Indicated resources account for 102.6Mt while inferred resources are 103.7Mt.
The upgrade came from the completion of 20 cored boreholes along with a review of all of the work done so far by consultancy Resolve Geo.
The open cut thermal project is in the Southern Bowen Basin in permit EPC1221.
Arcturus is close to Bandanna’s Springsure Creek and Arcadia projects in a “golden triangle”, with these two projects also undergoing mine concept studies.
The Queensland explorer recently secured a 4 million tonnes per annum port allocation at Wiggins Island, with the new coal export terminal expected to start shipping in 2014.
“This resource increase at our Arcturus project and previous resource expansions at Springsure Creek clearly vindicates Bandanna’s successful participation in the WICET allocation process,” Bandanna managing director Ray Shaw said.
The port allocation allows Bandanna to develop one or more of its projects in the basin over the next 3-4 years.
Bandanna’s total resources among its entire project portfolio amount to 1.366 billion tonnes.
Bandanna shares are 7.1%, or 6c, to 90c this morning.