Altitude Resources Inc. has acquired two new Alberta Crown coal lease applications adjoining its Altitude North property in west central Alberta. The additional applications cover an area of 4,144 hectares (see map).
The Altitude North property is approximately 60 km north-west of the ALI's Palisades Coal Project and is immediately adjacent to the Grande Cache Coal Mine property. The Altitude North Project is in close proximity to CN rail, providing access to both Vancouver and Prince Rupert ports. The addition of the new lease applications increases the company's land position at its Altitude North Project to approximately 14,080 hectares. Altitude is planning a 2017 field program to identify coal structure, coal quality and future drill targets.
In 2015 ALI announced that it had discovered a multiple near surface mid volatile coking coal deposit at its Altitude North property. The property stretches over a length of 23 km (northwest to southeast). Seven individual seams were identified ranging in estimated true thickness from .3 to 6.0 meters. Significant coal seam intersections were identified and stretched along the entire extent of the property. Testing indicated the coal rank to be Mid Volatile Coking coal. Initial historic Alberta government exploration reports showed some coal outcrops which were identified from field work in the 1960 - 1980s but there are no reports of any field drilling.
ALI has initiated permit applications with the Alberta Government for a drill program at the Palisades Coal Project located in west - central Alberta, Canada. Palisades Extension, an area adjacent to Palisades on the north boundary is to be included in the drilling program for the first time. A 2,500 meter drill campaign has been recommended to evaluate and constrain the drill and mapping targets. This work includes approximately 2,000 meters of reverse circulation drilling and up to 500 meters of wireline coring in target areas identified by the 2016 program. The drill permit is expected to be valid for two years.
The ALI-JOGMEC Joint Venture approved the 2017 program under the Third Farm-In of the Joint Exploration Agreement signed in 2015. The budget for the 2017 campaign is CDN $1,200,000. JOGMEC has now fulfilled its obligations under the Second Farm-In and has now earned a 31.875% interest in the Palisades project.
The drill targets in the proposed program were identified during the 2016 exploration campaign. Dahrouge Geological Consulting (Dahrouge) of Edmonton, Alberta has been contracted to oversee the proposed 2017 drill program. It is expected that the approval will be received in the calendar Q3 2017 and the program is expected to start shortly after.
Commenting on the upcoming program, Gene Wusaty, President and CEO said, "We are very pleased with the expansion of our Altitude North leases and planning for our 2017 filed program. The planned 2017 drill program will test new coal targets identified in the 2016 field exploration as well as incorporating the Palisades Extension for the first time. We expect the program will result in more extensive coal quality analysis as well as provide the opportunity to increase our resource base at Palisades."
Gene Wusaty, President & CEO, a qualified person as defined by NI 43-101, supervised the preparation of the technical information in this release.