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Cockatoo announced the resource on Tuesday, with a strip ratio of 8:8:1 over 109 hectares at a depth of 175 metres.
The Baralaba North deposit is located within an exploration tenement held by Wonbindi Coal, owned 80% by Cockatoo and 20% by Republic Coal.
The resource area was open to the north, east and south, where Cockatoo said it would concentrate further drilling to expand the resource.
The resource area is 2km along strike to the north of the Baralaba mine, 62.5% held by Cockatoo and 37.5% held by Republic Coal.
Cockatoo said the deposit’s geology, coal seams and coal quality were consistent with the Baralaba mine, which currently produces 500,000 tonnes per annum of ULV PCI coal (80%) and thermal coal (20%).
The resource is based on 208 open holes spaced 50m apart on 200m spaced drill lines and four cored holes for coal quality.
Cockatoo closed at 37c, up 7.25%.
