DGAP-News: Pan Asia Corporation Ltd.: GOOD RESULTS CONTINUE FROM TCM
(firmenpresse) - Pan Asia Corporation Ltd. / Miscellaneous
23.03.2010 15:05
Dissemination of a Corporate News, transmitted by
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22 March 2010
The Manager
Company Announcements Platform
Australian Securities Exchange
Exchange Plaza, 2 The Esplanade
PERTH WA 6000
Dear Shareholders
GOOD RESULTS CONTINUE FROM TCM, CALORIFIC VALUES>7000 cal/g
HIGHLIGHTS:
- Coal intersected in a further two holes, with cumulative thickness up
to 7.14 m
- Laboratory analysis indicates high quality bituminous thermal coal, GCV
up to 7,162 cal/g
- Drilling remains ongoing, with the program to continue northward
The Directors of Pan Asia Corporation Ltd (the 'Company'; ASX: PZC) are
very pleased to provide the following update on drilling activities at the
TCM Coal Project located in South Kalimantan, Indonesia.
Ten drill holes have been completed to date, with the recently completed
TCM 10 and TCM 11 drill holes also returning significant intersections of
coal. TCM 10 returned a total of six (6) coal intersections over the length
of the hole, with a cumulative thickness of 4.94m. TCM 11 intersected a
total of nine (9) coal seams over the length of the hole, with a cumulative
thickness of 7.14m.
In the short term, drilling will concentrate on the northern extension of
the seams, with drilling now following a controlled pattern for future
resource modelling, which will provide comprehensive data for extending the
neighbouring open pit into this area of TCM. This drilling will also be
used to further assess the potential for underground mining based on the
thick, high quality coal seams present in this area. The drill program will
employ the same exploration drilling techniques to locate the down-dip
position of the coal seams exposed in adjacent open pits.
All drilling, logging and sampling has been undertaken in accordance with
industry best practice and in consideration of the JORC guidelines. All
drill holes are vertical and utilise a mixture of HQ diameter open hole and
triple tube coring. Coal samples are being sent to PT Intertek Utama
Laboratory Services in Banjarbaru, Kalimantan. PT Intertek Utama is a fully
internationally accredited coal testing laboratory.
Hole No Latitude Longitude From (m) To (m) IntervalTable 1 - Coal intersections in drill holes TCM 10 and TCM 11.
(m)
TCM 10 -30 14' 1150 42' 146.76 146.96 0.20
38.5'' 16.4''
TCM 10 -30 14' 1150 42' 175.86 176.10 0.24
38.5'' 16.4''
TCM 10 -30 14' 1150 42' 177.60 177.80 0.20
38.5'' 16.4''
TCM 10 -30 14' 1150 42' 254.66 255.76 1.10
38.5'' 16.4''
TCM 10 -30 14' 1150 42' 260.86 262.68 1.82
38.5'' 16.4''
TCM 10 -30 14' 1150 42' 263.70 265.08 1.38
38.5'' 16.4''
Total 4.94m
Cumulative
TCM 11 -30 14' 1150 42' 196.32 196.52 0.20
14.9'' 21.2'
TCM 11 -30 14' 1150 42' 198.16 198.34 0.18
14.9'' 21.2'
TCM 11 -30 14' 1150 42' 255.16255.68 0.52
14.9'' 21.2'
TCM 11 -30 14' 1150 42' 262.52 264.44 1.92
14.9'' 21.2'
TCM 11 -30 14' 1150 42' 265.50 267.10 1.60
14.9'' 21.2'
TCM 11 -30 14' 1150 42' 268.24 268.78 0.54
14.9'' 21.2'
TCM 11 -30 14' 1150 42' 278.82 279.16 0.34
14.9'' 21.2'
TCM 11 -30 14' 1150 42' 279.94 281.48 1.54
14.9'' 21.2'
TCM 11 -30 14' 1150 42' 282.38 282.68 0.30
14.9'' 21.2'
Total 7.14m
Cumulative
Coal quality analysis results have been received for sampled intervals in
TCM 7 and TCM 8, as listed in Table 2, below. Calorific value data returned
from the latest analysis confirms that the coal can be classified as
bituminous thermal coal. The upper seam contains higher sulphur, however
the lower seams have returned lower sulphur values. It is therefore
possible that these two coals could be blended to produce a high quality
coal with low-moderate sulphur values.
