MORETON RESOURCES LIMITED
Moreton Resources Limited (MRV) is pleased to advise that the company continues to advance the MacKenzie drilling program, having recently secured the services of HDR Salva based out of Brisbane to manage and co-ordinate our next phase campaign.
In doing so, the Company has determined a 16 hole program, that it believes will have the potential to move to at least a 50% indicated resource, from the current JORC 201Mt of PCI coal. This program also has the potential to increase the resource within the 16 hole program by moving to the north, thereby stepping out the potential coverage within EPC 1445. The contracted terms that have been finalised with HDR Salva, are favourable given the market conditions and this is a very positive outcome for the Company. The Company is confident it can maintain its established budget, as announced on 18 June 2014.
The Company is also pleased to announce it will enter into discussions with the Native Title Claimants, the Gaangalu Nation People, in late August with the view of moving to finalise clearance activities on the EPC 1445 for the commencement of drilling, but also seeking to enter into negotiations for a formal Cultural Heritage Management Plan with the claimants. The Company believes this will allow for a long term relationship to be established, that will benefit all parties as this project continues to evolve.
The Company will further update the market closer to the end of the drilling campaign, with an expected time frame for final results to be released from this program of work. The Company is still optimistic of releasing results late quarter two, or if not, within quarter three of 2014-2015 financial year.
Chief Executive Officer
Moreton Resources Limited
Moreton Resources Ltd | Unit 3 / 269 Abbotsford Road, Bowen Hills QLD 4006 | Tel +61 7 3852 6969 |
ABN 75 060 111 784 | Email enquiries@moretonresources.com.au |
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