Guildford Coal in trading halt pending 'exploration results' announcement
Guildford Coal (ASX: GUF) has been granted a trading halt by the ASX pending an 'exploration results' announcement by the company.
Guildford did not allude as to which project the results would be from, but earlier in the month the company kicked off exploration in Mongolia, intersecting coal.
Drilling commenced with two drills operating in the South Gobi Project with the first hole intersecting around 8 metres net of coal contained in three coal seams, with the deepest seam estimated at 87 metres.
Exploration also started at the Middle Gobi Project, with one drill in operation.
Guildford said the exploration plan aims to link in with previous historic exploration, with the goal to ultimately define both the strike extent and up dip extensions of this group of seams.
The company added that the four South Gobi licences are believed to be locally confined with the Ovoot Khural Basin, and the coal intersected in drilling interpreted to be from Permian strata of the Deliin Shand suite.
The nearby MAK and Ovoot Tolgoi mines produce high volatile bituminous coals from this same Deliin Shand Group which are marketed as a mixture of both thermal and coking coal products.
Guildford has already been a top performer for investors who participated in the IPO in mid-2010, which offered 10 million shares at $0.20 to raise $2 million, with the company last trading at $1.30.
Guildford did not allude as to which project the results would be from, but earlier in the month the company kicked off exploration in Mongolia, intersecting coal.
Drilling commenced with two drills operating in the South Gobi Project with the first hole intersecting around 8 metres net of coal contained in three coal seams, with the deepest seam estimated at 87 metres.
Exploration also started at the Middle Gobi Project, with one drill in operation.
Guildford said the exploration plan aims to link in with previous historic exploration, with the goal to ultimately define both the strike extent and up dip extensions of this group of seams.
The company added that the four South Gobi licences are believed to be locally confined with the Ovoot Khural Basin, and the coal intersected in drilling interpreted to be from Permian strata of the Deliin Shand suite.
The nearby MAK and Ovoot Tolgoi mines produce high volatile bituminous coals from this same Deliin Shand Group which are marketed as a mixture of both thermal and coking coal products.
Guildford has already been a top performer for investors who participated in the IPO in mid-2010, which offered 10 million shares at $0.20 to raise $2 million, with the company last trading at $1.30.
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