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Realm Resources increases coal resources at Foxleigh mine to 350 Mt

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Realm Resources increases coal resources at Foxleigh mine to 350 Mt

An updated estimate for Realm Resources Ltd.'s 70%-owned Foxleigh coal mine in Queensland, Australia, increased measured, indicated and inferred resources to 350 million tonnes.

The update covers mineralization to a depth of 200 meters in 11 mining and deposit areas at the open pit operation.

Foxleigh previously hosted measured, indicated and inferred resources totaling 154.3 Mt, comprising three estimates completed in 2016 and 2017.

The company said Oct. 19 that the new estimate, effective as of March 31, incorporates new resources at the Foxleigh West and Foxleigh North/Eagle's Nest deposits.

Previous property owners had identified the mineralization, Realm Resources said, but had not reported it as resources due to insufficient data. The company followed up with focused exploration drilling and other geological work to classify the material.

Realm Resources will use the resource estimate to prioritize further exploration as well as for mine design and economic analyses to determine if a reserves update is warranted.

In August, T2 Resources Fund Pty. Ltd. said it would proceed with a compulsory acquisition of Realm Resources after making an off-market offer in February and increasing the offer in May.