Netherlands-based New World Resources is planning to explore the hard coal deposit at the Frenštát Mine site, north-east of the Czech Republic.
According to New World Resources' calculations, the Frenštát mine has an estimated reserve of about 1.5 billion tonnes of hard coal resources.
The firm will decide on the feasibility of developing the resource upon completion of the exploration process, which is expected within four years.
New World Resources holds a concession to exploit hard coal from the Frenštát mining area, but has not included the deposit in its official JORC reserves.
The firm currently has two development projects in Poland, Debiensko and Morcinek, which form part of its regional growth strategy.