Tiaro Coal Limited (Tiaro, ASX:TCM) is an Australian company that listed on the Australian Securities Exchange on 3rd March 2008 to undertake exploration for commercially viable coal deposits with the potential to produce metallurgical (coking, PCI) coals from the Tiaro Coal Measures in South East Queensland.
Since that time Tiaro has established a portfolio of Exploration Permits for Coal (EPC) and lodged other EPC Applications which are yet to be granted. These tenements cover known, or potential, coal bearing geology within the Maryborough, Clarence Moreton and Galilee Basins as well as potential ground West of Blair Athol and Clermont Mines and between the Bowen and Galilee Basins.
Over the last six years Tiaro has made significant progress in delivering on its strategy to enhance the knowledge and value of its Queensland coal tenement assets.
Tiaro has made significant value adding steps on its priority coal targets located within EPCs 956 and 957. To allow this Project Area to advance Tiaro created Paragon Coal Pty Ltd to hold EPCs 956 and 957 and to seek direct strategic Project aligned funding. With funding secured during 2012 and 2013 the Paragon Metallurgical Coal Project has now advanced to Pre-Feasibility Study phase with that study due for completion during 2014.
Key Value Points for Paragon Metallurgical Coal Project:
Resource Estimate reported in accordance to JORC Code. The information is extracted from the report entitled “Updated JORC Resource of 87Mt for T9 West” created 7th May 2013 and is available to view on www.tiarocoal.com.au/ASX-Releases.htm. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. “Paragon Metallurgical Coal Project” ASX announcement 25th October 2013
The potential quantity and grade of exploration targets is conceptual in nature. Other than the declared JORC Resources, there has been insufficient exploration to define a further Mineral Resource and it is uncertain if further exploration will result in the determination of further Mineral Resources.
Technical information in this report that relates to Exploration Targets is based on information compiled by Jacob Rebek who is a member of Australian Institute of Mining and Metallurgy. Mr. Rebek is a qualified geologist and is a director of Tiaro Coal Limited. Mr Rebek has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (The 2012 JORC Code). Mr Rebek consents to the inclusion in the report of the matters based on information in the form and context in which it appears.
Tiaro has also identified several other highly prospective coal bearing targets in the Maryborough Basin tenements. These include coal targets in the Burrum Coal Measures, which for part of the Maryborough Basin, within EPCs 2511 and 2513, granted to Tiaro in late 2013.
Tiaro has also continued to evaluate other coal tenements, through field geological mapping, drilling, geophysical surveys and desk top reviews. Reviews of all available information and available resources, including capital, has lead the Company to rationalise its exploration focus onto the most prospective Maryborough Basin tenements.
This rationalisation has lead Tiaro back to its core initial area of interest of the Maryborough Basin. Other Queensland coal tenements are now targeted for attracting Farm-in style investment partners to fund further exploration or divestment. Tenements identified as having lower prospectivity or limited opportunity for ultimate exploitation are earmarked for relinquishment.
Tiaro has welcomed China Qinfa Group (Qinfa) as a strategic partner and key shareholder, to develop substantial volume of export trade in coal and other bulk commodities. Qinfa has been a cornerstone investor in Paragon Coal Pty Ltd and has invested further funds to allow for further Project exploration and Pre-Feasibility assessment. When this funding is finalised (end of February 2014) Tiaro will hold 47.6% of Paragon Coal Pty Ltd while Qinfa will hold 40.5% and Singapore based ICP Pty Ltd will hold the remaining 11.9%.
last updated 12 Feb 2014