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On 19 November 2018, Bowen Coking Coal Limited (ASX:BCB) announced that the first hole of the second phase drilling program has successfully intersected all the target coal seams at its Cooroorah Coking Coal Project. Cooroorah Coking Coal Project is 100 percent owned by Bowen, and currently, it contains a 154mt of high-quality coking coal out of which 69mt is in the higher confidence indicated category and remaining 85mt in the inferred category.
Through this latest round of drilling activity, the company is trying to convert some of the of Cooroorahâs âinferredâ resource into the higher confidence âindicatedâ resource category. As per the Geophysical logging of the first hole (COR014) in the current drilling programme, the Mammoth seam intersected with a thickness of 4.5m. The company has revealed that like previous exploration programs, Mammoth seam is looking very clean and devoid of any stone bands. The first hole (COR014) is strategically located towards the East of the tenement to test the seam continuance closer to the interpreted Jellinbah fault.
As per the Coal quality analysis for the Mammoth seam from the 2017/18 program, there is high-quality coking coal with a secondary high energy Low Volatile PCI product at a combined laboratory yield of circa 90 percent. Following the completion of coal seamsâ coring in hole COR014, it is expected that the drill rig will move to site COR003 to test an underexplored area between the 2018 Resource area and the historic Resource area. Coal cores are now getting transferred to the laboratory, and it is expected that the outcome of the coal quality analysis will come late in the first quarter of FY19.
Recently, the company released its September quarter report in which the company informed about the Second phase exploration which was started at Cooroorah Coking Coal Project. During the September quarter, the Company released results from the initial geological assessment carried out by Xstract Mining Consultants of the 100 percent owned Mt Hillalong Project. Xstract estimated an Exploration Target in accordance with the guidelines of the JORC Code (2012) of between 61Mt and 409Mt.
At the end of September quarter, the Net cash used in operating activities was $0.516 million, the net cash used in investing activities was $0.088 million, and net cash flow from financing activities was $1.17 million. As at 30 September 2018, the company was having cash and cash equivalent of $2.036 million.
BCBâs shares traded at $0.015 with a market capitalization of circa $8.62 million as on 19 September 2018 (AEST 4:00 PM).
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