During September Cockatoo announced it had allotted 20 million shares to the Korean energy companies. The deal will help Cockatoo accelerate the exploration and development of its projects and enhance access to the all-important Korean market.
Currently Cockatoo is engaged in four coal exploration projects, which include the Wonbindi and Dingo coal projects in Queensland's Bowen Basin, the Mintovale coal project in Queensland's Moreton Basin and the Guluguba coal project in Queensland's Surat Basin.
During the quarter, Phase 1 drilling at Guluguba was completed providing representative cross-sections of the deposit with results to date showing average strip ratios of 3.92:1.
Phase 2 drilling at 250m spacings continues at Guluguba with 76 boreholes drilled of the 148-borehole program with an updated resource to follow.
Extensions to land access agreements were completed at Wonbindi MDL 352 and a Stage 3 strike extension drilling program will start next month.
The company also completed a 74-hole Charley Creek Traverse drilling program at the Dingo tenement. The tenements were extended during the quarter by 7158 hectares giving the Dingo project access north of the Blackwater rail line.
