The GL1 and GL2 seams are associated with the laterally continuous coal seams modeled as part of the inferred resource estimate; however, the upper coal seams have not been included, the company said.
Fox 3 is located within the inferred resource area, half-way between the holes of Fox 1 and Fox 6.
Fox managing director Paul Dunbar said: "with infill drilling to increase the geological confidence in the 101Mt Inferred Resource the thicker upper seams in Fox 3 may provide further additional tonnage potentially improving the viability of the project.
"A conceptual mining study into possible development options, currently underway, is expected to provide a focus for the next phase of exploration."
The company plans to conduct a conceptual mining study, to direct future exploration towards resource areas that have the potential to be developed.
Next phase of exploration at the Bundaberg project will be planned after the study is completed and would include infill drilling with large diameter diamond core and further coal quality tests.
