Nice announcement out this morning. It's been a long time coming in my opinion as I have been watching this mob for months.
JORC Compliant Resource Statement
Drilling Commences at Vetleegte Property
Firestone Energy Limited (“Firestone or the Company”) has received from Venmyn Rand
(Pty) Ltd (“Venmyn”) a technical statement for its Vetleegte and Olieboomsfontein properties
in the Waterberg Coalfield of South Africa (refer attached).
Venmyn reports a JORC compliant coal resource estimate for the Vetleegte property of:
• Coal Resource Estimate (Inferred) Vetleegte Property 508 million tonnes
Firestone has been informed by its joint venture partner, Sekoko Resources (Pty) Limited
(“Sekoko”) that drilling of a 14 diamond drill hole programme has commenced at the
Vetleegte coal property. This is the first of several drilling programmes, which will utilise both
diamond and reverse circulation drilling methods, that have been designed to provide a drill
coverage over the property on a better than 500m grid spacing.
It is anticipated that drilling will commence at Olieboomsfontein immediately thereafter, in the
area surrounding an historic borehole where multiple coal seams were logged from 23m
beneath ground surface to 142m depth, including intervals of 55m of coal zones 6-11
(including parting waste), 5m of zone 5, 8m of zone 4, 5m of zone 3 and 2m of zone 2.
As announced to the market on 18 June 2008, the Company has the right to earn a 55%
participation interest in two coal projects, Vetleegte and Olieboomsfontein in the Waterberg
region of South Africa, under a recently signed joint venture agreement with Sekoko.