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Aston Resources is the mining investment arm of the Tinkler Group, headed up by former Macarthur Coal investor and last year’s BRW young rich list frontrunner, Nathan Tinkler.
Under the joint venture agreement, Aston will fund $9 million towards exploration at Dingo or complete a three-stage exploration program and feasibility study, whichever comes first.
Under stage two of the joint venture, Aston can increase its interest to 51% and by completion of the third phase can own 70% by spending another $5 million.
Previously, 250 holes for 35,117m and 54.5km of seismic lines had been completed at Dingo.
The joint venture has drilled 166 open holes for 32,048m in EPC 862 and EPC 1063.
With four open hole drilling rigs currently in operation, recent drilling at Dingo has seen cumulative downhole coal intercepts of up to 29.6m with average intercepts of 8.4m.
Core drilling is expected to show PCI and thermal coal qualities similar to nearby projects Baralaba and Wonbindi.
The Dingo project is located in Queensland’s Bowen Basin, close to the Blackwater rail line and the Capricorn Highway.
Cockatoo Coal shares were trading steady this morning after climbing 1.52% yesterday to 33.5c.
