お知らせ • Jul 26
Ronin Resources Limited Provides Exploration Update on its 100% Owned Vetas Project
Ronin Resources Limited provided the following Exploration Update on its 100% owned Vetas Project. Exploration Update - Vetas Project As previously advised on 3 May 2022, the Company mobilised to site alongside its selected drilling contractor, to finalise preparations for its maiden diamond drilling campaign designed to validate the presence, continuity and correlation of coal seams and allow the sampling of all seams at depth. The recent Colombian Presidential elections (29 May 2022) slowed this process, on account of the run-off election required (19 June 2022) and the election of Colombia's first leftist President. Given ongoing delays enforcing the community access agreement under which the Company has operated since 2019 and an increase in socio-political instability post the recent election, Ronin has decided to postpone its maiden drilling campaign. Priority will instead be given to the preparation and submission of a mine plan (PTO) and the accompanying environmental license application (PMA). As previously announced on the ASX on 3 May 2022, these studies and plans will be modelled on a near-term, low capex mining operation. The Company will retain a presence in the region and initiate its maiden drilling program when circumstances allow. Work Completed to date - Vetas Project: The Company has compiled a database of 11 historical coal holes, 32 petroleum holes and 25 seismic lines, to complement its own surface mapping, satellite imagery and sample collection and analysis. Contained in Ronin Resources' IPO Prospectus released on the ASX platform on 15 December 2021, Kerry Whitby, the Company's Independent Consulting Geologist, of McElroy Bryan Geological Services has reported a JORC Compliant Exploration Target for the Vetas Project of 20 to 200 million tons, down to a maximum depth of 200 meters, with raw ash typically between 5% and 10%. Most of the exploration target is contained at less than 100m depth. To date, coal quality data made available from trenching and surface samples shows high calorific value coal, in excess of the Colombian thermal export benchmark (API10), which is also low in ash and sulfur. Samples demonstrate the potential for a direct shipping coal, which would not require washing. As sampled coal was subjected to weathering, true coal quality is potentially slightly-to-moderately better. Samples collected to date support further testing of the coal's suitability for sale in the PCI and Semi Soft Metallurgical Coal Markets. Compared to other major Colombian producers, where, as a general rule, calorific value and product quality is falling, Vetas Coal may have a market as a blending coal. Planned Exploration Work - Updated: The Company's December 2021 Prospectus detailed a Use of Funds on the Vetas Project across community & social programs, reinterpretation of existing seismic data, surface mapping, drilling, geochemistry, land taxes, concept mining and environmental assessment. Given the present challenges, the Company intends to defer the mapping, drilling and geochemistry programs and prioritise reinterpretation of existing seismic data, concept mining and environmental assessment. This will involve the preparation and submission of a mine plan (PTO) and the accompanying environmental license application (PMA). As previously announced on the ASX on 3 May 2022, these studies and plans will be modelled on a near-term, low capex mining operation. This focus on permitting a near-term, low capex mining operation is made against a strong pricing backdrop which continued throughout the first half of CY 2022, largely driven by concerns over potential disruptions to Russian supply. In a trend that the Company expects will assist demand for Colombia coal exports, European customers are looking at alternatives to Russian coal supply chains. Longer term and despite significant capital being deployed on low carbon energy generation, industry consultants forecast demand for high-ranking thermal coal, such as Vetas' project, remaining strong out to 2050 and beyond.1 The Company will maintain a presence in the region and seek to initiate drilling activities when circumstances permit. Business Development: The Company continues to draw upon the experience of its Directors to seek to opportunistically identify and acquire new business development opportunities. To date Ronin has reviewed a number of opportunities and will keep the market informed as its business development efforts progress.