Following completion of more than 2500 metres of drilling, TVN Corporation has upgraded its exploration target for the southwest portion of the Nuurst Coal Project to 200-300 million tonnes of thermal coal. This is a significant upgrade to the original target of 50-100 million tonnes which TVN’s acquisition of the project was based on.
The revised target covers only the southwest portion of the licence which is directly adjacent to mining licences held by Peabody Winsway Resources. The targeted resource area represents less than 15% of the Nuurst Coal Project licence area.
The extent of further coal seam development over the full licence area is yet to be determined, however historical drilling and geological interpretations suggest coal seam development extends to the northeast and east.
TVN intends to produce a JORC reportable mineral resource over the 2011 target resource area by the end of this calendar year.
The ASX-listed company has also completed its acquisition of the project. The licence transfer process has been formally completed by the Mongolian authorities and the Nuurst licence has been registered in the name of TVN’s newly incorporated Mongolian subsidiary Modun Resources LLC.
Nuurst is a 3451 hectare exploration licence 120km south of Ulaanbaatar in an area with a number of operating coal mines. It is 6km from existing rail infrastructure providing low cost access to the key coal export markets of China, South Korea and Japan.