Stanmore acquires strategic coal tenement from Palmer

STANMORE Coal is expanding its presence in Queensland’s Bowen Basin by picking up an exploration permit from Clive Palmer’s Waratah Coal for a tenement adjacent to its Belview coking coal project for $5.1 million.
Stanmore acquires strategic coal tenement from Palmer Stanmore acquires strategic coal tenement from Palmer Stanmore acquires strategic coal tenement from Palmer Stanmore acquires strategic coal tenement from Palmer Stanmore acquires strategic coal tenement from Palmer

Clive Palmer.

Lou Caruana

Included in the consideration for the 72sq.km tenement are 5.7 million Stanmore Coal shares and a minor royalty.

Stanmore Coal managing director Nick Jorss said the combined tenements now contained a 95 million tonne JORC inferred resource plus an additional 735-1103Mt exploration target.

The acquisition was consistent with the company’s strategy of creating and developing a portfolio of world class coal assets, he said.

“The coking properties of the coal at Belview are attractive and we expect this complementary acquisition will further enhance project economics reported in the conceptual mining study,” Jorss said.

“We are also pleased to welcome Waratah Coal to our share register.

“We look forward working with Waratah Coal in the future.”

The tenement is located immediately to the north and along strike from Belview and substantially increases the size of the project footprint.

Jorss said the tenement was likely to contain significantly more coal at shallower depth than the existing Belview project.

The shallowest coal intersected from current drilling within the enlarged project area is 428m, with modelling showing the potential for coal to commence from 385m.

EPC 1186 was owned by Waratah Coal subsidiary Fairway Coal.

Recent drilling by Fairway and historic seismic line coverage across the tenement provided reasonable confidence in coal depths and seam continuity and showed no indication of major structure, Jorss said.

Historical data supported the proposition that coal measures confirmed through the Belview drilling program continued into the new tenement.

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