Recruitment company Humanis recently acquired a 49% stake in the project from private company TheChairmen1, while another private company, Springsure Mining, owns the remaining stake.
There are also hopes that the thermal coal project – located about 75 kilometres south of Emerald in EPC 1674 – could host resources suitable for open cut mining.
Two boreholes were recently completed, with one providing a total accumulated coal thickness of 14.7m over multiple seams at depths between 316-485m.
The other hole had 12.39m of total accumulated coal over multiple seams at depths of 248-435m.
Humanis said the coal seams intersected were identified and named “where possible” using public data available from the Minerva mine, about 10-20km north of the tenement.
Humanis also revealed the expert opinion of consultancy Palaris Mining, which was made before the two holes were drilled.
“Exploration carried out to date is inadequate to be able to estimate resources according to JORC compliant resource categories and it is uncertain if further exploration will result in the determination of a mineral resource,” Palaris was quoted as saying.
“However based on the raw assumption that either of the two Reids Dome Beds seams of approximately 2 metres thickness, with relative density of 1.40 grams per cubic centimetre occurs over 30 square kilometres of the tenement at depths amenable to open cut and underground mining, either of the exploration targets could conceptually contain from 0 to 84 million tonnes of coal.”
Another three boreholes are planned over the next two months with the eventual goal of setting maiden inferred resources.
Humanis acquired its stake of the project for consideration of $1.5 million plus agreements to pay The Chairmen1 $2.2 million for each 10Mt of indicated resources established, capped at a maximum amount of $11 million.
The Springsure joint venture says it aims to build a sustainable training mine facility for the underground coal sector, providing practical and theoretical mining and occupational health and safety training, experience and expertise.
Humanis shares are up 1c to 38c this morning.
