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Aston Resources Group is funding the $A2.5 million second phase of exploration to boost its stake in the project from 30% to 51%.
Cockatoo said 598 holes covering 103.4km had been drilled in the project area, including 182 open holes and one large-diameter hole for 36.2km of total drilling since the last update.
Under the joint venture, Aston can gain 70% of the project by funding third-stage exploration or spending another $5 million on work to complete a feasibility study.
The project targets the Rangal coal measures, mined by Cockatoo’s 62.5%-owned Baralaba open cut to the southeast.
The mine is producing thermal and pulverised coal injection coal.
