www.carpentariaex.com.au
Carpentaria Exploration (ASX: CAP) is an exploration company focused on discovering base, precious metals and bulk commodities in eastern Australia. The company currently has interests in iron ore, tin, gold, copper and coal exploration projects. Discoveries to date include: Hawsons Iron Project - NSW and the Euriowie Tin Project - NSW.
Carpentaria Exploration to fund share of highly prospective Hughenden Coal Project in Galilee Basin
Carpentaria Exploration (ASX: CAP) will ensure it will hold 20% of the highly prospective Hughenden Coal Project by electing to contribute to exploration funding for FTB (QLD) Pty Ltd, pro rata with Guildford Coal (ASX: GUF), which holds the remaining 80% stake.
Under the terms of the agreement, Guildford spent the first $2.0 million on exploration, with Carpentaria contributing pro rata to maintain its interest.
The exciting potential for Hughenden is that it is located in the northern Galilee Basin of Queensland, which is host to over 20 billion tonnes of Inferred coal resources.
The basin includes the Hancock Resources Kevin’s Corner Project, along with Waratah Coal’s China First Project.
Hughenden is targeting export thermal coal resources with open cut and underground potential, and covers 16,500 square kilometres around the northern margin of the Galilee Basin.
Nick Sheard, chairman of Carpentaria, said "In partnership with Guildford Coal, Carpentaria, with its strong cash position, is well placed to continue involvement and realise the potential of its investment in the project in the very near future."
The project is being explored aggressively with two drill rigs in operation, with some very encouraging coal intersections close by.
A Queensland government drill hole recorded coal intersections of 7 metres net across four separate seams of the Betts Creek Beds at a vertical depth of 200 to 300 metres, which is only 9 kilometres away.
Adding to the potential is two of these seams are of sufficient thickness to enable high volume underground extraction once the lateral extent is confirmed.
Carpentaria said exploration is currently focussed in the area with an exploration target being finalised.
Sheard added, “Carpentaria is gearing up for another large exploration program this year, which will include both extensive field work and drilling on its own projects in NSW, and also through its joint venture partners in NSW, Queensland and South Australia.
“Our drilling program covers a range of projects in eastern Australia, spanning iron, tin, tantalum, gold, copper, nickel and coal."
