The company is moving towards its next drilling program at the Bundaberg Coking Coal Project (EPC 2196) in Queensland, where Gina Rhinehart's Hancock Prospecting is a joint venture partner.
Drilling remains on-track to commence at Bundaberg this quarter.
The Bundaberg project currently hosts a 28.5 million tonne JORC Inferred Resource, the hard coking coal characteristics compare favourably to those found in the Bowen Basin. It also has an Exploration Target in the range of 20 to 40 million tonnes.
Samples from the lower Burrum Coal Measures exhibit crucible swell numbers (CSN) between 8-9 (CF1.50), maximum Gieseler Fluidity (2500 ddpm), average ash of 9.5%, average calorific value of 7,450 Kcal/kg and yields of 50%-65%.
Hancock is spending $3 million to earn in to a 51% interest in the project.
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