Notably, while the seams are interpreted as being the same coal measures intersected on EPC2196, the parting between the seams is narrower in Fox 1 with two of the seams less than 30 centimetres apart.
Four of the six completed holes have intersected coal while drilling on the final hole, Fox 3, is expected to be completed within a week.
The company added that while the geological interpretation is currently being confirmed from the down hole geophysical logging of the six holes completed, the initial interpretation is that the seams in EPC1523 are somewhat shallower than in EPC2196.
Results of analytical and coal quality analyses are expected in the coming weeks while the key Resource Estimate will be undertaken upon completion of drilling with results expected in March.
All holes have been geologically logged with geophysical logging completed for gamma, density and resistivity to assist with the geological model of the prospective stratigraphic horizons.
Planned resource estimation of the coal within the area will be based on the geological and geophysical interpretation at the completion of the drilling program.
Fox does not expect to drill the Fox 2, 8 and 9 holes in the current drilling program.
Rather, future drilling is likely to be a combination of wide spaced exploration holes and potentially infill holes to improve the confidence in a resource, should a maiden resource be estimated based on this drilling program.
Further information including the results of analytical and coal quality tests are expected in the coming weeks along with any coal intersections in Fox 3.
Once the exploration program is completed it is expected that a resource estimate will be undertaken. Any resource estimate would be a critical driver in future exploration activities.
Earlier holes in the current program had intersected 3.47 metres and 2.4 metres of coal.
The coal seams intersected are interpreted as being the same coal measures intersected on the adjacent tenement.
Four of six completed holes have intersected coal. There are catalysts ahead for investors.
Drilling is continuing with the final hole, Fox 3 expected to be completed within a week.
Results of analytical and coal quality analyses are expected in the coming weeks.
On completion of the drilling a resource estimate will be undertaken with results expected in March. This will be a driver for future exploration.
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