Altitude Resources Inc. (TSX VENTURE: ALI) ("Altitude") is pleased to provide an update on the Palisades Project 2016 company activities and plans for the 2017 field program.
JOGMEC has agreed to proceed with the 2017 field program at the Palisades Project in west central Alberta near the town of Hinton. In 2015 Altitude announced the Joint Exploration Agreement ("JEA") with JOGMEC whereby JOGMEC can acquire up to 51% interest in the Palisades Coal Project by investing CDN$4.8 million in exploration expenditures over a three year period. The 2017 program will be the third segment of the JEA, following previously announced exploration programs completed in 2015 and 2016.
The 2016 drilling program (Second Farm-in Period) was completed in August 2016. Coal quality laboratory results and an updated 43-101 compliant resource report are expected to be available in January 2017. A total of 26 rotary and 8 core holes were drilled for a total of 3,141 meters. A significant amount of trenching was also carried out. The 2016 program was completed within a budget of CDN$1.55 million. Dahrouge Geological Consulting Ltd. of Edmonton, Alberta was contracted to carry out the 2016 program. Upon review of the 2016 results, JOGMEC and Altitude will meet in calendar Q1-2017 to discuss and finalize the details of the 2017 Palisades field exploration program.
Commenting on the activities, President and CEO, Gene Wusaty said, "We are very pleased to have JOGMEC commit to the 2017 program at Palisades. The coking coal markets continue to be very robust and we look forward to providing an updated Palisades Project 43-101 compliant resource report within the next several weeks. This new data will form the baseline for our upcoming 2017 program."
The Palisades Project is located approximately 30 kilometres north of the Yellowhead Highway (Hwy 16) and Highway 40 North, near Hinton, Alberta. Altitude's properties are in close proximity to CN rail which services the Grande Cache mine to the northwest. Historical work in this area, reported as the "Hoff Property", included drilling programs first by Rio Tinto Canada (1969) and then Denison Mines (1982-83). 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.
Gene Wusaty, Altitude's Chairman, a qualified person as defined by NI 43-101, supervised the preparation of the technical information in this release.