Atrum Coal has upgraded the JORC compliant anthracite resources at North prospect of its Groundhog project in British Columbia, Canada to 609.2 million tons (Mt).
The project’s JORC resource includes measured resource of 156.1Mt and indicated and inferred resource of 193.3Mt and 259.8Mt respectively.
Atrum Coal executive chairman James Chisholm said: "Our development strategy is simple – we plan to sell down a minority equity stake in Groundhog North in return for complete funding of the first 3Mtpa mine.
"Subsequent mines can be financed separately through cash flow or traditional debt, positioning the company for significant growth."
"Groundhog North now has a massive resource base of more than 600Mt of high and ultra-high grade anthracite and this covers only a fraction of the broader Groundhog Coalfield."
The company said it will include the expanded resource in its planned supplementary pre-feasibility study, which will allow it to progress with the partial sell-down of Groundhog North.
In September, Atrum Coal bought 20 granted coal licenses and one coal licence application in the coal field from Anglo Pacific.
