The company said it completed the final diamond drill holes, drilling a total of 2465 meters and continuing to intersect prolific seams at El Balsal and El Silencio, about 70 kilometers from state capital Medellin.

The drill intercepts at Titiribi included thicknesses ranging from 3.3 meters at a depth of about 95.4m in one hole and 7.4m between 11.6m and 19m in another.

Additionally, the preliminary quality results from the drill holes continue to demonstrate a potential for coking coal, reflecting calorific values in excess of 6500 kcal/kg, extremely low phosphorous and less than 10% ash content.

The completion of the Phase 1 drilling and the resistivity survey will help Ascot deliver its mine planning study. That report is due sometime in the third quarter.

The miner also is on track to publish an initial JORC coal resource estimate by late this month or early July.

Seam thickness and quality results will first be validated by an independent consultant.

Ascot previously said it was discussing potential contracts with both domestic and international customers.

While work continues, the miner said it would continue exploration drilling in the northern concession area, Lara, to test continuity of a strike extension as determined by a 2012 field mapping program.

The company has commenced preliminary work on the method of mining and early indications are that extraction will likely be open pit.