Altitude Resources Inc. (TSX VENTURE: ALI) on July 27 updated the 2016 exploration program at the Palisades Project in west central Alberta, conducted with its joint venture partner, JOGMEC.
On June 9, Altitude had announced that it was proceeding with a two-phase exploration program on the Palisades and Palisades Extension coal properties as part of the Altitude-JOGMEC Joint Venture.
In mid June, Altitude mobilized the project and initiated road building to its intended drill sites. Drilling equipment was mobilized to the site and drilling commenced on July 21. Depending on weather, drilling is expected to be completed by mid August. The budgeted 2016 program is C$1.55 million. Dahrouge Geological Consulting of Edmonton has been contracted to carry out the 2016 program.
Meanwhile, seaborne traded coking coal pricing has increased by almost 20% for the last three quarters of 2016. Spot prices have seen spikes to in excess of US$100 due to increased activity in Asian steel markets, the company noted. Prices are expected to continue to be robust in the mid-term especially for high-fluidity coking coals.
President and CEO Gene Wusaty said, “We are very pleased with our ongoing exploration activities at our Palisades Project in collaboration with JOGMEC in light of the fact that coking coal prices continue increase.”
The Palisades Properties are 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.