Monday, February 24, 2014

Newera Resources poised to drill at Ulaan Tolgoi coal project in Mongolia

Newera Resources (ASX: NRU) is poised to start 2,000 metres of diamond drilling to test for potential coal deposits underlying five seismic lines that have produced positive results at its Ulaan Tolgoi coking coal project in Mongolia.

In the first of two phases, it plans to drill two diamond holes of about 300 metres each into the best prospects identified as a pre-cursor to the 1,400 metre phase two.

The company has already completed all necessary regulatory and other requirements and notifications to enable drilling to begin once local weather permits.

In addition, the drilling contractor, Best Drilling, has re-located a suitable diamond drilling rig to the regional city of Dalanzadgad in preparation for easy transport to the Ulaan Tolgoi site.

Newera expects that by the time the rig has been mobilised to site and before commencement of the first hole, it will have earned a 51% interest in CMNM LLC - the Mongolian registered company holding 100% of the Ulaan Tolgoi exploration licence as its only asset.

The 43,000 hectare Ulaan Tolgoi project is located in the South Gobi province of Mongolia – 100 kilometres from the Chinese Border.

Minor coal outcrops and a number of water wells along the Nariin Sukhait thrust fault 300km to the west of Ulaan Tolgoi led to the discovery of the large MAK and Ovoot Tolgoi coking/thermal coal deposits.

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