Modelling at the Surat Basin-located project has also converted the inferred resource category to an indicated resource, increasing the JORC resource by 5% to 229Mt.
The announcement comes after Xenith Consulting completed geological modelling at the prospect, with Minserve undertaking the reserve statement.
Stanmore Coal managing director Nick Jorss said he was pleased with the significant progress being made at The Range.
“We have reached a key milestone in very good time to generate the first Joint Ore Reserve Committee marketable coal reserves for Stanmore Coal,” Jorss said.
“The Range will produce a high energy thermal coal that is similar to other Surat Basin coals that are already being sold into the Asian markets.
“The further we get into this deposit the better it looks with substantial quantities of clean coal, which respond well to the wash plant simulation.”
The new coal reserve will comply with the Wiggins Island Coal Export Terminal Stage 2 allocation process for The Range project, which requires a total of 55Mt of marketable coal reserves.
The Range development will seek to transport coal via a 20 kilometre conveyor belt to the planned Surat rail link and then on to the proposed WICET Stage 2 port at Gladstone for export.
Jorss said the next step for The Range was to complete the prefeasibility study in September and then commence a formal process to introduce a minority equity offtake partner.