Carabella continues to impress

CARABELLA Resources has appointed UBS as a corporate advisor after revealing new coal intersections of up to 10.8m at its Grosvenor West prospect in Queensland’s northern Bowen Basin this month. Meanwhile, Wavenet International is poised to own almost one-fifth of Carabella.
Carabella continues to impress Carabella continues to impress Carabella continues to impress Carabella continues to impress Carabella continues to impress

Vince Gauci

Blair Price

Australia-listed Wavenet previously focused on manufacturing modem products internationally, but has since become more focused on coal opportunities in Queensland.

The company is already Carabella’s leading shareholder with a 13.09% stake, but has recently received consent to acquire another 7.4 million ordinary Carabella shares.

Carabella followed up this announcement on Friday with this morning’s notice it has appointed UBS as a corporate advisor.

“We look forward to working closely with UBS as the company continues to progress the development of the Grosvenor West coking coal project, and the broader Mabbin Creek tenement area,” Carabella managing director Mitch Jakeman said.

The latest drilling results at the Grosvenor West open cut project included 12 holes intersecting averages of 8m of coal in two seams and at depths of 111-145m.

More drilling will target the shallowest sections of the prospect in the northwest corner of the project area with an updated resource model expected in July.

Carabella shares are up 3.8% this morning to $2.06, following a 6% gain on Friday.

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