The company also estimated an Exploration Target ranging from 112.50Mt to 160.71Mt for the two principal coking coal deposits at Nowa Ruda.
Drilling is currently being carried out by three diamond drill rig aimed at converting further coal tonnages currently within the Exploration Target to JORC resources.
The maiden JORC Resource and Exploration Target is derived only from existing historical data and information collected over the past 25 years and made available to Balamara.
It is expected that a series of resource update announcements will follow over the next 3‐6 months as current exploration work fills in the gaps in geological knowledge and seeks to verify the historical data.
Nowa Ruda is a large historical underground coal mine consisting of two adjacent deposits, Wacław and Lech, which produced substantial coking coal throughout the last century.
Balamara acquired the project through the award of a concession in July 2013. This gives Balamara the right to explore the two existing deposits and take the project into production following completion of a successful Feasibility Study and the granting of a licence to mine.
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