Stanmore set to exceed expectations at The Range

INITIAL drill results show junior explorer Stanmore Coal could exceed its exploration target at The Range project in Queensland’s Surat Basin.

Angie Tomlinson

The company has completed an initial drilling program consisting of 15 holes drilled for some 2000 metres.

Substantial shallow coal was intersected across the project area with seam thickness generally more than 5m and at depths less than 80m.

Stanmore said the deposit would substantially exceed the previous exploration target of 40-50 million tonnes.

The company expects to release coal quality results and a JORC-compliant resource in the first quarter of next year.

Stanmore is also advancing exploration at its Mackenzie River project in the Bowen Basin with a drilling program set to start in the new year.

Geological work continues at Stanmore’s other Bowen Basin projects ahead of exploration next year, including drilling at the New Cambria project.

Stanmore listed on the Australian Securities Exchange earlier this month at a premium to its 20c issue price.

The company closed Friday up 16.2% at 43c on the news.

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