Exploration Licence 4416 ('EL 4416') is an extensive licence that covers an area of over 3,800km2 in the Gippsland Basin of southeast Victoria. The tenement is prospective for world-class resources of coal bed methane ('CBM') and mineral sands, and hosts a significant lignite (brown coal) resource of around 16.4 billion tonnes.
According to an independent report by AMC Consultants, EL 4416 contains a JORC-compliant resource of around 16.4 billion tonnes of lignite, within three deposits: Gormondale (6.12 billion tonnes), Gelliondale (6.20 billion tonnes) and Stradbroke (4.07 billion tonnes).
IER recently engaged a specialist CBM company to conduct a thorough review of available reservoir and geological data of the Gippsland Basin coals. Their preliminary analysis suggests that the Gas Initially In Place ('GIIP'), in the un-mineable coal seams, could be in the range of 6 to 35 trillion cubic feet ('TCF').
IER purchased the equitable rights to Exploration Licence Application 4968 ('ELA 4968') on 22 January 2010. The granting of the licence is subject to the native title process that the Company expects will be completed during 2011. ELA 4968 is for the exploration rights to all minerals, including coal bed methane and mineral sands, over an area of 1,998km2 of the Gippsland Basin.
The majority of ELA 4968 is to the immediate north and north-east of EL 4416. It is also to the immediate south of a tenement package over which Metallica Minerals has identified two large heavy mineral sands exploration targets.
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Ignite Energy Resources Limited ('IER') is an Australian-based company focused on developing Exploration Licence 4416 ('EL 4416') and Exploration Licence Application 4968 ('ELA 4968'). EL 4416 contains extensive biogenic natural gas (BNG) and lignite (brown coal) resources, while both EL 4416 and EL 4968 are prospective for world-class heavy mineral sands deposits.