Stanmore adds to Lilyvale acreage
PERTH (miningweekly.com) – ASX-listed junior Stanmore Coal has expanded its Lilyvale coking coal project with the acquisition of another exploration licence in the area for A$125 000.
“The acquisition of this adjoining tenement materially improves the prospectivity of the Lilyvale coking coal project,” said MD Nick Jorss on Monday.
“The identification and acquisition of incrementally accretive coking coal assets such as this strengthens Stanmore’s project development opportunities,” he added.
He noted that the enlarged Lilyvale project showed considerable potential as an attractive coking coal asset in the Bowen basin, with access to critical transport infrastructure.
A desktop review of the project identified the German Creek seam as potentially amenable to underground mining, based on depth and estimated seam thickness. Jorss noted that the seam was presently mined as a high-quality coking coal at the adjacent Kestrel and nearby Gregory Crinum operations, respectively owned by Rio Tinto and BHP Billiton.
Jorss added that an exploration programme would now be undertaken at Lilyvale, followed by technical studies to further assess the potential of the project.
“We are starting to see increasing opportunities for growing long-term shareholder value by farm-in or acquisitions during a low point in the industry cycle,” Jorss said.
“We will continue to seek out and assess logical prospects for Stanmore to support disciplined growth while recognizing the need to maintain our strong cash position in the event of a prolonged market downturn.”
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