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The three prospect areas, Muse, Mkolomo and Namwele, are located in southern Tanzania.
Atomic has 90 days to complete due diligence on the project concessions and verify historical technical data, upon which the two companies will enter into a joint venture agreement.
Under the JV agreement Pacific Corporation will take up to an 80% interest throughout project development, and will spend no less than $US500,000 on the project areas in the first two years.
There are currently no JORC-compliant resources available for the prospects; however, based on technical information and government geological publications Atomic said it is seeking a potential target size of 40 to 50 million tonnes of thermal coal within the three prospect areas.
