Pan Asia Corporation Ltd.
Pan Asia Corporation Ltd.: GOOD RESULTS CONTINUE FROM TCM
Pan Asia Corporation Ltd. / Miscellaneous 23.03.2010 15:05 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- 22 March 2010 The Manager Company Announcements Platform Australian Securities Exchange Exchange Plaza, 2 The Esplanade PERTH WA 6000 Dear Shareholders GOOD RESULTS CONTINUE FROM TCM, CALORIFIC VALUES >7000 cal/g HIGHLIGHTS: - Coal intersected in a further two holes, with cumulative thickness up to 7.14 m - Laboratory analysis indicates high quality bituminous thermal coal, GCV up to 7,162 cal/g - Drilling remains ongoing, with the program to continue northward The Directors of Pan Asia Corporation Ltd (the 'Company'; ASX: PZC) are very pleased to provide the following update on drilling activities at the TCM Coal Project located in South Kalimantan, Indonesia. Ten drill holes have been completed to date, with the recently completed TCM 10 and TCM 11 drill holes also returning significant intersections of coal. TCM 10 returned a total of six (6) coal intersections over the length of the hole, with a cumulative thickness of 4.94m. TCM 11 intersected a total of nine (9) coal seams over the length of the hole, with a cumulative thickness of 7.14m. In the short term, drilling will concentrate on the northern extension of the seams, with drilling now following a controlled pattern for future resource modelling, which will provide comprehensive data for extending the neighbouring open pit into this area of TCM. This drilling will also be used to further assess the potential for underground mining based on the thick, high quality coal seams present in this area. The drill program will employ the same exploration drilling techniques to locate the down-dip position of the coal seams exposed in adjacent open pits. All drilling, logging and sampling has been undertaken in accordance with industry best practice and in consideration of the JORC guidelines. All drill holes are vertical and utilise a mixture of HQ diameter open hole and triple tube coring. Coal samples are being sent to PT Intertek Utama Laboratory Services in Banjarbaru, Kalimantan. PT Intertek Utama is a fully internationally accredited coal testing laboratory.Hole No Latitude Longitude From (m) To (m) Interval (m) TCM 10 -30 14' 1150 42' 146.76 146.96 0.20 38.5'' 16.4'' TCM 10 -30 14' 1150 42' 175.86 176.10 0.24 38.5'' 16.4'' TCM 10 -30 14' 1150 42' 177.60 177.80 0.20 38.5'' 16.4'' TCM 10 -30 14' 1150 42' 254.66 255.76 1.10 38.5'' 16.4'' TCM 10 -30 14' 1150 42' 260.86 262.68 1.82 38.5'' 16.4'' TCM 10 -30 14' 1150 42' 263.70 265.08 1.38 38.5'' 16.4'' Total 4.94m Cumulative TCM 11 -30 14' 1150 42' 196.32 196.52 0.20 14.9'' 21.2' TCM 11 -30 14' 1150 42' 198.16 198.34 0.18 14.9'' 21.2' TCM 11 -30 14' 1150 42' 255.16 255.68 0.52 14.9'' 21.2' TCM 11 -30 14' 1150 42' 262.52 264.44 1.92 14.9'' 21.2' TCM 11 -30 14' 1150 42' 265.50 267.10 1.60 14.9'' 21.2' TCM 11 -30 14' 1150 42' 268.24 268.78 0.54 14.9'' 21.2' TCM 11 -30 14' 1150 42' 278.82 279.16 0.34 14.9'' 21.2' TCM 11 -30 14' 1150 42' 279.94 281.48 1.54 14.9'' 21.2' TCM 11 -30 14' 1150 42' 282.38 282.68 0.30 14.9'' 21.2' Total 7.14m CumulativeTable 1 - Coal intersections in drill holes TCM 10 and TCM 11. Coal quality analysis results have been received for sampled intervals in TCM 7 and TCM 8, as listed in Table 2, below. Calorific value data returned from the latest analysis confirms that the coal can be classified as bituminous thermal coal. The upper seam contains higher sulphur, however the lower seams have returned lower sulphur values. It is therefore possible that these two coals could be blended to produce a high quality coal with low-moderate sulphur values.Hole No From (m) To (m) Interval TM_% (ar) IM_% Ash_% (m) (adb) (adb) TCM 7 61.68 62.00 0.32 3.81 3.25 22.76 TCM 7 141.12 142.12 1.00 6.52 4.43 16.69 TCM 