The two granted permits include EPC 1230 (Comet) and EPC 1580 (Emerald).
The coal permit applications include EPCA 1219 (Jack Creek), EPCA 1505 (Spring Creek), EPCA 1720 (Cullin La Ringo) and EPCA 1801 (Emerald East).
Newland is acquiring this exploration portfolio from an unnamed private resources company under a four-tranche, scrip and cash-based deal.
The first payment is triggered by the execution of the agreement, involving payment of $2.5 million cash and the issue of 56 million fully paid ordinary shares to the private seller.
The second tranche will be paid on settlement, which requires Newland shareholder approval.
This transaction will include another $2.5 million cash and another issue of 34 million fully paid Newland shares along with the issue of 65 million options.
The third tranche payment is triggered if at least two EPCAs are granted to Newland within 48 months of the deal and will result in Newland issuing another 25 million shares to the private resources company.
The fourth tranche is effective if Newland establishes a resource exceeding 200 million tonnes, with the Australia-listed company to pay $5 million cash and $5 million worth of its shares to the private seller if this takes place within two years.
“The tenement portfolio is located in the Emerald-Blackwater-Rolleston region of the Bowen Basin with two key tenements situated amongst several existing coking and export thermal coal mining operations,” Newland said.
“These existing mining operations evidence the significant potential of the acquired projects which have easy access to existing rail and port infrastructure.”
Newland believes there is underground mining potential in all of the tenements but after settlement will focus on the Comet and Emerald project areas.
The Comet project, close to the Ensham mine, has an exploration target of 200 million tonnes of coking and thermal coal with initial exploration to target an outcrop area previously drilled by Ingwe Australia back in 1996.
The Emerald tenements (EPC 1580 & EPCA 1801) look the best in terms of nearology, being close to the Ensham, Kestrel and Minerva mines and existing rail lines with Gladstone 340km away.
Both tenements cover an area of 236.2 square kilometres while the depth estimates are the lowest of the portfolio at up to 300m.
Newland undertook a strategic review last year.
Back in 2007, the explorer had some legal dramas with Summit Resources over the Georgina Basin uranium joint venture in northwest Queensland which ended in an out-of-court settlement.
Newland shares shed 31.6% yesterday to 2.6c.
