Pan Asia Corp Fast Tracks Target up to 220MT Resource at TCM
Perth, April 12, 2012 AEST (ABN Newswire) - Pan Asia Corporation Limited (
ASX:PZC) is pleased to advise it has commenced further drilling in the north of the TCM Project concession, to follow up the recent positive drill results from this area.
On 27 March 2012, the Company announced it had completed drill core and geophysical logging from 4 exploration drill holes (TCM 051 - TCM 054) in the north of the TCM concession identifying the continuation of coal seams from the south of the deposit (See Table 1 for seam depth and thickness correlated from drill logs and geophysics for TCM 051 - TCM 054). The coal quality analysis from these 4 drill holes is pending and once received, the Company will advise this information in a further market release.
The 4 drill holes in the north identified the SU and SM seams (targeted for underground exploitation) as being shallower than expected with the parting between the seams narrowing to the north. This leads to the possibility of either extending the current TCM mine plan and design to the north and / or a second independent underground mine development plan for the northern section.
Initially, a drill programme comprising 6 holes and 2470 m has been planned (see Table 2, Phase 4, Proposed Holes TCM 055 - TCM 060) to test the extent of the coal seams in this northern area. It is estimated that these 6 holes will take about ten weeks to complete.
If this programme confirms that the recent positive results achieved from the first 4 exploratory holes continue to the boundary of the concession, then the Company has an exploration target of 200 to 220 million tonnes of 6500 - 6800 CV (adb) coal for the TCM project (including the current JORC resource for the TCM coal project of 114mt). The basis for this target is that the current JORC Resource of 114MT has been based on drilling 35% of the southern concession, with 50% of the concession area yet to be explored. The potential quantity & quality target is however currently conceptual in nature with insufficient exploration undertaken to define a mineral resource and it is uncertain if further exploration will result in a mineral resource.
Pan Asia CEO Alan Hopkins said "We have moved quickly to follow up the recent positive results with more drilling as this could add significant mine life and value in the very near term to the TCM high CV coal project."
PARAMETERS USED IN JORC UPGRADE IN OCTOBER 2011
1. A total of 35 boreholes was used for the update of the resource estimation;
2. This preliminary resource update was made for the purpose of re-estimating the resource numbers and evaluating the tectonic structure of the rocks;
3. All finished boreholes were geophysically logged, samples taken and sent to laboratories;
4. Profiles, logs of boreholes and seam correlations have been completed;
5. Collar coordinates have been completed;
6. Laboratory testing: quality, Geotech, gas methane underway;
7. Quality model to be updated;
8. Full version of resource statements is to be elaborated after all drilling and laboratory testing completed.
Fundamental Change in the Calculation of Resources
Based on the better understanding of the complexity of the deposit achieved through the drill programme, Kopex sub-divided resources into categories based on the following drill spacing:
--------------------------------------------------- 17 OCTOBER 2011 31 JANUARY 2011---------------------------------------------------MEASURED <500m <250mINDICATED 500-1000m 250-500mINFERRED 1000m-2000m 500m-1000m---------------------------------------------------
To view the complete Pan Asia Corporation announcement including Tables, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-PZC-585317.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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