Carabella Resources (ASX: CLR) has placed Queensland coal explorers firmly in the news again, after it revealed a company related to Gina Hancock has acquired 917,434 shares in the company.
In a statement, the company said that it "believes Timeview Enterprises Pty Ltd has built a position of 917,434 shares in the company...representing 0.74% of its total shares on issue."
Timeview Enterprises is a 100% owned subsidiary of Hancock Prospecting Pty Ltd.
Carabella shares have jumped 9.5% to $2.07.
Carabella Resources holds a number of coal exploration interests in Queensland, covering a total exploration area of approximately 4,404km2 in the Bowen, Mulgildie, Clarence-Moreton and Adavale Basins in Queensland.
A drilling program commenced at its flagship coking coal tenement – Mabbin Creek – located adjacent to the Goonyella/Riverside/Broadmeadow coking coal mine operated by BHP Billiton (ASX: BHP) in the northern Bowen Basin, Queensland.
To date the project has identified a JORC resource of 95.3 million tonnes of coking coal at the Grosvenor West prospect on the eastern border of the tenement.