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The Vaalbank exploration project is adjacent to Total Coal’s Forzando colliery.
The exploration project is a 50:50 joint venture between Australian Securities Exchange-listed Continental Coal and Forzando Coal – a company 74% owned by Total Coal South Africa.
Forzando Coal has been operating for more than 25 years in South Africa and produces more than 4 million tonnes per annum of export quality thermal coal from the Dorstfontein coal mine, Forzando North and South coal mines and Tumelo coal mine.
Under the terms of the joint exploration program Continental and Forzando will begin a two-phase exploration program comprising 20 exploration holes on approval by both companies.
Continental CEO Don Turvey said obtaining the consent to transfer the prospecting right allowed Continental and Forzando to start detailed planning and scheduling of the exploration program.
“Initial review studies indicated the potential for an economic mineable resource and we believe the proposed exploration program will not only support this but also provide the initial data required to commence with a prefeasibility study,” he said.
