Chief financial officer David Round will join Lester on the board of the company, which has tenements at South Blackall and Bundaberg in Queensland and was listed on the Australian Securities Exchange in July to raise $9 million.
International Coal announced significant coal seams at South Blackall earlier this month and is on track to announce a maiden JORC compliant resource by the end of the year, according to analysts at Atlantic Pacific Securities.
The company is targeting a large open cut deposit of export grade thermal coal from South Blackall. Independent analysis has determined the potential for a tonnage thermal coal exploration target of 8–9 billion tonnes.
Infrastructure plans are currently being developed for this region but access to ports still needs to be determined.
The company announced drilling is underway at South Blackall with coal seams intersected at 45m with other seams encountered at 70m and 145m. Drilling is in line with original predictive modelling, it said.
Geophysical logging has started and is continuing onsite and a program has been expanded from an originally proposed nine holes to up to 20 holes covering an area of up 400 km2.
A review is taking place with independent consultants to enhance the accuracy of future drilling and SGS Laboratories in Gladstone has been engaged to assess samples obtained from the drill program.