Business

More Tiaro coal than first thought

COAL exploration company Tiaro Coal has further extended its estimated resource after upgrading its stock market approved near-Gympie coal resource estimate to 87 million tonnes.

The estimate is accompanied by a report from independent geological consultants that the seams are likely to extend into new areas.

And the company's chief geologist Jacob Rebec says the exploration target area is over several leases in the Tiaro-Gunalda area, all under Tiaro Coal leases.

The company says there remain uncertainties about some of the larger regional resources, additional to the market-approved 87 million tonne estimate.

An estimate of 200-300 million tonnes has been made after taking into account deposits in neighbouring lease areas, also under Tiaro Coal control.

The company says extensions of the resource into new areas will require further assessment and quotes Mr Rebek, a member of the Australian Institute of Mining and Metallurgy.

The company's statement says its 300 million tonne estimate refers to an exploration target and is based on priority target areas in addition to the 87 million tonne market approved estimate.

The 200 million tonne lower estimate takes into account "uncertainties as regards the extent of structural disruptions which may cause difficulties in correlating of coal seams between drill holes."

The confirmed 87 million tonne estimate, however, is approved under the market recognised "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves".

The new 87 million approved estimate was released earlier this month, according to a statement from the company.

Gympie Times

Topics:  tiaro coal




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