Altitude Resources (TSX VENTURE:ALI) on Nov. 12 offered an update on the 2015 exploration program at its Palisades Project carried out in association with its joint venture partner, Japan Oil, Gas and Metals National Corp. (JOGMEC).
Palisades is a coal reserve in Alberta that would support a potential mining operation. The Palisades field reconnaissance was carried out in May and June and was followed up by an access construction and drilling program that began in mid August and was completed on Oct. 10. A total of 23 holes were drilled. Dahrouge Geological Consulting Ltd. of Edmonton were contracted to oversee both the field reconnaissance and drilling programs.
A total of 13 rotary hole samples were shipped to Birtley Laboratory in Calgary for proximate and petrographic analysis. An additional three core hole samples were sent to Pearson Coal Petrography of Vancouver for coal rank classification and quality analysis. Altitude’s Alberta Energy Regulator-issued drill permit for the Palisades Project is valid through the 2016 exploration season.
Altitude President and CEO Gene Wusaty said: “We are very pleased with our ongoing exploration activities at our Palisades project in cooperation with JOGMEC. The field work at Palisades in 2015 will provide for an updated 43-101 compliant report that will contain new resources and coal quality information. It is expected that the report will be released later this year.”
The Palisades project is located approximately 30 kilometers north of the Yellowhead Highway (Hwy 16) and Highway 40 North, near Hinton, Alberta. Altitude’s properties are in close proximity to Canadian National rail which services the Grande Cache mine to the northwest. A National Instrument (NI) 43-101 study was carried out by Moose Mountain Technical Services in November 2011 on the original Palisades property. Coal rank is low volatile bituminous coal.
Altitude also owns the Palisades Extension, Moberly Creek and Altitude North properties which are in the initial stages of exploration. Altitude is also part of a joint venture on the Elan Coal Project located in southwestern Alberta.
Altitude Resources is a Canadian coking coal exploration and development company focused on developing its portfolio of coking coal properties in the province of Alberta. Altitude’s properties are all located within close proximity to rail with spare capacity and the ability to provide transport of coal to deep-water ports on the west coast of Canada to service the growing demand from world markets.
JOGMEC was established in 2004. It integrates the functions of the former Japan National Oil Corp., which was charged with securing a stable supply of oil and natural gas, and the former Metal Mining Agency of Japan, which was in charge of ensuring a stable supply of nonferrous metal and mineral resources and implementing mine pollution control measures. JOGMEC has a mandate to invest in early-stage resource exploration projects. For projects that proceed to the development and production stages, JOGMEC will look to attract Japanese mining and industrial companies as long-term partners.
In April of this year, Altitude announced the joint venture arrangement with JOGMEC whereby JOGMEC can earn up to a 51% interest in the Palisades Coal Project by investing C$4.8 million in exploration expenditures over a three-year period.