Alternative Investment Market listed resource company, Sable Mining Africa Limited, through its wholly-controlled subsidiary Somedon Investments (Pvt) Ltd, has acquired a 49% interest in Liberation Mining (Pvt) Ltd, holder of a special grant in Lubimbi Coal Project for an as yet undisclosed fee.
Lubimbi holds a 16 545-hectare special grant 4977 which covers the Lubimbi coal project in Gwayi. In a trading update, Sable Mining Africa said historical work has indicated an in situ coal tonnage in excess of one billion, which the company aims to exploit with the immediate implementation of an exploration and development programme.
“This is a highly prospective concession in a recognised coal district.
“Results already suggest a tonnage in excess of one billion tonnes of in situ coal, and high-grade thermal coal and soft or blend coking coal could be produced,” Sable Mining chief executive officer Andrew Groves said.
“The seam thickness, continuity and depth all underpin the upside potential of the project, and we aim to verify these parameters through the aggressive drilling campaign which is due to commence immediately.”
The company said it would soon commence a 10 000m Phase 1 drilling programme designed to confirm these tonnages and simultaneously to investigate the potential mix of coking, metallurgical and thermal coal products.
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“Two core rigs will be employed with the programme estimated to take 10-12 months to complete. A base camp is being established on site to house the exploration geologists and contain the logistical support for the programme including fuel storage, core storage and communications links.”
Sable Mining Africa said the project, which is 35km from the Dete railway siding, is technically supported by two phases of drilling (the historical data) carried out in the 1980s by the Industrial Development Corporation, and then a recent drilling campaign by Liberation Mining.