www.scotsman.com writes that,
POLO Resources, the Aim-listed mining company, yesterday announced the first results from its drilling operations in the South Gobi region of Mongolia.
The four initial diamond drill holes on its Hud Coal Project have struck coal seams in every hole from a thickness of four to six metres at depths ranging from ten to 35 metres. The holes are spread over a three-kilometre distance, Polo Resources added. The two-month drill programme is continuing.
The Hud project is one of 11 coal occurrences that Polo Resources has acquired in the South Gobi coal basin, with the combined license area covering a total of 6,834 square kilometres.
Neil Herbert, Polo’s deputy chairman, said: “We are very pleased to be able to announce the first drill results from our South Gobi region, which are most encouraging, and we look forward to completing the drill programme in September.
“We will continue to evaluate our other license areas in South Gobi and look forward to updating investors as we progress with our exploration as well as the mine development at Ereen.”
Polo has a market cap of about £128 million.