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Fitzroy Resources finds new coal seam at West Virginia coking coal project

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Fitzroy Resources (ASX: FRY) has discovered a new coal seam at its Emmaus Coking Coal Project in West Virginia from its ongoing drilling program.

West Virginia is a jurisdiction of choice for coking coal mining, with high-quality premium hard coking coal, easy access hillside mining and low capital costs for mine start-up.

Two further deep holes intersected 3 feet of the Beckley seam before confirming the presence of the Fire Creek seam (3.2 feet).

While both seams are present on adjoining properties, a mineable thickness of the Fire Creek seam had not been confirmed at Emmaus.

The company will now turn the focus of its drilling to the hillside seams of Gilbert and Douglas/Red Ash at Blackstone.

It had previously noted that historic data had confirmed the seams at Emmaus are high quality, mid-volatile hard coking coal.

Fitzroy has an option agreement to acquire Premier Coking Coal, which holds the Emmaus and Blackstone leases for US$805,000 in cash, 30 million ordinary shares and 20 million performance shares.

The leases contain prospective coal seams that outcrop on hills within the Appalachian Basin, with a short term target to commence low cost production via nearby processing facilities.

Permits already exist on property for mining, plant, refuse disposal and rail loading.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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