Nucoal Resources Limited (ASX: NCR) announced its quarterly update, The Savoy Hill Coal Project, wholly owned by NuCoal Resources Limited, saw the renewal of its Savoy Hill Exploration Licence 6812 (EL 6812) until June 20, 2028, as of October 18, 2022. The company is currently initiating the stipulated phase 3 drilling program consisting of seven cored holes to acquire more comprehensive data on the quantity and quality of six known coal seams within EL 6812. Landholder agreements are pending for drilling commencement, while ongoing work involves reviewing existing data.
A recent milestone unveiled a maiden JORC Coal Resource estimate of 88 Mt (51 Mt Indicated and 37 Mt Inferred) for the Savoy Hill Project. Previous exploration efforts by NuCoal in 2012-2013 and Macquarie Generation (AGL) in 2006 involved a total of 34 fully cored boreholes and eight cored holes, respectively. To further delineate the Resource, an exploration program of seven cored holes is scheduled for CY24.
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