INDONESIA - New coal intersections at TCM

The first six holes in the phase 4 drill program at Pan Asia’s flagship TCM project in Indonesia’s South Kalimantan have all intersected coal. The drilling is under way in the northern end of the concession, with the initial holes completed ahead of schedule. 

Pan Asia says geological interpretation of the intersected coal conforms to the known coal formation and coal quality from drilling in the south to date. Chief executive officer Alan Hopkins says, “The TCM project continues to generate good results. This augurs well for a strong development deal to be done with one of the many interested parties.”

The current drill phase is expected to re-optimize the mine design further north and also update the base case feasibility study. Both the updated design and financial model should be completed during July, in line with the final three drill holes scheduled for this program. Pan Asia says an updated JORC resource estimate will be announced in August.

In April, the company announced a total resource of 128.8 million tonnes after the completion of 55 boreholes in only part of the concession. Pan Asia says it has an exploration target of between 200 and 220 million tonnes of 6500-6800 CV coal at TCM.

The project’s feasibility study is nearing completion and is expected to be announced early next quarter.

www.panasiacorp.com.au