Bandanna Energy (ASX: BND) has reported an increase in its JORC compliant resources at its Springsure Creek Project to 304.7 million tonnes.
This resource, comprising Inferred Resources of 270 million tonnes and Indicated Resources of 34.7 million tonnes has resulted from the recent completion of 18 chip and 13 cored boreholes and subsequent detailed analysis.
The resource represents an approximate 30% increase over the 239 million tonnes reported in October 2008. Springsure Creek is 100% owned by Bandanna’s wholly owned subsidiary Springsure Creek Coal Pty Ltd.
The Springsure Creek increase brings the total of JORC compliant resources to 1.313 billion tonnes in the Bandanna Energy project portfolio.
Springsure Creek is located within Bandanna’s so called “Golden Triangle” of projects where the previously declared Arcturus and Arcadia projects are currently undergoing mining concept studies.
The close proximity of the projects to each other and to that of major infrastructure is a critical factor as Bandanna Energy progresses the potential development of the province.
Bandanna has already expressed interest in securing export tonnage through Stage 1 of the Wiggins Island Coal Export Terminal at Gladstone through its Arcturus Project.
Dr Ray Shaw, Managing Director of Bandanna Energy, concluded “this resource increase at the nearby Springsure Creek project clearly vindicates Bandanna’s participation in the WICET allocation process”
Disclosure: The author holds no positions in the company