Challenger Announces Tabang Project Exploration Results
November 16 2011 - 7:30AM
Marketwired
Challenger Deep Resources Corp. (TSX VENTURE:CDE) ("Challenger" or
the "Company") is pleased to provide an exploration update on the
Pelangi property, one of the four properties in the Company's
Tabang Coal Project located in East Kalimantan, Indonesia.
The Pelangi Mining license is in the "Local Announcement" stage
with the IUP Exploration permit currently in process.
The property covers an area of approximately 4,000 hectares and
is located approximately 10km south of Challenger's ATRP property.
The project covers the Balikpapan formation which is prospective
for coal in the quality range of CV 4,000 - 6,000 Kcal/kg (Adb) and
is known to host large resources of coal in the general Tabang
area.
The phase 1 program of mapping, outcrop/test pit sampling and
analysis has been completed. This program is the precursor to a
phase 2 drilling program which will commence upon granting of the
IUP Exploration permit and other permitting as required. In the
interim, work will continue on geological interptretation and drill
hole planning.
Up to the end of October, 2011, exploration has resulted in the
discovery of 32 coal outcrops representing multiple seams in two
separate zones with the main area of coal outcrop containing
multiple seams covering an area of 5 x 2km. The coal seams are
generally flat dippping an average angle of 10 degrees to south and
southeast. The thickness of the seams varies from 0.15 - greater
than 6.0 meters.
A total of 27 samples were collected and analysed from
outcropping coal and 6 test pits. Coal quality indicates middle to
upper Balikpapan formation.
Coal Quality of the Pelangi Property
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GCV
(Kcal
Thick- TM IM Ash VM FC TS /Kg)
No ness (m) Sample Code %,AR %,ADB %,ADB %,ADB %,ADB %,ADB ADB Lab
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1 greater CDR-KP6-OC- 27.99 17.54 2.45 41.98 38.03 0.18 5320 SGS
than 12022011-KH01
0.25
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2 greater OC RAB 1 48.41 20.34 4.56 38.33 36.77 0.19 4778 SGS
than 1
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3 greater OC RAB 2 44.85 17.32 3.87 41.48 37.33 0.16 5105 SGS
than
2.20
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4 ? OC RAB 5 43.94 18.60 8.86 37.06 35.48 0.40 4698 SGS
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5 greater CDR-PL-OC-160611- 40.76 15.19 5.48 41.55 37.78 0.2 5094 SGS
than YN01
2.30
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6 greater CDR-PL-OC-160611- 43.44 16.40 4.52 41.69 37.38 0.17 5275 SGS
than YN02
2.60
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7 greater CDR-PL-OC-160611- 42.21 15.36 4.69 39.94 40.02 0.23 5109 SGS
than YN03
2.40
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8 0.50 CDR-PL-OC-180611- 35.17 12.68 16.60 34.42 36.30 0.49 4497 SGS
YN04
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9 0.50 CDR-PL-OC-180611- 39.22 15.00 2.23 42.63 40.15 0.29 5521 SGS
YN05
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10 0.70 CDR-PL-TP-200611- 40.04 14.84 8.32 37.52 39.32 0.48 5140 SGS
YN01
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11 greater CDR-PL-OC-250611- 32.1 13.38 1.50 46.68 38.45 0.18 5831 SGS
than YN06
2.10
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12 0.40 CDR-PL-OC-250611- 33.9 12.19 9.91 39.58 38.32 0.33 4979 SGS
YN07
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13 greater CDR-PL-OC-250611- 34.21 13.20 7.28 39.28 40.24 0.33 5107 SGS
than YN08
0.40
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14 greater CDR-PL-OC-280611- 31.54 14.43 10.13 39.08 36.36 0.31 5023 SGS
than YN09
0.30
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15 greater CDR-PL-OC-280611- 32.49 13.67 4.53 40.94 40.86 0.25 5364 SGS
than YN10
1.10
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16 greater CDR-PL-OC-020711- 39.39 16.06 1.46 40.97 41.52 0.35 5532 SGS
than YN11
0.30
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17 greater CDR-PL-OC-070711- 37.58 13.78 8.73 37.54 39.95 0.27 4854 SGS
than YN12
1.00
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18 greater CDR-PL-OC-070711- 40.96 17.08 2.18 39.49 41.25 0.20 5333 SGS
than YN13
0.60
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19 0.35 CDR-PL-TP-130811- 35.64 12.19 17.35 34.93 35.53 0.3 4493 SGS
DW1
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20 0.3 CDR-PL-TP-140811- 35.65 14.2 9.04 39.42 37.34 0.28 5017 SGS
DW2
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21 2.1 CDR-PL-TP-200811- 36.44 14.22 1.79 43.17 40.82 0.23 5565 SGS
