The properties cover 13,096 hectares and are located within a part of the Choir-Nyalgia coal basin, about 175km southwest of Ulaanbaatar, Mongolia.
According to the Mongolian Ministry of Mineral Resources and Energy, the country is estimated to have potential coal resources of about 162.3 billion tonnes and 20.3 billion tonnes of coal resources in the comprehensive Choir-Nyalgia coal basin.
Lucky Strike will make total cash payments of $5.8m to the vendors to acquire 80% interest in the properties, and will commit an aggregate of $2.5m in exploration expenditures.
