The Canning Basin is an emerging Permian Coal Province, located in the northern part of Western Australia. TPL is seeking to capitalise on its early mover advantage in exploring for coal within this prospective Fitzroy Graben, Canning Basin.
The Fitzroy Graben is a deep trough of sedimentary rocks over 100km wide and up to 15km in depth. It is situated in the northern portion of the Canning Basin. The Canning Basin is strategically located to take advantage of the escalating long term demand for thermal coal from both India and China.
The considerable potential of the Canning Basin is highlighted by Rey Resources Ltd (ASX:REY), who have recently completed a positive definitive feasibility study into a 2 - 2.5 million tonne per annum thermal coal mining operation. REY have identified a 536MT of bituminous, thermal coal resource and have an exploration target of 9 - 11 billion tonnes (REY ASX, Apr, June 2011). Their project lies within the western portion of the Fitzroy Graben with TPL's tenure lying within the central and eastern portions. TPL's ground contains the same prospective Permian stratigraphy but by comparison is grossly under explored for coal.
TPL has the largest land holding amongst our coal exploration peers in the Canning Basin. TPL holds over 8 000km2 under tenure with most now granted. Extensive negotiations have resulted in the signing of Exploration Access and Heritage Protection Agreements with Traditional Owners groups in the majority of TPL's tenure.
TPL has completed a comprehensive desktop study that has led to the rationalisation and addition of tenure with improvement in prospectivity, ease of logistics and managemable approval requirements. Initial field work involving reconnaissance helicopter and project scale geological mapping surveys have also been undertaken. The project is now developed to the point where we can actively seek joint venture partners. The intention is to secure a well-funded joint venture partner who can contribute to the bulk of the exploration risk capital whilst TPL retains a significant economic interest in the tenements and control and management of the exploration program.
Click on the images below to see larger versions:
TPL's Lightjack Hill project is approximately 75km south of the Fitzroy Crossing township. The Lightjack Hill project has been the focus of TPL's geological mapping and proposed intial drill planning. Geological mapping conducted within TPL's first three granted exploration licences (E04/1975, E04/1985 and E04/1986) resulted in the identification of a potential coal-bearing horizon, over a strike length of approximately 45km.
An intial proposed drill program is planned to test the coal-bearing horizon. The program has been granted approval of the Western Australian Department of Mines and Petroleum and has successfully received a state government Co-Funded Drilling Award.
In mid-2011, TPL was recognised as one of the awardees of the WA Government Co-Funded Exploration Drilling Program for 2011/12, allowing a maximum of $150,000 as joint funding on drilling expenses completed before July 2012 (TPL, ASX 21st Dec 2010, 11th July 2011). The Co-Funded Program is part of the Exploration Initiative Scheme (EIS) which is funded by the state government's Royalties for Regions.
TPL has Mines Department approval for a proposed drill program including a total of 28 rotary mud and diamond drill holes within the Lightjack Hill project area. Drilling is due to commence once heritage clearance has been obtained.
Tel: +61 8 9217 3300
Fax: +61 8 9388 3006
Suite 6, 245 Churchill Avenue, Subiaco, Perth WA
TPL Corporation Ltd
PO Box 1273 Subiaco WA 6904