DW3
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22 3.5 CDR-PL-TP-120911- 36.43 16.02 3.5 41.96 38.52 0.16 5377 SGS
DW4
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23 greater CDR-PL-TP-210911- 36.98 14 5.61 42.27 38.12 0.22 5285 SGS
than DW5
2.5
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24 greater CDR-PL-TP-141011- 45.33 16.28 6.81 39.84 37.06 0.25 4794 SGS
than 6 DW6 A
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25 greater CDR-PL-TP-141011- 42.99 14.14 8.58 43.32 33.96 0.2 4901 SGS
than 6 DW6 B
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26 greater CDR-PL-TP-141011- 45.23 14.69 3.22 43.89 38.2 0.13 5376 SGS
than 6 DW6 C
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27 1.05 CDR-PL-TP-171011- 36.1 12.71 21.3 34.35 31.65 0.28 3952 SGS
DW7
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Challenger's Tabang Project encompasses four properties, ATRP
and Pelangi which are under the terms of Conditional Sale and
Purchase Agreements (CSPAs) and two properties under exclusive
MOUs. ATRP received the first IUP Exploration permit and
accordingly is the first property to have been drilled. Challenger
is preparing for the IUP Mining license on ATRP and will commence
drilling on Pelangi once the IUP Exploration permit has been issued
for that property. CSPAs for the two other Tabang Project
properties are being prepared.
It is Challenger's intention to begin mining operations on the
ATRP property first utilizing a local short-haul road and jetty
facilities to be constructed. As the other Tabang Project
properties are advanced, the intention is to link all properties
with a common haul road and to construct a larger jetty and loading
facility further down-river from ATRP.
All outcrop and test pit samples for the Pelangi property were
processed by SGS Coal Laboratories, Samarinda, East Kalimantan.
Industry standard Quality Control and Quality Assurance protocols
were employed in the sample acquisition, preparation and analysis
procedures.
The Qualified Person (as defined by NI 43-101) responsible for
the review and approval of the technical material presented in this
news release is Mr. Andre Talaska, a director of PT Bestindo
Energy, a wholly owned subsidiary of Challenger.
Challenger also announces that Mr. Brent Stevenson has resigned
from Challenger's board of directors to pursue other business
endeavours. The Board wishes to thank Mr. Stevenson for his
contributions over the past years.
About Challenger
Challenger Deep Resources Corp. is an exploration company
focused on the Indonesian coal industry. Challenger's business plan
is to acquire, explore and to bring its viable coal projects into
production. Challenger has an experienced Indonesian exploration
and mining team with offices in Calgary, Singapore and Jakarta.
READER ADVISORY
Statements in this press release may contain forward-looking
information including, statements regarding expected exploration
activities and property related agreements and permits. Any
statements that are contained in this press release that are not
statements of historical fact may bedeemed to be forward-looking
statements. The reader is cautioned that assumptions used in the
preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of Challenger. Factors that could
cause the actual results to differ materially from those in
forward-looking statements include, granting of exploration
permits, surface access, mining and other licenses from Indonesian
regulatory authorities, preliminary exploration results, the
continued availability of capital and financing, and general
economic, market or business conditions in North America and in the
Asia Pacific region. The reader is cautioned not to place undue
reliance on any forward-looking information. There can be no
assurance that the proposed exploration programs in Indonesia or
other project acquisitions will be completed or, if completed, will
be successful.
The forward-looking statements contained in this press release
are made as of the date of this press release, and Challenger does
not undertake any obligation to update publicly or to revise any of
the included forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
securities law.
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein. Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy of
accuracy of this news release.
Contacts: Challenger Deep Resources Corp. Ranjeet Sundher
President +65-6220-7745 Challenger Deep Resources Corp. Kirk Gamley
Investor Relations 604-689-7422 Challenger Deep Resources Corp. Mas
Kobuchi Investor Relations 604-689-7422www.challengerdeep.ca