While ICX and Hancock Prospecting subsidiary, Queensland Coal Investment have estimated a coal resource of 37.9 million tonnes in EPC2196, exploration by Fox indicates the resource extends south into EPC1523.
ICX has also reached an agreement with QCI to take over the management and operation of EPC 2194, 2195 and 2196 with QCI remaining at a 25% stake in the project.
Fox Resources managing director Paul Dunbar said the arrangement was an initial step toward evaluating the economic viability of the combined coal seams that occur on EPC2196 and EPC1523.
International Coal and Fox Resources’ agreement to share data from their adjacent coking coal projects will ensure that the resource potential in EPC1523 and EPC2196 is maximised.
The arrangement could also pave the way for joint development, allowing the companies to combine their resources for project development, bringing economies of scale.