Hole No From (m) To (m) Interval TM_% (ar) IM_% Ash_%
(m) (adb) (adb)
TCM 7 61.68 62.00 0.32 3.81 3.25 22.76
TCM 7 141.12 142.12 1.00 6.52 4.43 16.69
TCM 7 142.12 142.40 0.28 6.81 4.48 8.76
TCM 7 150.72 151.72 1.00 5.52 4.42 6.77
TCM 7 151.72 152.54 0.82 5.38 4.40 23.95
TCM 7 153.54 154.54 1.00 6.05 4.48 12.75
TCM 7 154.54 155.20 0.66 8.43 4.10 14.90
TCM 7 157.44 157.78 0.34 6.70 4.71 16.38
TCM 8 155.92 156.92 1.00 7.58 4.88 5.85
TCM 8 156.92 157.10 0.18 5.56 3.50 7.78
TCM 8 164.70 165.70 1.00 5.42 3.59 13.33
TCM 8 165.70 166.60 0.90 5.25 3.80 9.01
TCM 8 167.52 168.52 1.00 5.54 4.10 9.98
TCM 8 168.52 169.40 0.88 5.77 4.35 13.28
TCM 8 171.26 171.64 0.38 5.74 3.33 7.99
TCM 8 173.56 174.20 0.64 5.16 4.14 15.00
Hole No VM_% (adb) FC_% (adb) S_% (adb) GCV cal/g CV cal/gTable 2 - Coal quality analysis results from sampled intervals in drill
(adb) (daf)
TCM 7 41.31 32.68 0.67 5929 8013
TCM 7 39.24 39.64 6.46 6174 7827
TCM 7 43.29 43.47 3.18 6935 7993
TCM 7 45.41 43.40 1.27 7159 8061
TCM 7 36.97 34.68 1.82 5548 7743
TCM 7 41.39 41.39 0.25 6588 7959
TCM 7 41.40 39.60 0.30 6395 7895
TCM 7 38.84 40.07 0.35 6299 7982
TCM 8 42.74 46.54 1.81 6914 7745
TCM 8 44.11 44.62 2.70 7122 8027
TCM 8 43.20 39.89 3.91 6620 7968
TCM 8 44.43 42.76 1.97 7070 8109
TCM 8 43.38 42.54 0.33 6878 8006
TCM 8 42.44 39.93 0.26 6584 7993
TCM 8 46.13 42.55 0.43 7162 8076
TCM 8 42.11 38.75 0.48 6439 7963
holes TCM 7 and TCM 8.
CEO Alan Hopkins said 'The recent intercepts from the TCM drilling indicate
we have a good handle on the coal geology and there is a definable
continuity between the seams intersected to date. I am really encouraged bythe high quality of the coal as it really is a premium coal for the thermal
power industry in a number of neighbouring countries.'
The Company recently advised the signing of a Memorandum of Understanding
with the contracting company responsible for mining at a second open pit in
the adjoining PT Arutmin ATA concession. This MOU covers the planned
expansion of the main ATA open pit mine, shown above in Figure 1, into the
TCM concession on a profit share basis with the Company being carried for
capital and operating costs.
The Company's due diligence on the balance of the parcel of projects to be
acquired from Innovation West is continuing.
Yours faithfully
ALAN G. HOPKINS
Chief Executive Officer
Competent Person's Statement
The data in this report that relates to Exploration Results is based on
information evaluated by Mr Brett Gunter, who is a member of The Australian
Institute of Mining and Metallurgy (MAusIMM) and who has sufficient
experience relevant to the style of mineralisation and type of deposit
under consideration and to the activity which he is undertaking to qualify
as a Competent Person as defined in the 2004 Edition of the Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves (the 'JORC Code'). Mr Gunter is a full-time employee of GMT
Indonesia and he consents to the inclusion in the report of the Mineral
Resource in the form and context in which it appears.
About Pan Asia Corporation Limited
Pan Asia Corporation Limited is a rapidly growing diversified resources
company listed on the Australian Securities Exchange with offices in Perth,
Australia and Jakarta, Indonesia.
The Company aims to be a major supplier of key resources into the expanding
Asian markets and is well advanced in its due diligence and requirements
for regulatory and shareholder approval for the acquisition of a number of
significant coal and manganese assets in Indonesia. This diversified
portfolio of assets includes projects in both production and exploration
stages as well as a significant opportunity to participate in key
infrastructure development which will complement the existing coal projects
held by the Company.
The evaluation and development of the current suite of assets in addition
to new opportunities that arise from a strong local partner network will be
the foundation for Pan Asia's aim to become a top tier coal and manganese
company in Indonesia over the next three years. An extensive international
financial network provides support for the Company's rapid growth plans.
23.03.2010 15:05 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
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