10:54 AEST May 1, 2012 ABN Newswire (C) 2004-2012 Asia Business News PL. All Rights Reserved.
Perth, Australia (ABN Newswire) -
Pan Asia Corporation Limited (ASX:PZC) is pleased to announce a further increase of 12% in JORC Resources at its flagship TCM high CV Coal Project in South Kalimantan, Indonesia.
The JORC Resource at the TCM Project has increased to a total of 128,815,078 metric tonnes (measured, indicated & inferred).
The upgrade of the JORC Resource calculation was undertaken by leading coal industry group Kopex Mining Contractors (part of the KOPEX Group). A total of 55 Boreholes have been used in the update for this third coal resources statement in the TCM concession area and the JORC increase in the relevant resource categories is reflected as follows:
Pan Asia Chief Executive Officer Alan Hopkins said, 'The positive results keep coming on TCM and we now look forward to completing the current drilling in the north to see just how big a resource we can build here'.
The Company is in the process of drilling at least a further 6 boreholes to finalise the present drilling program.
The upgrade of the JORC Resource calculation was undertaken by leading coal industry group Kopex Mining Contractors (part of the KOPEX Group).
PARAMETERS USED IN JORC UPGRADE
1. Completed 55 boreholes (typically >200m depth);
2. All finished boreholes were drilled vertically and geophysically logged at the completion of the each borehole;
3. A number of boreholes have been 'touch' cored for coal quality analysis;
4. All borehole locations have been surveyed;
5. Profiles, logs of boreholes, seams correlation and collar co-ordinates completed;
6. Laboratory testing: quality, geotech, gas methane completed;
7. All data was put into an electronic database;
8. Minimum thickness of 0.20m coal is reported in the model;
9. Maximum thickness of parting included in seam thickness is 0.10m;
10. Minimum thickness of 1.00m is established for resources dedicated for potentially underground exploitation.
Based on the level of complexity of the TCM deposit, KMC sub-divided resources into categories based on the following drill spacing:
- Measured <500m
- Indicated 500 - 1000m
- Inferred 1,000 - 2,000m
Measured Resources (current statement 15 April 2012)
The Measured Resources are summarised below and are reported in accordance with the requirements of the JORC Code (2004).
Note:
The Company has stated that it has an exploration target of 200 to 220 million tonnes of 6500 - 6800 CV (adb) (refer page 4 for coal quality summary)) coal for the TCM project (including the current JORC resource for the TCM coal project of 128.8Mt). The basis for this target is that the current JORC Resource of 128.8Mt has been based on drilling only part of the concession. 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.
To view the complete Pan Asia Corporation announcement including Tables & Figures, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-PZC-588318.pdf
About Pan Asia Corporation Limited:
Pan Asia Corporation Limited (ASX:PZC) is a rapidly growing resource company listed on the Australian Securities Exchange (ASX Code: PZC) with offices in Jakarta, Perth and Sydney.
The Company aims to be a major supplier of key resources into the expanding Asian markets and has a Flagship high CV thermal coal project with an initial significant JORC resource in South Kalimantan (TCM Project). The TCM Project is nearing completion of Feasibility Study (scheduled for early next quarter).
Pan Asia brings together an experienced Board and management team with a proven track record in the identification, funding and development of resources projects around the world.
Contact:
Pan Asia Corporation Limited
T: +61-8-9381-5819
F: +61-8-9388-3701
WWW:
www.panasiacorp.com.au
