cr122276

New Emerald Energy Ltd is currently the holder of the Corvus Coal Project tenements EPC 980,
EPC 1267 and EPC 1226 and until recently MLA 70405 and MLA 70442. MLA 70405 and MLA
70442 have been abandoned in favour of a new ML application. EPC 2841 is also part of the project
and was held by New Emerald Energy Pty Ltd, then transferred to Teresa Coal Assets Pty Ltd. EPCs
980. 1226, 1267 and 2841 are currently in the process of being transferred to Teresa Coal Assets
Pty Ltd. Since the commencement of the transfer process, Teresa Coal Assets Pty Ltd has changed
its name to Corvus Coal Assets Pty Ltd on the 29 August 2019.
Exploration Permit for Coal 980, (EPC 980), currently comprises 37 sub-blocks and is located
approximately 15 km north of Emerald in the Bowen Basin in Central Queensland.
Drilling was carried out during last year in 2019. Coal Resources have been identified within the
Corvus Coal Project and Environmental Impact Statement and Prefeasibility studies for the Corvus
Coal Project have commenced with the intention of the Corvus Coal Project to progress to mine.
Once all 4 tenements are transferred to Corvus Coal Assets Pty Ltd a single mining lease is planned
for the project area, covering EPCs 980, 1226, 1267 and 2841.
Four (4) boreholes totaling 1156.00m of drilling were completed in August 2019, consisting of
991.16m of openhole and 164.84m of PQ-size coring. Core samples of the Corvus Seam were taken
and submitted for analyses. All boreholes were logged with a suite of geophysical logs and all
confirmed that core recovery was in excess of 95% in all four boreholes.
NEE had planned to drill more than 10 boreholes in 2020 but due to the Queensland covid19
pandemic lock out laws prohibiting NEE management to travel to Emerald, all geological exploration
activity had to be postponed. This is still the case due to the uncertainty of the Queensland
Government changing the lock out laws unpredictably.