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Lemur Resources' Managing Director Blair Sergeant Buys On Market

Lemur Resources (ASX: LMR) managing director Blair Sergeant has increased his stake in the company on-market with the purchase of a further 244,519 shares.

Sergeant acquired the shares for a total consideration of A$19,561, or $0.08 per share.

He now indirectly holds 599,519 fully paid ordinary shares and 4 million options, and also directly holds 50,000 fully paid ordinary shares.

Lemur has proved that its Imaloto Coal Project in Madagascar can produce coal that can be beneficiated to a 67% export grade thermal coal, making the product highly sought after in the seaborne market.

When the Main Seam is beneficiated via a single stage wash a secondary product was also produced displaying qualities suitable as feedstock for a domestic coal fired power station is also produced.

This would equate to a theoretical yield of 100% for the Main Seam.

Lemur is also close to delivering an updated JORC resource for the project.

The company has now incorporated the final drilling and laboratory results taken as part of the Phase III Western Drilling Program into the geological model.

Upon completion, the model will be used to prepare the revised JORC Resource.

Work has also continued on the Mining Scoping Study being prepared by Badger Mining & Consulting.

The objective of the study is to provide a high level indication on the viability of early stage production based on an initial 1 million tonnes per annum of saleable product from the Imaloto Project.

Badger has advised it will take six weeks from having received the revised geological model for a final version of the study to be available.

Lemur remains well funded with $19.14 million cash on hand at the end of the September quarter.

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