The company believes the asset could contain as much as 12 million tons of colliery spoil with about 10-15% recoverable-sized coal and more than 1Mt of coal silt on the surface.

It can also use open cast mining methods to obtain an estimated 2.5Mt of subsurface coal reserves.

Atlantic noted that the estimates had not yet been evaluated by a qualified expert.

The sale is part of the bankruptcy estate of Kenneth Nowakowski, according to Sharecast. Atlantic has delivered $US700,000 for a 90-day escrow, during which time it will complete due diligence on the property.

Once that period has expired, Atlantic has the option to purchase the eastern Pennsylvania asset for no more than $1.9 million.

"We have been actively looking to expand our portfolio in the Pennsylvanian anthracite field, where our Stockton mine is located, and we believe this asset, with the right investment, has the potential to add value going forward as it could significantly increase our coal resources," Atlantic managing director Steve Best said.