Edenville Energy, the coal exploration and development company, announced on Tuesday a significant upgrade of the Rukwa Coalfield project in South Western Tanzania.
The group reported 173m total tonnes in-situ at Mkomolo, Namwele and Muze combined at the prospect.
Most of the resource tonnage (90%) lies within Mkomolo and Namwele while Muze is still being fully evaluated.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The five holes drilled at Muze during 2012 returned a measured and indicated a resource of 5.5m tonnes.
"The board is extremely encouraged by this upgraded JORC [Joint Ore Reserves Committee] standard resource estimate for our Rukwa Coalfield Project, which further strengthens our belief in the commercial potential of our assets," said Chairman, Sally Schofield.
"The work completed by our geological team and [Special Mine Services ]has resulted in a detailed, robust geological model with the measured and indicated coal resource now constrained to discrete coal zones within the overall coal measure sequence."
Shares rose 6.67% to 0.24p at 08:51 Tuesday.
RD
-
Is a mortgage in retirement always a bad idea?A mystery shopper exercise shows high street lenders are “shunning” retirees looking to take out a mortgage. Are they right to do so?
-
Three funds to consider as UK small caps trade at 30% discountUK small caps have been unloved for some time, but a shifting economic environment could give them a boost
