Liberty Resources starts drilling in Bowen Basin near BHP, Rio coal mines
Liberty Resources (ASX: LBY) has kicked off a fully-funded drilling program at the wholly-owned Bowen Basin Coal tenement EPC1949, which is strategically located within the prolific coal producing Bowen Basin.
The project is surrounded by some of the world’s major coal companies such as BHP Billiton (ASX: BHP), Rio Tinto (ASX: RIO), Peabody and Vale, within a prolific coal producing basin.
Apart from being located near premium coking and PCI coal mines, the project is also close to rail and the town of Moranbah, and near an existing rail system which connects to two major coal export ports.
The drilling program is targeting a thorough geological understanding of the resources within the EPC, and to also move to finalising all the data required to define a JORC Resource.
Andrew Haythorpe, managing director, commented: “The board is very pleased to have commenced drilling within our Bowen Basin Coal Project on EPC1949 as it presents the opportunity to create shareholder value and adds a new dimension to the company’s portfolio.
"There is the exciting potential for the discovery of coal on our permit and numerous monetisation options available to us should exploration prove successful.
"The company believes this tenement has the potential to add significant value for shareholders and eagerly awaits the results of the exploration drilling."
The EPC covers around 30 square kilometres.
Drilling program details
Wizard Drilling from Bundaberg have mobilised to site and have commenced drilling. Drill core of the coal seams will be geologically logged, measured, photographed and sampled.
Liberty said that coal core will be sent to Bureau Veritas in Brisbane for full coal quality analysis, and drill holes will be logged by Coal Seam Wireline Services and holes surveyed by Wilsons Surveying from Emerald.
Upon completion all drill holes will be grouted back to surface and environmentally rehabilitated. All of the results and data will be utilised to update the current 3D model of the coal seams.
Prior to the granting of EPC1949, Liberty completed an extensive review and modelled the coal seams in the permit area using historical exploration data.
The target coal seams occur within the Rangal Coal Measures and the Fort Cooper Coal Measures, similar to those being mined at nearby mines.
The Rangal Coal Measure seams mined nearby are currently being transported by rail to the ports of Gladstone and Mackay and being exported as premium coking and thermal coal.
With Liberty wholly-owning EPC1949, and for a mining junior to be drilling in the vicinity of producing coal mines is a prize.
Potential options upon any commercial discovery could be bringing in an off-take partner, selling coal at mine gate or taking the full development route to leverage of existing infrastructure and access to ports.
Although early days for Liberty at the project, the results from the drilling program will be eagerly watched.
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