DRAIG SEES PROMISING FUTURE FOR TEEG LICENCE, MONGOLIA
May 28, Draig Resources Limited (ASX:DRG) --
Highlights
• Coal intercepted in 18 holes as Teeg licence logging data finalized
• Best cumulative seam thicknesses 86.28m, 66.75m, 37.80m & 36.12m
• All coal intercepted at open pit mineable levels
• Resource modelling underway, coal quality and petrographic testing continuing
• Maiden JORC statement expected June 2012
Mongolian coal explorer Draig Resources Limited (ASX: DRG) ("Draig" or "the Company") said its Teeg Licence ("Teeg") shows 'great promise', after the Company completed logging of final drill holes from its Phase I exploration program.
Draig intercepted coal in 18 holes during its Phase I drilling program on Teeg, completed at the end of April 2012. A series of steeply dipping coal seam intersections were logged at shallow depths of less than 175m (open pit mineable levels) along a north‐westerly trending strike length.
The collated data showed amongst the best coal seams intercepted were those with apparent seam thicknesses of 86.28m (BT_37), 66.75m (BT_36), 37.80m (BT_01), and 36.12m (BT_38). Holes BT_24C, BT_37 and BT_38 were twin cored with results that correlated to coal intersected in the original hole.
All logged coal intercepts are included in the tables below.
The 6,000m program was conducted solely on Teeg, which sits within Draig's parcel of Ovorhangay licences in central‐southern Mongolia.
Draig has commenced resource modelling to determine the structure of the licence and anticipates completing a maiden JORC estimate for Teeg by June 2012. Coal quality and petrographic testing is also continuing at ALS laboratories in Mongolia and Australia.
Draig Managing Director Mark Earley said: "All the coal we intercepted was relatively shallow and definitely at open pit mineable levels. I think the Teeg licence shows great promise, based on the drilling we have done to date.
"Our aim is to complement these results with the drilling to be undertaken in our Phase II program, which will include our South Gobi licences," Mr Earley said.
Draig owns eight coal exploration licences in Mongolia – four in the Ovorhangay province and four in the South Gobi province further south.
Phase II Exploration Update
Draig said that following on from its Phase I results it expected to commence a Phase II exploration program later in the year, which would involve exploring its South Gobi licences.
Phase II was likely to also include further exploration at the Teeg licence with some addition exploration also expected to be undertaken on the Nariin Teeg (Ovorhangay province), building on the geophysics survey completed over the licence in February 2012.
Draig added it had a strong cash position and was fully funded to undertake further exploration activities.
Highlights
• Coal intercepted in 18 holes as Teeg licence logging data finalized
• Best cumulative seam thicknesses 86.28m, 66.75m, 37.80m & 36.12m
• All coal intercepted at open pit mineable levels
• Resource modelling underway, coal quality and petrographic testing continuing
• Maiden JORC statement expected June 2012
Mongolian coal explorer Draig Resources Limited (ASX: DRG) ("Draig" or "the Company") said its Teeg Licence ("Teeg") shows 'great promise', after the Company completed logging of final drill holes from its Phase I exploration program.
Draig intercepted coal in 18 holes during its Phase I drilling program on Teeg, completed at the end of April 2012. A series of steeply dipping coal seam intersections were logged at shallow depths of less than 175m (open pit mineable levels) along a north‐westerly trending strike length.
The collated data showed amongst the best coal seams intercepted were those with apparent seam thicknesses of 86.28m (BT_37), 66.75m (BT_36), 37.80m (BT_01), and 36.12m (BT_38). Holes BT_24C, BT_37 and BT_38 were twin cored with results that correlated to coal intersected in the original hole.
All logged coal intercepts are included in the tables below.
The 6,000m program was conducted solely on Teeg, which sits within Draig's parcel of Ovorhangay licences in central‐southern Mongolia.
Draig has commenced resource modelling to determine the structure of the licence and anticipates completing a maiden JORC estimate for Teeg by June 2012. Coal quality and petrographic testing is also continuing at ALS laboratories in Mongolia and Australia.
Draig Managing Director Mark Earley said: "All the coal we intercepted was relatively shallow and definitely at open pit mineable levels. I think the Teeg licence shows great promise, based on the drilling we have done to date.
"Our aim is to complement these results with the drilling to be undertaken in our Phase II program, which will include our South Gobi licences," Mr Earley said.
Draig owns eight coal exploration licences in Mongolia – four in the Ovorhangay province and four in the South Gobi province further south.
Phase II Exploration Update
Draig said that following on from its Phase I results it expected to commence a Phase II exploration program later in the year, which would involve exploring its South Gobi licences.
Phase II was likely to also include further exploration at the Teeg licence with some addition exploration also expected to be undertaken on the Nariin Teeg (Ovorhangay province), building on the geophysics survey completed over the licence in February 2012.
Draig added it had a strong cash position and was fully funded to undertake further exploration activities.
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