Report under Section 24(d) of the Mining Act - report of coal intersected while exploring for uranium

Abstract

An ASX report first indicated that coal had been intersected while exploring for uranium. This is a report under Section 24(d) of the Mining Act. The location of the air core drill hole 08BRAC012 is 7481500N 520500E 128m vertical and was drilled on the Bundey River EL 25378 tenement. The hole was drilled into the Plenty River paleo drainage system and was abandoned due to difficult drilling conditions before bedrock was intersected. Four metres of coal was intersected at 103m beneath a thick sequence of lacustrine clays. Sporadic lignite was logged below that. The open file data available covering both the Plenty Highway and Hale River paleo drainage systems indicates numerous intersections of lignite and carbonaceous shales etc within the Tertiary sediments in previous drilling conducted by companies such as Alcoa. In the opinion of Thor, an intersection such as this may well be a Permian remnant at the base of the paleo drainage.