Inferred resources for the Inverness Deposit featured less than 50 meters depth, with 1.249Bt estimated at less than 100 meters depth.
Initial quality testing found a low-medium ash, low sulphur, sub-bituminous coal at the two tenements EPC 1993 and EPC 1719, part of the project, spanning 1,484km2, constituting a small portion of the company’s overall coal tenement coal portfolio in Queensland.
Coalbank CEO Bruce Patrick said during the June quarter, the company and its contractors ran an efficient and well-balanced drilling program at the Blackall Project that has determined the large scale of the Inverness Deposit.
"We were able to drill a 75-hole program in approximately ten weeks, which enabled the estimation of a 1.3Bt Inferred JORC-compliant resource," he added.
"We can now confirm that the Inverness Deposit is very large, shallow and flat-lying. Importantly, the Blackall Coal Project is outside of designated strategic cropping land areas."
The company stated the Inverness Deposit is extremely shallow and relatively flat-lying, located within a broad synclinal structure moving north-northwest throughout the 25km length of the deposit.
Blackall Project is also in close proximity to the existing Central Rail Line to Emerald and Gladstone, and the proposed Galilee Rail infrastructure planned to connect to Abbot Point.
Coalbank stated the project is moving ahead with 76 drill holes completed in 2012, of which 73 were geophysically logged.
The company intends to further carryout geological studies including additional drilling, wash testing and bulk sampling to obtain data for the development of the project.
