Acquiring the tenement is subject to its granting from New Coal Energy.

EPC 1992 is next to Coalbank’s Central project, which is targeting Walloon coal measures in the Western Surat Basin.

MPJ said it was attracted to EPC 1992 based on the exploration success of Coalbank and the size of the tenement.

The permit for the project has been approved for granting subject to satisfaction of standard conditions imposed by the Department of Employment, Economic Development and Innovation.

Mining Projects Group has commissioned its own independent geological report on EPC 1992 which will form the basis for its first drilling program.

Consideration for the acquisition includes $40,615 payable in rent to DEEDI and $25,000 payable to New Coal Energy on EPC 1992 becoming granted and NCE transferring the lease to MPJ.

The company’s interest on EPC 1992 comes just a day after it announced its intention to proceed with the acquisition of Delcarmen Energy, which possesses two exploration applications near Kingaroy in Queensland.

The tenements are both prospective for thermal and semi-soft coking coal and are also close to existing rail infrastructure.

The company will continue to seek further acquisitions to help build up a prospective portfolio of coal projects.