The 942-hectare exploration licence is targeted by the Newcastle-based explorer for up to 300 million tonnes of semi-soft coking and thermal coal based on 70 holes already drilled at the tenement.
Completion of the transaction is anticipated for the end of Q3 2012 and will result in Bloomfield managing director John Richards being invited to join NuCoal’s board as a non-executive director.
NuCoal managing director Glen Lewis said the company was looking forward to taking over the exploration of Plashett.
“The execution of the share sale and purchase agreement is a significant step towards completing the acquisition of Plashett,” he said.
“The Plashett project is strategically located between NuCoal’s existing projects at Doyles Creek and Savoy Hill and it offers considerable development, operational and financial synergies.”
The explorer said it intended to begin work on the site as soon as possible with drilling to focus initially on proving a JORC-standard open cut resource of up to 100Mt.
Final implementation of the sale-and-purchase transaction is subject to NuCoal shareholder approval, ministerial approval and land access and compensation agreements being obtained over the area covered by the proposed drilling program.
