Thursday May 29, 02:08 PM Dwyka Resources Sees Potential for...

Thursday May 29, 02:08 PM


Dwyka Resources Sees Potential for Production at Daguma in Near-Term

LONDON (Thomson Financial) - Dwyka Resources Ltd (LSE: DWY.L - news) . said its Daguma Coal Project has the potential to be brought into production in the near-term.

The company said based on historical drilling at the Daguma Coal Project, its initial exploration target through an aggressive programme of further drilling is to confirm the existence of between 125 million to 150 million tonnes of coal with a calorific value of between 5,300 and 5,500 kilocalories per kilogram.

Dwyka said it plans to undertake a JORC compliant drilling and sampling program, which will enable JORC compliant resource evaluations.

On May 7, the company said it has taken an option to buy a 30 percent initial stake in the Daguma and Bonanza coal deposits on the Philippines island of Mindanao.