INDONESIA - TCM phase 4 drilling intersects coal

Pan Asia Corporation has completed its phase 4 drill program in the northern section of its flagship Transcoal Minergy (TCM) project in South Kalimantan, with all holes intersecting coal seams. 

All holes have been surveyed, geophysically logged and cored through the target seams to obtain coal quality data. Pan Asia will update the economic mineralization once all coal analysis is received, along with a re-optimization of the mine design to be included in the feasibility study.

The company’s chief executive officer Alan Hopkins says, “This is a terrific result. We now look forward to obtaining the updated JORC resource estimate and also the effect of the nearby holes on the current mine design.”

Pan Asia is making good progress at its high CV coal project, negotiating with parties interested in participating in its development. In July, the company was granted official status as a foreign-owned entity by Indonesia’s Capital Investment Coordinating Board (BKPM), which means the project is now able to facilitate the planned incoming substantial foreign investment.

The TCM project’s south deposit has been estimated at 114 million tonnes. A feasibility study for TCM is expected to be announced in October. Pan Asia aims to be a major supplier of key resources into the expanding Asian markets.

www.panasiacorp.com.au