Altitude Resources Announces NI 43-101 Coal Resource for Palisades Coking Coal Project
19 Febrero 2014 - 8:22AM
Marketwired
Altitude Resources Announces NI 43-101 Coal Resource for Palisades
Coking Coal Project
CALGARY, ALBERTA--(Marketwired - Feb 19, 2014) - Altitude
Resources Inc. (TSX-VENTURE:ALI) ("Altitude") is
pleased to announce a NI 43-101 Coal Resource (Table 1) estimate
comprising of 10.1 million tonnes ("Mt") in the Measured and
Indicated Mineral Resource categories and 4.9 Mt in the Inferred
Mineral Resource category. A 33Mt exploration target for the
Palisades property has been identified. The coal quality rank is
low volatile (Ro 1.45 to 1.53). The study was carried out by
Dahrouge Geological Consulting Ltd. of Edmonton, Alberta.
Table 1. NI 43-101 Coal Resources (Million Tonnes)
Palisades |
Measured |
Indicated |
Measured & Indicated |
Inferred |
|
|
|
|
|
Total |
6.35 |
3.70 |
10.05 |
4.87 |
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/Figure1-ALI.pdf.
Commenting on the Palisades coal resource, Gene Wusaty,
President and CEO said, "The resource report on the Palisades
property is based on the drilling program which was carried out in
the fall of 2013. Altitude is presently working on organizing the
next phase of field reconnaissance which will be followed by an
exploration program."
To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/Figure2-ALI.pdf.
The Palisades drilling program was started on August 15, 2013
and was completed on September 30, 2013. A total of 30 holes were
drilled out of which 27 were rotary and 3 core for a total of 4,583
meters. In addition to the three core holes, channel sampling was
conducted from seven near surface trenches Samples from Palisades
were shipped to Birtley Laboratory in Calgary for washability
analysis. Clean coal from this process was sent to Pearson Coal
Petrography for coal rank classification.
The limited core samples collected in 2013 confirm the coal rank
as Low Volatile Bituminous Coking Coal. (Ro 1.45 to 1.53). The
clean coal core samples show an average FSI 8, Fluidity values of 4
to 40 ddpm, and positive Dilatation. Petrographic Analysis show a
Reactive /Inert ratio of 70/30 and a predicted ASTM Stability of
63. Ash analysis shows low total alkaline content (10% average)
which should contribute to a high CSR value. The Phosphorous in
coal is 0.014% which is extremely low and highly desirable. The
coal is ranked as a premium grade Low Volatile Hard Coking
Coal.
The Palisades Properties are 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. Altitude also owns the Palisades Extension, Moberly Creek
and Altitude North properties which are in the initial stages of
exploration. The properties have access to rail and port
infrastructure with spare capacity.
About Altitude Resources
Altitude Resources is a Canadian coking coal exploration and
development company focused on developing its portfolio of coking
coal properties in west-central Alberta, Canada. Altitudes most
advanced property, the Palisades Coal Project, is located
approximately 12 kilometres from CN rail which has capacity to
provide transport of coal to deep-water ports on the west coast of
Canada to service the growing demand from world markets.
As announced on August 12, 2013 Altitude entered into an
Exploration and Option Agreement (the "Agreement") with Elan, a
private Non-Arm's Length Party. Altitude will acquire an option to
earn up to a 51% undivided working interest (the "Option") in
Elan's 27 Alberta Crown coal lease applications. The Agreement
allows Altitude the right to enter upon and conduct exploration
activities in and on all parts of the Leases. The 22,951 hectare
Elan property is located in southwestern Alberta near the historic
coal mining municipality of Crowsnest Pass and adjacent to
Riversdale's Grassy Mountain coal project. Elan has access to rail
and port infrastructure with spare capacity.
Under NI 43-101 Mr. John Henry Gorham, P. Geol consents to
the inclusion of such information in this news release in the form
and context in which it appears. The information in this news
release that relates to Coal Resources is based on information
compiled by Mr. Gorham, who is a Member of the Association of
Professional Engineers, Geologists and Geophysicists of Alberta.
Mr. Gorham is a full-time employee of Dahrouge Geological
Consulting Ltd. who are consultants to Altitude. Mr. Gorham has
sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity he is undertaking to qualify as a "Competent Person" as
defined as a "Qualified Person".
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Cautionary Statement Regarding Forward-Looking Information
This news release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation. Forward
looking information includes without limitation, statements
regarding the size and quality of the Company's mineral resources,
progress in the development of mineral properties, future capital
and operating expenses, the future financial or operating
performance of the Company, the prospective mineralization of the
properties, planned exploration programs and the anticipated
production schedule. Generally, forward looking information can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking information is based on assumptions that
have been made by the Company as at the date of such information,
including those assumption described in the Company's technical
report entitled "Resource Estimate of the Palisades Coal Property"
dated November 28, 2011 which is available at www.sedar.com.
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information, including but not limited to: the
future price of coal, industry market trends and predictions, the
estimation of mineral reserves and resources, operating and
exploration expenditures, costs and timing of future exploration,
requirements for additional capital, government regulation of
mining operations including changes in government policies,
environmental risks, reclamation expenses, title disputes or
claims, limitations of insurance coverage, regulatory matters, and
other risks described in the public filings of the Company.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on
forward-looking information. The Company does not undertake to
update any forward-looking information, except in accordance with
applicable securities laws.
Altitude Resources Inc.Doug
PorterCFO(403)453-3298dporter@altituderesources.cawww.altituderesources.ca
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