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Total estimated Jorc compliant resources at the eastern portion of the site jumped 340% from the previous estimate to 264 million tonnes, the Australian coking coal miner said in a statement on Friday October 25.
Among the total resources, 10.5 million tonnes are measured resources, 13.5 million tonnes indicated and 240 million tonnes are inferred, Cokal said.
Resources at BBM now comprise 90% coking coal and 10% pulverized coal injection.
The area covered by the current resource estimate is 30% of the total area of the BBM tenement license.
“Cokal is close to completing definitive feasibility study,” Peter Lynch, chairman and ceo of Cokal said in the statement.
Earlier this month, Cokal said it was in talks with Blumont Group for a $77-million funding package for the Indonesian mining project.
ASX-listed Cokal has interests in four metallurgical coal exploration projects in central Kalimantan, Indonesia, and it has also signed a joint venture to explore coal in Tanzania.
Cokal has upgraded its estimate of coal resources at a section of its Bumi Barito Mineral (BBM) metallurgical coal project in central Kalimantan, Indonesia.