Junior explorer Hawkstone Mining is wasting no time trying to find a new project to diversify its portfolio from just coal.

The former coal miner (ASX:HWK) has gone into a trading halt “pending an announcement regarding a potential acquisition”.

The news comes just a week after Hawkstone told investors it would not be going ahead with the acquisition of USA Lithium.

The news saw shares take a nose dive.

Hawkstone was previously known as ZYL – a South African-focused coal miner.

The company was trying to advance its anthracite projects but ended up in administration.

Anthracite is a high-quality coal.

The company emerged from administration early last year and resumed work on its Kangwane South anthracite project, but also started the hunt for new opportunities.

Hawkstone expects to be in a trading halt until no later than Tuesday June 26.