After the initial four and five further drill holes intersected significant seams, Ascot decided to increase the phase one exploration to include 13 diamond holes and add another drill rig to more accurately correlate the multiple coal seams encountered.

Nine holes have been completed for a total 1486m within the project’s El Basal and El Silencio licenses.

The company said in an ASX release that it was on track to complete the expanded phase one program by next month. It is preparing a targeting study and chasing an initial JORC compliant coal resource estimate by Q2, 2013.

Preliminary coal quality results reveal Titiribi’s likely product to be a low-ash, low-phosphorous metallurgical coal with calorific values in excess of 6,500kcal/kg. The company said it would complete additional test work over the coming months.

The Titiribi project, which was acquired mid-last year, is in an established mining region within the state of Antioquia, Colombia, just 70km from state capital Medellin.

Ascot holds a 90% interest in the project, which consists of three mining licenses with an option over three more adjoining concessions that in total cover approximately 700 hectares.

Ascot is aiming initial production at Titiribi by mid-2014 of 250,000 tonnes per annum.