Aim-listed coal miner Strategic Natural Resources (SNR) said its total mineable coal resources have been independently valued at between 107m and 122m pounds.
The South Africa-focused miner said this reflects only 6% of Elitheni's total exploration rights area.
SNR also confirmed a maiden probable coal reserve of 34.1Mt, based on 60.1Mt of the company's total 266.3Mt gross coal resource. In addition, the company said it has opencast reserves of 120,000 tonnes.
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The total reserve, which includes the opencast reserves, has been valued by independently by Minxcon on a discounted cash flow basis and is calculated to be £64m.
Chief Executive David Nel said: "As Elitheni continues its drilling programme we believe that we will be able to convert tonnes from those currently in prospecting areas into mining rights of the company and enhance our resource and reserve levels, which should significantly increase the overall valuation of the Elitheni Mine."
He added: "I am pleased that the CPR update verifies our strong overall resource and reserve numbers and associated valuations, which robustly attest to the viability of the coalfield SNR is developing."
Shares of Stategic Natural tumbled 4.46% to 26.75p at 14:30.
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