7 142.12 142.40 0.28 6.81 4.48 8.76 TCM 7 150.72 151.72 1.00 5.52 4.42 6.77 TCM 7 151.72 152.54 0.82 5.38 4.40 23.95 TCM 7 153.54 154.54 1.00 6.05 4.48 12.75 TCM 7 154.54 155.20 0.66 8.43 4.10 14.90 TCM 7 157.44 157.78 0.34 6.70 4.71 16.38 TCM 8 155.92 156.92 1.00 7.58 4.88 5.85 TCM 8 156.92 157.10 0.18 5.56 3.50 7.78 TCM 8 164.70 165.70 1.00 5.42 3.59 13.33 TCM 8 165.70 166.60 0.90 5.25 3.80 9.01 TCM 8 167.52 168.52 1.00 5.54 4.10 9.98 TCM 8 168.52 169.40 0.88 5.77 4.35 13.28 TCM 8 171.26 171.64 0.38 5.74 3.33 7.99 TCM 8 173.56 174.20 0.64 5.16 4.14 15.00Hole No VM_% (adb) FC_% (adb) S_% (adb) GCV cal/g CV cal/g (adb) (daf) TCM 7 41.31 32.68 0.67 5929 8013 TCM 7 39.24 39.64 6.46 6174 7827 TCM 7 43.29 43.47 3.18 6935 7993 TCM 7 45.41 43.40 1.27 7159 8061 TCM 7 36.97 34.68 1.82 5548 7743 TCM 7 41.39 41.39 0.25 6588 7959 TCM 7 41.40 39.60 0.30 6395 7895 TCM 7 38.84 40.07 0.35 6299 7982 TCM 8 42.74 46.54 1.81 6914 7745 TCM 8 44.11 44.62 2.70 7122 8027 TCM 8 43.20 39.89 3.91 6620 7968 TCM 8 44.43 42.76 1.97 7070 8109 TCM 8 43.38 42.54 0.33 6878 8006 TCM 8 42.44 39.93 0.26 6584 7993 TCM 8 46.13 42.55 0.43 7162 8076 TCM 8 42.11 38.75 0.48 6439 7963Table 2 - Coal quality analysis results from sampled intervals in drill holes TCM 7 and TCM 8. CEO Alan Hopkins said 'The recent intercepts from the TCM drilling indicate we have a good handle on the coal geology and there is a definable continuity between the seams intersected to date. I am really encouraged by the high quality of the coal as it really is a premium coal for the thermal power industry in a number of neighbouring countries.' The Company recently advised the signing of a Memorandum of Understanding with the contracting company responsible for mining at a second open pit in the adjoining PT Arutmin ATA concession. This MOU covers the planned expansion of the main ATA open pit mine, shown above in Figure 1, into the TCM concession on a profit share basis with the Company being carried for capital and operating costs. The Company's due diligence on the balance of the parcel of projects to be acquired from Innovation West is continuing. Yours faithfully ALAN G. HOPKINS Chief Executive Officer Competent Person's Statement The data in this report that relates to Exploration Results is based on information evaluated by Mr Brett Gunter, who is a member of The Australian Institute of Mining and Metallurgy (MAusIMM) and who has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the 'JORC Code'). Mr Gunter is a full-time employee of GMT Indonesia and he consents to the inclusion in the report of the Mineral Resource in the form and context in which it appears. About Pan Asia Corporation Limited Pan Asia Corporation Limited is a rapidly growing diversified resources company listed on the Australian Securities Exchange with offices in Perth, Australia and Jakarta, Indonesia. The Company aims to be a major supplier of key resources into the expanding Asian markets and is well advanced in its due diligence and requirements for regulatory and shareholder approval for the acquisition of a number of significant coal and manganese assets in Indonesia. This diversified portfolio of assets includes projects in both production and exploration stages as well as a significant opportunity to participate in key infrastructure development which will complement the existing coal projects held by the Company. The evaluation and development of the current suite of assets in addition to new opportunities that arise from a strong local partner network will be the foundation for Pan Asia's aim to become a top tier coal and manganese company in Indonesia over the next three years. An extensive international financial network provides support for the Company's rapid growth plans. 23.03.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. 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