ALBERTA – Altitude Resources of Calgary and joint venture partner Japan Oil, Gas and Metals National Corp. (JOGMEC) have agreed to a second farm-in by JOGMEC at the Palisades coking coal project 40 km north of Hinton. JOGMEC is earning a 31.875% interest, and can boost that to 51% over the 2016 and 2017 exploration seasons.
JOGMEC has agreed to contribute $1.5 million for the second farm-in, as it did for the first period. The third farm-in period will require JOGMEC to contribute a further $1.8 million to earn its 51% interest.
When drilling wrapped up in 2015, Altitude said the Palisades project contains 15.80 million measured and indicated tonnes of low volatile bituminous coal plus 7.61 inferred tonnes. The partners believe that continued exploration will boost the resources to 49.00 million tonnes.
A map of the Palisades coal project is posted at www.AltitudeResources.ca.