International Coal's (ASX: ICX) shares have risen 108% to a close of $0.16 last night since 15 October 2013 when Proactive Investors released a research note valuing the company at $0.27-$0.33 with a 12-18 month time line.
Shares were priced at $0.077 when the note was released.
The company, which marked a 28% increase in its share price yesterday, has recently re-set its priorities with Consuelo and the Bundaberg joint venture with Hancock Prospecting, which are both located in Queensland, emerging as the two key exploration and development projects
International Coal holds a binding agreement to earn up to 71% interest in the Consuelo Project from Coal Face Resources Pty Ltd, which retains the minority 29% interest.
Coal Face is controlled by Jason Moultrie who is a leading coal geologist that provides specialist mining services Australia-wide through the Moultrie Group. This partnership provides a strong platform for development of Consuelo.
The project is strategically located in a premier coal producing location within the Bowen Basin, positioned south-east of Glencore Xstratas' Rolleston Mine and abuts Bandanna Energy's Arcadia Deposit.
Rail and port options are considerable for Consuelo which is prospective for high quality thermal and semi-soft coking coal.
An Exploration Target of 800 million to 1.7 billion tonnes has been estimated across the tenements within the Consuelo project area
Bundaberg JV with Hancock Prospecting
The Bundaberg joint venture project, with Gina Rinehart's Hancock Prospecting holds promise, and with current drilling underway the current resource of 28.5 million tonnes of hard coking coal should be expanded.
Early exploration at Bundaberg found clean coal composite results returned crucible swell numbers (CSN) between 8‐9.
The project could also have port options at Bundaberg.
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