Altitude to move ahead with drill program despite languishing coal prices
CALGARY—Altitude Resources Inc. has announced the Altitude-JOGMEC Joint Venture has received Alberta Energy Regulator approval for a drill program at its Palisades property in west-central Alberta.
Altitude said the drill permit is now valid for two years at its Palisades Property, which is located approximately 30 kilometres north of the Yellowhead Highway, near Hinton, Alta. The company added its 2015 drilling program is expected to consist of 3,240 meters, including 15 reverse circulation and 3 core drill holes.
“The planned 2015 drill program will start immediately and when completed the program results will be incorporated into an updated NI 43-101 compliant resource report for the Palisades Project,” Gene Wusaty, Altitude president and CEO, said. “It is expected that the report should be completed in the 4th quarter of 2015. Along with the field drilling, the program will include laboratory testing for coal quality.”
Altitude announced the Joint Venture project earlier this year, an arrangement in which Japan Oil, Gas and Metals National Corp., or JOGMEC, can earn up to a 51 per cent interest in the Palisades Coal Project by investing $4.8 million in exploration expenditures over a three year period.
The properties are in close proximity to Canadian National rail’s mainline, which services the Grande Cache mine to the northwest. The drill targets in the proposed program were identified in a 2013 preliminary field assessment program, the company said.