Tiaro labelled survey results on its Tiaro Coal Joint Venture (TCJV) tenements in Queensland as “encouraging” and said a further drill program would follow.

The TCJV is a partnership between Tiaro Energy, Core Coal and Jandale with Dynasty Metals looking to become a partner through further funding.

In June this year Tiaro finalised a deal with Dynasty which saw it accelerate exploration at its southeastern Queensland tenements, near Maryborough.

The Tiaro–Dynasty farm-in agreement would give Dynasty the right to acquire up to a 51% interest in the tenements.

Initial survey results show possible coal seams and provide better delineation of drilling targets.

Tiaro has the right to earn up to an 80% interest in the TCJV by solely funding $5 million worth of exploration expenditure over four years.

Tiaro subsidiary Maryborough Coal launched its initial public offering on the Australian Securities Exchange on September 29, in a bid to get funding for more exploration.