Queensland-based coking coal explorer Bowen Coking Coal (ASX:BCB) had some more good news on its fully owned Isaac River project.
The company said washability tests on coking coal at the site confirmed a “significant quality upgrade” from historic results.
“Seam blending and other trade-off studies are underway to determine optimal product configuration,” Bowen said.
Shares in the company were up 2.74 per cent to 7.5c in morning trade.
Shares in Bowen have gained by around 25 per cent since the company announced a 67 per cent increase in its Isaac River resource estimate in late-August.
The company said its washability results would help it push ahead its pre-feasibility study, as it looks to establish a mine layout for the environmental approval process.
“Various combinations of the washability data will now be used to form clean coal composites, before conducting a full suite of washed coal quality analyses for marketing purposes,” Bowen said.
The management team will then look to establish an optimal product configuration for revenue-generative purposes.
To support the feasibility study, BCB will now undertake further exploratory activity at the site including geotechnical analysis and measuring the gas content.
“Discussions on access to infrastructure are underway, which remains a key enabler for the project,” Bowen said.
In other ASX energy news today:
Oil & gas play Lion Energy (ASX:LNE) announced it had terminated a contract with Gulf Petroleum Investment Company KSCC. First signed in December last year, the deal gave Lion access to an Indonesian production-sharing agreement, but new regulatory rules mean the deal is unable to be executed in its original form. Shares in LNE were unchanged at 2.5c.
And US-based oil minnow Fremont Petroleum’s (ASX:FPL) flow-back operations are proceeding at its Amerigo Vespucci well in Colorado. “The Amerigo Vespucci #1 drill logs look very strong and we expect to report hydrocarbon shows very soon,” CEO Tim Hart said. Shares in FPL were unchanged at 0.8c.