Pan Asia Corporation (ASX: PZC) posted gains of 21.74% to A$0.14 today, making it one of the biggest movers for the day.
For the second day Pan Asia went against the broader market which shed 17.6 points, or 0.4%, at 1.49pm (AEDT).
The company has been gaining momentum at its flagship Transcoal Minergy (NYSE:TCM) Coal Project in South Kalimantan, Indonesia, with a US$1 million funding commitment for drilling from international coal heavyweight Kopex.
Pan Asia received a better than expected 115% Resource upgrade to 114.6 million tonnes at the project in mid-October last year. Importantly, 62% of the resource is in the higher confidence Measured and Indicated categories.
The TCM project hosts high quality export thermal coal with an average calorific value of 6,566kcal/kg, 6.41% total moisture, 13.52% ash and 1.52% sulphur.
Kopex has previously recommended the TCM project be advanced to final feasibility stage, following a positive independent study, which signals its view of the project's viability.