Company Announcement: Drilling Commences at Titiribi Coal Project
Ascot Resources Ltd is pleased to announce that drilling has recently commenced at its 90% owned Carbones de Titiribi coal project in Colombia. The first of four drill rigs is being operated by a leading Colombian contractor in the El Basal concession within the Titiribi license area. As highlighted previously by the Company1, the Phase 1 drilling program at Titiribi comprises 10 diamond drill holes for a total of 1,600m and is intended to confirm the thickness, orientation and quality of coal seams predicted from recently completed field mapping work. An extensive geophysical downhole logging program will immediately follow the diamond drilling to provide data to assist with the interpretation of the coal seam stratigraphy and subsequent geological modelling. This modelling is planned to support the Company’s target of defining a maiden Coal Resource estimate in accordance with JORC guidelines by the end of Quarter 1 2013. Executive Chairman, Mr Paul Kopejtka, was able to observe the commencement of drilling and stated that he “looks forward to seeing results that can drive significant value for Ascot’s shareholders.”
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