After drilling six holes of the current nine-hole program, Pan Asian reported that the company was on track to expand the project’s total resource target to 200-220 million tonnes of coal.

Last month, the developer increased TCM’s JORC-compliant resource to 128.8Mt of coal and projected sales of 1.5-2Mt per annum over an initial 15-year mine life.

Pan Asia chief executive Alan Hopkins said that all boreholes have hit coal thus far.

“The TCM project continues to generate good results,” he said.

“This augers well for a strong development deal to be done with one of the many interested parties.”

The first five holes of the campaign to return data revealed coal seam intersections between 357-552m deep had estimated mining heights of about 4m.

Drilling which began in early April is aimed at either extending the mine plan to the north or establishing a second independent mine.

Development of TCM is on track to be completed at the end of 2012.

Pan Asia has a 75% interest in the project with local partners acquiring the remaining 25% stake.