Xceed Resources Ltd.: Exploration Drilling Update Roodepoort, Bankfontein
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Xceed Resources Ltd.: Exploration Drilling Update Roodepoort, Bankfontein
The Company advises that the diamond drilling programme on its Roodepoort thermal coal project, situated within the Witbank coalfield, has been successfully completed and that the drill rigs have now been deployed to the Company’s Bankfontein project, in the adjacent Ermelo coalfield. Drilling has now commenced at Bankfontein. Xceed is earning a 70% interest in each of these projects.
At Roodepoort; a total of 20 HQ diamond holes, with an average depth of 35m for each hole, for a total of approximately 700m have been completed. Core recovery was good, all holes were subjected to wire line geophysical logging and geotechnical testwork on samples from selected holes has been carried out to assist with possible mine planning. The core samples have been delivered to Noko Laboratories in Witbank for washability testwork. It is anticipated that the results of this testwork will be received by Gemecs, the Company’s geological consultants, within the next week and that Gemecs will be able to complete resource modeling by the end of March.
At Bankfontein; twenty HQ diamond holes, with an average depth of 55m for each hole, for a total of 1100m are planned to be drilled by two drill rigs. As with the Roodepoort drilling programme, the holes will be subjected to wire line geophysical logging and geotechnical testwork. It is anticipated that this drilling programme will be completed by the end of March or early April. The Bankfontein property, which covers an area of 913ha, is located approximately 40kms north of the town of Ermelo. Ermelo is the principal hub on the dedicated Richards Bay dedicated coal line and the centre for numerous existing collieries.
Due diligence drilling (4 holes) undertaken by the Company on Bankfontein during the December 2011 Quarter indicated the presence of high yielding and high grade coal measures located within the B, C, D and E seams of mineable thicknesses. The objective of the current drilling programme is to test the extent of this coal mineralization, as well to investigate whether any part of this mineralization is amenable to open cut mining from which high wall underground mining can be developed.
We further advise that progress with the feasibility study on the Moabsvelden project (XCD 74%), located within the Witbank coal field, is on schedule and the study is expected to be completed this month.
For and on behalf of the board of
Xceed Resources Limited
Ian Culbert
Managing Director
For further information regarding the Company, please contact the Company on +61 8 9226 0329 or refer to www.xceedresources.com.au
Information in this announcement that relates to exploration results and mineral resources in respect of the Roodepoort thermal coal project is based on information compiled by Mr Kobus Dippenaar, Pr.Sci.Nat, B.Sc Hons (Geology), GSSA, who is a senior coal geologist at Gemecs (Pty) Ltd who have consulted to the Company. Mr Dippenaar is a member in good standing of the South African Council for Natural Scientific Professions (SACNASP No. 4090079/94) as well as a member of the Geological Society of South Africa. Both organisations are Recognised Overseas Professional Organisations. Mr Dippenaar has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration, Mineral Resources and Ore Reserves’. Mr Dippenaar consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.
ASX Code: XCD
Shares on Issue: 115,500,436
Chairman: Patrick O’Connor
Managing Director: Ian Culbert
Finance Director: Stephen Belben
Registered Office
Level 9, 105 St Georges Terrace
Perth WA 6000
Postal: GPO Box 2575
Perth WA 6001
T: +61 (8) 9226 0326
F +61 (8) 9226 0327
South Africa
4/B Midland Office Park
Middelburg, Mpumalanga 1050
T: +27 (13) 282 0084
F: +27 (13) 282 9320
ABN: 79 009 181 006
www.xceedresources.com.au
Xceed Resources Limited is an Australian based public company engaged in the acquisition of mineral projects in South Africa. The company’s primary focus is the development of coal projects located within South Africa’s premier coal fields, which are supported by established infrastructure and are readily capable of reaching their markets.
The company’s most advanced project is the Moabsvelden thermal coal project situated in the Witbank coal field. Moabsvelden is expected to have a mine life in excess of 14 years with the potential to produce export quality coal from an open-cast, low strip mine. The company has two other projects in the same coalfields which are in the process of being developed through exploration drilling.
Leseranfragen:
Xceed Resources Ltd.
Level 9, 105 St Georges Terrace
PERTH WA 6000
Tel.: +61 (08) 9226 0329
Fax: (08) 9226 0327
E-Mail: info(at)xceedresources.com.au
Datum: 05.06.2012 - 14:11 Uhr
Sprache: Deutsch
News-ID 153085
Anzahl Zeichen: 5342
contact information:
Town:
Wien
Kategorie:
Business News
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