Wavenet has signed an agreement to buy a coal exploration permit in the Maryborough district, Queensland from Eastern Coal for AUD 150,000.

The addition of EPC 2044 gives the company three exploration permits that contain the historical Gayndah coal seams. These seams were intersected on EPC 2044 in several boreholes described by Pacific Coal in 1980 at depths ranging from 44 to 148 meters below surface and varying in thickness from 0.4 to 3.0 meters.

Wavenet added there is potential for coal seams to be located within the Gayndah Beds and overlying Triassic sediments.

Drilling on EPC 2044 to date has identified a strike length of coal exceeding 3 kilometres bounded by north south faults in a corridor about 1 kilometre wide. This is located west of the Gayndah Township.

Wavenet said that the potential to discover additional coal at the new permit is very good and that an expansion of its exploration program on EPC 2044 and the surrounding leases is warranted. Several untested areas will be drilled and the previously defined areas will be tested further before being modelled for resource estimation.

Wavenet International has acquired coal mining tenements in the Bowen Basin, Rockhampton and Gayndah districts in Queensland and is in the process of acquiring more coal tenements within the same regions. The company has been actively investigating new investment opportunities, particularly in the resource sector and those opportunities are dominated by overseas projects

Source - Proactive Investors.com.au

(www.coalguru.com)