Draig Resources trims Mongolian coal tenements
September 20 (Proactive Investors) Draig Resources (ASX: DRG) has relinquished three of the eight licences its holds in Mongolia under a joint venture with Trinity Mongolia.
The company noted that exploration activities undertaken to date had indicated the 12000X, 10566X and 9116X were not as prospective for coal as was previously thought.
Draig subsidiary BDBL holds a 75% interest in the licence. The company also owns a 16% stake in Trinity.
The recent exploration program of mapping, magnetic survey, trenching and rotary air blast drilling had confirmed coal bearing sediments within the Teeg and Urtnii-Am licences.
Plans are being considered for further exploration on the two licences.
The company noted that exploration activities undertaken to date had indicated the 12000X, 10566X and 9116X were not as prospective for coal as was previously thought.
Draig subsidiary BDBL holds a 75% interest in the licence. The company also owns a 16% stake in Trinity.
The recent exploration program of mapping, magnetic survey, trenching and rotary air blast drilling had confirmed coal bearing sediments within the Teeg and Urtnii-Am licences.
Plans are being considered for further exploration on the two licences.
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