Proactiveinvestors recommends

Additional Information

Market:	ASX
Sector:	Coal
EPIC:	ICX
Latest Price:	0.28 (1.85% )
52-week High:	0.42
52-week Low:	0.19
Market Cap:	34.68M

1 year chart

1 day chart

International Coal Full International Coal profile here

International Coal (ASX: ICX) is involved in coal exploration with a focus on Queensland where it holds coal exploration tenements.

International Coal has a target of 315 million tonnes of coking coal at the Bundaberg Project and a target of 8.8 billion tonnes of thermal coal at the South Blackall project. The company aims to conduct an extensive exploration program to establish a JORC Resource in the short term.

International Coal nears drilling at Bundaberg after gaining access

Thursday, February 16, 2012 by Angela Kean

Gaining landowner access to begin drilling at the Bundaberg coking coal project in the Maryborough Basin is a key milestone for International Coal, which is aggressively working towards development of a number of prospective coking coal and thermal coal projects throughout Queensland.

International Coal (ASX: ICX) can now progress its drilling program planned for the Bundaberg Project after completing negotiations with the majority of landowners within the project area and lodging compensation agreements with the Queensland Government.

The company will now formally notify landholders of its intention to begin drilling on the site as soon as weather permits.

The Bundaberg Project is part of a solidly developing hard coking coal region, which hosts Northern Energy’s (ASX: NEC) proposed 105 million tonne Colton Mine 45 kilometres to the south of the project.

Bundaberg also lies adjacent to Guildford Coal’s (ASX: GUF) exploration permit EPC 1872 where current exploration is being undertaken. Other near neighbours to the project include Cliff Resources and Hancock Coal.

The Bundaberg Project already has a small JORC Resource of around 1.5 million tonnes, however the target is 280-350 million tonnes of coking coal.

During 2011, International Coal worked closely with the Moultrie group in assessing the prospectivity of the project.

Bundaberg has shown the potential for large tonnages of thermal and coking coal over two exploration coal-bearing targets – the Burrum Coal Measures and the Maryborough Formation.

The primary target is Cretaceous coking coals within the Burrum Coal Measures.

Exploration Budget

At the Bundaberg Project, International Coal has outlined an exploration program of 23 holes for the first year. While for the second year, it has a planned program of 89 holes and coal quality testing with a total budget of $3 million.

Importantly, the company is well funded to continue its exploration campaigns on its prospective coking coal and thermal coal projects throughout Queensland with nearly A$5.8 million in the bank at the end of the December quarter.

South Blackall

Meanwhile, International Coal has three drill rigs turning at its South Blackall project where the company is aiming to define a maiden JORC Resource in the first half of this year.

The company has already confirmed a significant coal seam structure at the project. South Blackall has an exploration target of 8.8 billion tonnes of thermal coal.

South Blackall comprises an area of 769 square kilometres and consists of 250 sub-blocks, is located 80 kilometres northeast of Quilpie in southwest Queensland and is part of the Eromanga and Galilee Sedimentary Basins.

Providing a major advantage for International Coal is the existing infrastructure, with the permit located close to road and rail that can provide direct access to the Port of Brisbane.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.