Coal explorer NSL Consolidated finished up a whopping 57 per cent after it announced a substantial increase in coal resources across its exploration permits in Queensland's Eromanga Basin.
Perth-based NSL announced today that an independent geologists report established an exploration target of between 6.6 billion and 18.1 billion tonnes of thermal coal in the Winton Formation of its tenements.
The company had previously established an exploration target of between 500 million and 600 million tonnes of thermal coal across its tenements.
It said an initial exploration plan was now under review.
NSL Managing Director, Mr Cedric Goode, said that the increased exploration target at the projects was a significant first step in their potential development.
"We are delighted and excited by the initial independent geological review at the projects," Mr Goode said.
"Clearly there is a lot of initial promise shown at the projects, and we will now move on to evaluating the best way to progress the projects with an initial exploration program, including drilling,"
"The project area is girt by a number of other highly prospective properties, including the substantial resource at the Blackall Coal deposit and very encouraging reports from US firm Sentry Petroleum."
NSL's stock was up 4 cents today, to 11 cents.
