This gives Tiaro 1005 of the Maryborough Coal Basin tenements.
As of 10 May, Dynasty had a 7.65% stake in the joint venture.
Tiaro will buy that interest through the issue of three million Tiaro shares at the market price at completion. Those shares will be escrowed for 12 months.
Because the volume of shares to be issued falls below the ASX’s 15% limit, shareholder approval is not required.
The Maryborough tenements cover most of the known exposures of the Tiaro Coal measures within the Mesozoic Maryborough Basin.
Tiaro declared a maiden 40-million tonne JORC resource at T9 Block A – covering 2.5 square kilometres – that includes coking, PCI and energy coals.
Drilling is to continue on the remaining 19sq.km of T9 and 17 seam groups identified.
Tiaro commissioned Runge to review the borehole data for Tiaro’s T9 Block A coal deposit and create an updated geological model.
The T9 Block A coal resource is located in the western portion of the T9 exploration target and comprises multiple seam groups.
The resource model has been created based on geological data from 17 reverse circulation and 10 cored boreholes.
