSP. The addition of the new leases increases the Company's land position in the area to approximately 32,000 ha.
As previously advised the Company is currently undertaking a drilling program to provide an initial resource estimate for the VSP. The program was designed to also include parts of the new coal leases, with a view to expanding the targeted coal deposit area at the VSP.
Commenting on the acquisition of the new leases the Company's Managing Director and CEO, Mr Gene Wusaty, said "Our ongoing assessment of the geological information for the VSP has highlighted the prospectively for coal in the new areas that we have been able to secure from the Alberta Coal public offering process. The drilling program currently underway at the VSP will allow us to test our analysis in the very near future."
Current VSP Drilling Program
The VSP is located immediately to the south of the Vista Coal Project, which has a Coal Resource of over 900 million tonnes of low sulphur, high volatile bituminous, export quality thermal coal with over 810 million tonnes (90%) of the resource in the Measured and Indicated category.
The drilling program is designed to enhance the geological and resource understanding of the Entrance Syncline coal structure, which occupies the major portion of the VSP area. It involves drilling on the nose area on the northwest end of the property, and along the north limb of the syncline which has a very long strike length of approximately 24km.
The recently started program includes 20 rotary drillholes targeting three specific areas. Results from this program are expected to be available in the December 2010 quarter and will be combined with the results from the drilling conducted on the VSP in the 1970s and 1980s.
For the complete Coalspur announcement including figures, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/63669-ASX-CPL-504383.pdf
About Coalspur Mines Limited
Coalspur Mines Limited (ASX:CPL) (TSE:CPT) is a coal development company with approximately 55,000 hectares of coal leases located within the Hinton region of Alberta, Canada. Coalspur's flagship project is Vista, which covers approximately 10,000 hectares and provides a large scale, surface mineable, thermal coal development. Vista is located adjacent to CN Rail's main line, which is suitable for the transport of coal to deepwater ports on Canada's west coast. Coalspur has secured a port allocation agreement with Ridley Terminals Inc., which is essential to the logistics supply chain necessary to export coal from Vista to the growing demand from the Asia Pacific countries.
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