Officials at Draig Resources have announced that 2013 phase one exploration will include field mapping, trenching, drilling and ground magnetic surveys at Teeg, Urtnii-Am, Khongor Zamt Uul and Gurvantes advancing toward production from its extensive coal resources in southern Mongolia.

Overall goals at the sites, according to company officials, are to better understand their geological structure and stratigraphy, test geophysical anomalies and coal blooms, while testing new areas among existing licences, particularly in the South Gobi desert and building upon existing works.

Other objectives include determining coal-bearing sedimentary group presences and testing the extent of the coal presence in the north along with geophysical anomalies in the south; continued licence exploration; acquisitions focusing on southern Mongolia, including metallurgical coal and open-cut mining potential; capital raising for future exploration; and further analysis being reviewed for 2014.

Along with a renewed focus on near-surface coking coal, Draig has also implemented a series of cost-cutting measures through employee lay-offs while closing its Perth office.

ASX-listed Draig has established an experienced team focused on Mongolia, Indonesia and other countries via raising of $17 million through the issuance of 34 million shares in 2011. It subsequently acquired Mongolian exploration licences from Peabody Winsway, with a subsidiary of Trinity Mongolia as a 10% joint venture partner. Following exploration success at Teeg in early 2012, Trinity Mongolia acquired a 15% interest in the JV before a new management team was installed at the end of 2012.
www.draigresources.com

Resource Center Whitepapers, Videos, Case Studies

Conferences & Events

No events