Mount Burgess Mining (MTB) has signed a Memorandum of Understanding (MOU) with
Purpose of MOU
The MOU concerns the potential for the supply by BTE of an energy solution consisting of solar / battery hybrid potentially backed by
MTB's Kihabe-Nxuu project, is situated in Prospecting Licence PL43/2016, which covers an area of 1,000 sq/km. PL43/2016 is situated right up against the Namibian border in Western Ngamiland,
Some further 1,500m of drilling is required to then enable MTB to quote an Indicated/Measured Resource compliant with the 2012 JORC Code, whereupon MTB can then proceed to a Pre-feasibility Study. Once having evaluated a commercial power supply, MTB can then proceed to a Definitive Feasibility Study
BTE is the operator of Prospecting Licences PL2018/16, PL2018/18, PL2018/19, PL2018/356, PL2018/357 and PL2018/400. BTE owns 49% of the project as part of a
A testing program is currently being designed to test commercial production rate of the coals encountered. This information will determine gas deliverability, which is a key factor in project economics. BTE is currently planning an additional four exploration wells for 2022. BTE's long term view is to convert CBM gas to compressed natural gas (CNG) and ultimately to LNG. Conversion to LNG could enable BTE to supply potential users within a radius of 1,000 km. The Kihabe-Nxuu project is some 880 km from the Serowe CBM gas fields.
This announcement has been approved for release by the Board of
Contact:
Tel: (61 8) 9355 0123
Fax: (61 8) 9355 1484
Forward Looking Statement
This report contains forward looking statements in respect of the projects being reported on by the Company. Forward looking statements are based on beliefs, opinions, assessments and estimates based on facts and information available to management and/or professional consultants at the time they are formed or made and are, in the opinion of management and/or consultants, applied as reasonably and responsibly as possible as at the time that they are applied. Any statements in respect of Ore Reserves, Mineral Resources and zones of mineralisation may also be deemed to be forward looking statements in that they contain estimates that the Company believes have been based on reasonable assumptions with respect to the mineralisation that has been found thus far. Exploration targets are conceptual in nature and are formed from projection of the known resource dimensions along strike. The quantity and grade of an exploration target is insufficient to define a Mineral Resource. Forward looking statements are not statements of historical fact, they are based on reasonable projections and calculations, the ultimate results or outcomes of which may differ materially from those described or incorporated in the forward-looking statements. Such differences or changes in circumstances to those described or incorporated in the forward-looking statements may arise as a consequence of the variety of risks, uncertainties and other factors relative to the exploration and mining industry and the particular properties in which the Company has an interest. Such risks, uncertainties and other factors could include but would not necessarily be limited to fluctuations in metals and minerals prices, fluctuations in rates of exchange, changes in government policy and political instability in the countries in which the Company operates.
(C) 2022 Electronic News Publishing, source