Australia-based exploration company Fox Resources is set to commence first drilling program at the Bundaberg coal project in Queensland after raising $3m through share purchase plan.
The move comes on the back of securing contract prices that exceeded the company’s previous estimations.
The program comprises drilling of seven holes to define a premium hard coking coal resource. The holes will be drilled at varying depths along five nominal west-to-east lines aimed at determining whether the seams intersected by ICX are continuous with and correlate to those intersected in historical 1970’s – 1980’s drilling.
Logged geophysically, the holes are expected to provide the company a structural model for Resource calculation, reported Proactive Investors.
Fox Resources stated that the spacing and depths are planned so as to allow JORC Reporting of Inferred Status if suitable coal seams are intersected.
ICX in association with its partner have reported an Inferred JORC Resource of 28.5 million tons as well as a further down-dip exploration target of 20 million tons to 40 million tons within the neighboring EPC 2196 tenement.