ALBERTA – Altitude Resources
of Calgary says its partner Japan Oil, Gas and Metals National Corp. (JOGMEC) at the Palisades coal project near Hinton has agreed to proceed with the 2017 field program. The property contains an inferred resource of 12 million tonnes of low volatile bituminous coal and the potential for up to 140 million additional tonnes.
JOGMEC can acquire a 51% interest in the project by spending a total of $4.8 million over a three-year period. This is the third year of JOGMEC’s participation.
The $1.55 million, 2016 drilling program was completed in August 2016. A total of 26 rotary and eight core holes were drilled for a total of 3,141 meters. A significant amount of trenching was also carried out.
Altitude says an updated 43-101 report is due later this month.
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