Liberty Resources (ASX:LBY) Commences Drilling at Bowen Basin Coal Tenement

RELATED QUOTES

SymbolPriceChange
LBY.AX0.030.000

Sydney, Australia, Aug 9, 2013 - (ABN Newswire) - Liberty Resources (ASX:LBY.AX - News) is pleased to announce the commencement of exploration drilling within the 100%owned Bowen Basin Coal tenement EPC 1949. The purpose of the exploration is to gain a thorough geological understanding of the resources within the EPC with a view to finalising all the data required to announce a JORC compliant (2012) resource statement.

Wizard Drilling from Bundaberg have mobilised to site and commenced drilling. Drill core of the coal seams will be geologically logged, measured, photographed and sampled. Coal core will be sent to Bureau Veritas in Brisbane for full coal quality analysis. Drill holes will be logged by Coal Seam Wireline Services and holes surveyed by Wilsons Surveying from Emerald. Upon completion all drill holes will be grouted back to surface and environmentally rehabilitated.

All of the results and data will be utilised to update the current 3D model of the coal seams.

Prior to the granting of EPC 1949, Liberty completed an extensive review and modelled the coal seams in the permit area using historical exploration data. The target coal seams occur within the Rangal Coal Measures and the Fort Cooper Coal Measures, similar to those being mined at nearby mines. The Rangal Coal Measure seams mined nearby are currently being transported by rail to the ports of Gladstone and Mackay and being exported as premium coking and thermal coal. Commenting on the permit grant, Liberty Resource's Managing Director, Mr Andrew Haythorpe said,

"The Board is very pleased to have commenced drilling within our Bowen Basin Coal Project on EPC 1949 as it presents the opportunity to create shareholder value and adds a new dimension to the Company's portfolio. We find ourselves in a rare position for a small company being completely surrounded by some of the the world's major coal companies (BHP/RioTinto/Peabody/Vale), within a prolific coal producing basin.There is the exciting potential for the discovery of coal on our permit and numerous monetisation options available to us should exploration prove successful.The Company believes this tenement has the potential to add significant value for shareholders and eagerly awaits the results of the exploration drilling".

About Liberty Resources Limited:

LIBERTY RESOURCES (ASX:LBY.AX - News) (PINK:LYRTF - News) (FRA:LG4.F - News) is committed to developing its large, low cost gas and fertiliser Project in Queensland. We use standard directional drilling to access deep coal, and we apply the latest environmental techniques to inject (saline) water and oxygen to produce low cost fertilisers. Benefits from our Project will include reduction of surface salinity, lower cost of living for remote locations, skilled and professional jobs, low cost gas and electricity and exports - fertiliser and gas.

LIBERTY RESOURCES is headquartered in Subiaco, Western Australia.

Contact:

 
Liberty Resources Limited
T: +61-8-9287-4400
F: +61-8-9388-8862
WWW: www.libertyresources.com.au
 

Source:

Liberty Resources Limited

Copyright (C) 2013 ABN Newswire. All rights reserved.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    0.9331-0.0001-0.02%
    AUDUSD=X
    0.5550-0.0004-0.08%
    AUDGBP=X
    0.6751-0.0004-0.06%
    AUDEUR=X
  • Commodities
    Commodities
    NamePriceChange% Chg