Business / Companies
Zimbabwe coal project boosts Sable's shares
18 Feb 2011 at 17:17hrs | Views
Shares in Aim-listed Sable Mining Africa shot up by 15pc today following positive results from the second phase of drilling at the company's coal concession in Zimbabwe.
Sable said that the results, from five holes at the Lubu coal field in the Hwange mining district, underline high coking coal fractions across multiple seams adding significant value to the company. "This second batch of results further confirms the potential for Lubu to host a large metallurgical and thermal coal deposit," chief executive Andrew Groves said.
"Our aim is to rapidly advance Lubu through further drilling to upgrade the current 360mn t estimate and publish a JORC-compliant resource."
The results show that the thickness of the main seam ranged from 20.4m to 15.14m. The calorific values, ash content and volatility strongly correlated to the first batch of positive results and the average yields increased from 21 to 26pc.
Sable identified two new areas that present a good opportunity for additional shallow coal mining, which it plans to explore, providing another opportunity for an increase in resource reserves.
The Lubu concession covers 192km² of the highly prospective Karro Mid-Zambezi coal basin in northwest Zimbabwe.
Sable's shares were marked at 28.75p at 16:00 GMT, up by 3.75p. Sable also confirmed that bank Credit Suisse increased its interest in the company to 6.49pc on 17 February.
Sable said that the results, from five holes at the Lubu coal field in the Hwange mining district, underline high coking coal fractions across multiple seams adding significant value to the company. "This second batch of results further confirms the potential for Lubu to host a large metallurgical and thermal coal deposit," chief executive Andrew Groves said.
"Our aim is to rapidly advance Lubu through further drilling to upgrade the current 360mn t estimate and publish a JORC-compliant resource."
Sable identified two new areas that present a good opportunity for additional shallow coal mining, which it plans to explore, providing another opportunity for an increase in resource reserves.
The Lubu concession covers 192km² of the highly prospective Karro Mid-Zambezi coal basin in northwest Zimbabwe.
Sable's shares were marked at 28.75p at 16:00 GMT, up by 3.75p. Sable also confirmed that bank Credit Suisse increased its interest in the company to 6.49pc on 17 February.
Source - Byo24NEWS
