The Nuevas Cordenadas tenement is situated in the South American country’s Bahia Lota region, east of the company’s first Chilean property.

In April, Lexington acquired the option to take a 100% exclusive interest in a seabed coal concession issued by Chile’s Ministry of National Defense.

Nuevas Cordenadas covers 160,000sq.m and has the same stratigraphic characteristics of the company’s first concession.

The Lota Bay coal project management report indicates the concession area contains about 100,000 tons of coal.

The developer plans to acquire the option for the property to increase the value of a coal recovery operation already planned for the area.

Lexington said other adjacent zones were expected to contain additional recoverable coal of a consistent grade.

The company said it would examine those areas as part of its ongoing exploration plan.