Aim-listed Polo Resources has intersected a “significant” coal seam at its Hud prospect, in Mongolia, the company affirmed on Tuesday.
The firm has completed a 1 029-m, nine-hole appraisal drilling programme, in which all but one hole intersected coal.
Further, a coal seam of 16,5-m apparent thickness was intersected at depth in one of the holes, which indicated that thicker coal could be present at depth, and the early holes only drilled the thinner upper seams, the company said.
The company would test the coal for coking properties and planned to carry out a further appraisal of the deeper coal seams, deputy chairperson Neil Herbert said in a statement.
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