On Friday Linc said it had completed the first of four exploration holes in the proposed 39-hole exploration program.
The initial drilling had confirmed historical geological information in the areas drilled.
Historical information, reviewed by Xenith Consulting prior to drilling, has shown a total exploration target coal resource of 3.0-3.4 billion tonnes and an open cut mine exploration target coal resource of 1.6-1.9Bt with a cut-off depth of 120m.
The five main coal seams, with total thickness of 35m, are located in the late Permian coal measures about 160 kilometres northwest of Clermont.
“Given the anticipated quantities and depth of the coal, it has the potential to provide the resource base for a very large, long-life, open cut thermal coal mining operation,” Bond said.
“Once this initial [drilling] program is completed, it is our intention to continue our exploration work to further delineate the resource and maximize shareholder value until such time as the tenement is sold and this value realised.”
Linc is down 7c to $1.98 this morning.