PERTH (miningweekly.com) – ASX-listed junior Balamara Resources on Wednesday announced a maiden Joint Ore Reserves Committee- (Jorc-) compliant resource at the Mariola thermal coal project, in Poland.
The project was estimated to host an indicated resource of 43.6-million tonnes and an inferred resource of 33.5-million tonnes.
A separate additional exploration target of between 63.4-million and 80.6-million tonnes has also been estimated in addition to the resource, which Balamara said represented considerable potential upside for the establishment of further resources.
The initial resource and exploration target was compiled from historical drilling data, Balamara told shareholders, which included drilling of 178 holes, of which 150 holes intersected coal.
MD Mike Ralston told shareholders that the completion of a Jorc-compliant resource was an important milestone for the company, clearing the way for Balamara to consolidate ownership of the project.
“Balamara selected this advanced stage asset for its size and scale, its coal quality, the shallow nature of the coal seam and its close proximity to a large market for thermal coal. The completion of a maiden Jorc resource provides further evidence to support our rationale.”
Ralston noted that the indicated resource, in particular, would allow Balamara to move ahead with prefeasibility studies at Mariola in the near term, without the need for further verification drilling, although the company was still considering cost-effective means of increasing the resource.
“Our next step is to move to 100% ownership of this project and, thereafter, we will continue to develop the asset towards licensing and production.”
Balamara acquired a cornerstone 15% interest in the Mariola project in July this year, and would gain full control of the project through an all-script merger with private company Carbon Investment, which holds the exploration concession.