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PACIFIC RESOURCES LIMITED — Interim / Quarterly Report 2021
Apr 29, 2021
65638_rns_2021-04-29_43215c4d-d291-476b-b334-6008e8e65ec7.pdf
Interim / Quarterly Report
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30 April 2021
ACTIVITIES REPORT FOR QUARTER ENDED 31 MARCH 2021
Coal Projects
The application for renewal of EPC1993 lodged with the Department of Resources was successful. The Permit has been renewed for a 5-year period from 17 March 2021 with all sub-blocks retained.
Exploration expenditure of $25,000 during the quarter included review of analytical data related to the progression of investigations into alternative strategies for the use of coal at the Blackall Project, and consideration of extraction methodologies.
There were no substantive mining production or development activities undertaken during the quarter. No field activities were scheduled or carried out during the quarter.
Sector Resources (AUH 5%)
AUH sees long term potential in the copper sector, to which Sector Resources Pty Ltd (Sector) provides entry through its exploration activities.
Sector has advised that heavier than usual rainfall over the summer of 2021 has resulted in a slippage of the planned exploration activities on site. Cultural Heritage clearances, pad and track preparation has now been completed and drilling is contracted to commence in May 2021. The program will focus on the areas in immediate proximity to the most recently drilled 2019 holes and will consist of mud rotary followed by diamond core sampling.
Farm-in and Farm-out Arrangements
Beneficial percentage interests held in farm-in or farm-out agreements at end of the quarter – no change from the previous quarter.
Beneficial percentage interests in farm-in or farm-out agreements acquired or disposed of during the quarter – no change from the previous quarter.
AustChina Holdings Limited ABN 20 075 877 075 Level 16, 344 Queen Brisbane Queensland 4000 GPO Box 762 Brisbane Queensland 4001 Australia T +61 7 3229 6606 [email protected] www.austchinaholdings.com
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Tenement Portfolio Update
Tenements held at the end of the quarter and their locations are as follows:
| TENEMENT | NAME | HOLDING |
|---|---|---|
| EPC 1719 | Barcoo River/Blackall | 100% |
| EPC 1993 | Blackall Sth Corner | 100% |
CORPORATE ACTIVITIES:
Investment in Utilitas
The Utilitas Group Pty Ltd (Utilitas) (AUH 25.14%) participated at the Bundaberg and Wide Bay BioHydrogen Series event at Bargara in February, along with ReCarbon, Inc., with whom Utilitas has a Memorandum of Understanding towards building biogas-to-hydrogen plants across Australia.
With key project counterparts, Utilitas continues to move beyond the completed concept validation stage towards advancement of its first three utility scale, commercial grade projects.
Sector Convertible Note
On 26 March 2021, the Company advised that it had reached agreement to extend the repayment date of the final instalment of $110,000 of the Convertible Note from 26 March 2021 to 25 June 2021 after discussions initiated by Sector Projects Pty Ltd.
AustChina’s rights under the Note are not affected.
Authorised by the Board.
Yours faithfully,
Daniel Chan – Chairman
Further information: Andrew Fogg – Chief Executive Officer Bruce Patrick – Chief Operating Officer
AustChina Holdings Limited ABN 20 075 877 075 Level 16, 344 Queen Brisbane Queensland 4000 GPO Box 762 Brisbane Queensland 4001 Australia T +61 7 3229 6606 [email protected] www.austchinaholdings.com