In its update, Aquila said the maiden measured resource of 227.6Mt clearly demonstrated the world-class nature of the project.
With 123Mt in the indicated class and 528Mt inferred, measured, indicated and inferred resources of Eagle Downs total 878.6Mt.
These come from four seams in depths of 150m, to less than 600m.
The largest is the Harrow Creek Lower seam, which holds 104Mt of measured coal resources alone.
Signalling a possible entry into Australia’s longwall scene, Aquila said pre-feasibility work had demonstrated the viability of a two-longwall mine producing 7Mt per annum of mainly hard coking coal at a free-on-rail cost of $A40.65/t, excluding port and royalties expenses.
The feasibility study is expected to be complete by June 30.
Eagle Downs is immediately adjacent to BHP Billiton Mitsubishi Alliance’s Peak Downs open cut coal mine.
Shares in Aquila, which is also known for its Pilbara iron ore plays, last traded up 22c to $3.44.