News

Fall River Resources offered 3 tenements in South Australia

Limestone Coast, South Australia (source: flickr/ Kate's Photo Diary, creative commons)
Alexander Richter 21 Apr 2010

Australian Fall River Resources (ASX: FRV) has been offered for grant 3 additional geothermal applications in South Australia.

According to a company release, Australian “Fall River Resources (ASX: FRV) has been offered for grant additional geothermal applications in South Australia.

These latest three tenements, GELA 523, 524 and 525, would bring the company’s South Australia asset portfolio to a total of 11 Geothermal Exploration Licences (GELs) covering an area of circa 13,000km².

The company expects the official grant to be made in May 2010 after submission of all required documentation.

Managing Director Torey Marshall said, “the successful granting of these GELs is of great importance to the company as we look towards the future with the aim of becoming an active player in the ‘New Energy’ arena.”

“By targeting abnormally hot sedimentary aquifers buried in the deep rift port of the Adelaide Geosyncline – a key feature in known heat flows that provide economic energy resources – it is our intention to identify highly prospective targets where we can firm up quality resources through concentrated exploration,” Marshall added.

Also targeting the area are ASX listed Torrens Energy Ltd (ASX: TEY), Petratherm Ltd (ASX: PTR), Geothermal Resources Ltd (ASX: FRV), Planet Gas Ltd (ASX: PGS) and a number of private entities.”

Source: Proactive Investors