The Queensland and Mongolia coal explorer expects there is much more to come as the maiden thermal coal resource is based on less than 1% of the 11,500 square kilometres covered in the Hughenden project area.
Guildford also has exploration permit applications to extend the project to 16,500sq.km and the top estimate of its exploration target is 5.72 billion tonnes.
The maiden resource was modelled on coal seams of greater than 0.3m thick and depths up to 600m.
Guildford aims to ramp up drilling in the Betts Creek coal seams of the project area, with recent intersections at around 200m depth providing a possible opportunity for open cut mining.
Shares in the explorer were up 5.5% this morning to $1.055.
