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“Naturally we’re happy that our 2022 program has began off with a profitable exploration nicely,” says MD Neil Younger.
Elixir Power Ltd (ASX:EXR) continues to advance its coal mattress methane exploration and appraisal program in North Asia, the place it’s constructing on Mongolia’s first gasoline discovery.
At present, the ASX-lister is invested in growing its wholly-owned Nomgon IX coal mattress methane manufacturing sharing contract (PSC), simply north of the Mongolian/Chinese language border.
As a part of its exploration and appraisal program, Elixir’s first nicely in its 2022 drilling marketing campaign found a brand new coal-bearing sub-basin.
Since then, an appraisal nicely on the property has been spudded and two extra drilling sub-contractors have signed as much as speed up the corporate’s work program.
Elixir is advancing Mongolia’s first coal mattress methane discovery. Down the road, it believes the challenge may function all 12 months spherical.
Quickly increasing actions
Talking about progress thus far, Elixir managing director Neil Younger stated: “Naturally we’re happy that our 2022 program has began off with a profitable exploration nicely.
“Because the Mongolian winter turns to spring, we’re quickly increasing our actions within the Nomgon PSC and are happy to be including two new drilling subcontractors to our general staff.”
Elixir’s exploration plans for 2022 embody buying 322 kilometres of 2D seismic knowledge. This program is underway, with 47 kilometres acquired thus far.
The story thus far
Elixir’s first nicely in its 2022 drilling marketing campaign was the Tim-1S exploration nicely, concentrating on the identification of a brand new sub-basin simply south of the Tavan Tolgoi mining complicated.
This nicely was drilled to a complete depth of 804 metres and logged 16 metres of coal and 30 metres of silty coal, yielding a complete coal pay of 46 metres.
The drilling sub-contractor that drilled Tim-1S, High Diamond Drilling LLC, has now moved its rig to the Tim-2 location — the appraisal nicely that was not too long ago spudded — roughly 200 metres downdip of the Tim-1 coal intersection.
Notably, Tim-1S and Tim-2 had been drilled as carry over wells from the PSC’s 2021 funds.
Elixir now has all of the formal annual approvals to start the 2022 program and not too long ago re-signed High Diamond Drilling — in addition to a brand new drilling sub-contractor, Ellecohr LLC — to drill the corporate’s wells within the exploration and appraisal program for this 12 months.
As well as, Elixir is contracting with the native subsidiary of worldwide drilling agency Main Drilling to drill and full the long run pilot manufacturing wells, as a consequence of be drilled in the course of the 12 months.
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