International Coal's (ASX:ICX) drill program at South Blackall continues to deliver with results indicating the presence of coal seams within all holes drilled to date.
South Blackall comprises an area of 769 square kilometres and consists of 250 sub-blocks, and is located 80 kilometres north-east of Quilpie in south-west Queensland.
Coal seams have been intersected at EPC2197 at relatively shallow depth of between 30 and 50 metres in a number of holes with cumulative seam thicknesses to depth exceeding 10-15 metres in a number of holes.
International Coal has been one of the better performing IPO's in 2011 ($0.20 to $0.30) and sharemarket performers in 2012 (last trade $0.42).
Eleven holes have now been drilled. Two drill rigs have been deployed to site and focus will now be on diamond drilling over the forthcoming weeks in order to assess coal quality within the seams intersected.
Air core drilling will also continue over expanded parts of the project area. Drilling at EPC2197 is over around 150 square kilometres to date, with positive coal intersects from holes drilled closer to the centre of the project area.
Specific detail regarding holes drilled, seams intersected and other relevant results shall be made available to the market when received.
Upcoming work will include:
- The continued drilling over EPC2197 to assess coal prevalence within the Winton Formation over the programme site;
- Ongoing core sampling in order to assess quality, combined with air core drilling to expand the size of the sites potential viability; and
- Completion of a defined JORC resource with plans to undertake in fill drilling and expand on any defined resource in the near future.