Altitude Resources Inc. Receives Drill Permit for Elan Coal Properties in South Western Alberta, Canada
09 Junio 2014 - 8:17AM
Marketwired
Altitude Resources Inc. Receives Drill Permit for Elan Coal
Properties in South Western Alberta, Canada
Highlights:
- Program to Focus on Assessment of Coal Quality
- Initial 2013 Quality Testing Indicates Mid Volatile Coking
Coal on Drill Target Area
CALGARY, ALBERTA--(Marketwired - Jun 9, 2014) - Altitude
Resources Inc. (TSX-VENTURE:ALI) is pleased to announce that it has
received formal Alberta Energy Regulator approval for a drill
program on Elan Coal Ltd.'s property located in southwestern
Alberta, Canada. The coal exploration program calls for the
drilling of four to six core holes and for specific coal quality
analysis with an estimated budget of $1,500,000.
To view the ELAN LOCATION MAP, please visit the following link:
http://media3.marketwire.com/docs/ALIFig1.jpg.
Commenting on the upcoming program Gene Wusaty, President and
CEO said "The 2014 drill program is planned to commence later this
year and is focused primarily on establishing coal quality. Initial
field sampling and historical drilling indicates that the coal rank
in the targeted drill program area is mid volatile coal."
Drill targets in the proposed program were identified in the
fall 2013 preliminary field assessment program carried out by
Dahrouge Geological Consulting ("Dahrouge") of Edmonton, Alberta.
Dahrouge is expected to oversee the proposed Elan 2014 drill
program. Altitude previously announced an initial NI 43-101
compliant Coal Resource estimate comprising of 62 million tonnes
("Mt") in the Measured and Indicated Mineral Resource category and
85Mt in the Inferred Mineral Resource category. Dahrouge has
identified a 726 Mt exploration target for the Elan property. The
largest component of the exploration target tonnage is located in
the Wildcat and Grassy North areas in the southern area of the Elan
property. The drill program is targeting this specific area which
extends for approximately 15 km northward along strike and is in
close proximity to existing rail infrastructure.
To view the ELAN LEASE OWNERSHIP MAP & DRILL TARGET AREA,
please visit the following link:
http://media3.marketwire.com/docs/ALIFig2.jpg.
The Elan coal properties extend for 55 kms northward from
Crowsnest Pass along strike in the Kootenay Group coal formation.
Five different areas of interest with surface mineable potential
have been identified from historic exploration work carried out by
companies including CONSOL, Devon Canada, Granby Mining, CanPac
Minerals, and Canadian Hunter dating back to the 1940's. More than
10 coal seams have been identified on the properties with
thicknesses ranging from 3 to 10m. The Elan property has access to
nearby rail and port infrastructure with spare capacity.
Altitude announced on August 12, 2013 that it had entered into
an Exploration and Option Agreement (the "Agreement") with Elan a
private Non-Arm's Length party. Altitude is acquiring an option to
earn up to a 51% undivided working interest (the "Option") in 27
Alberta Crown coal lease applications (22,951 ha) located near the
historic coal mining area of Crowsnest Pass, Alberta. The Agreement
allows Altitude the right to enter upon and conduct exploration
activities in and on all parts of Elan's coal lease
applications.
Gene Wusaty, President and CEO of Altitude, a qualified person
as defined by National Instrument 43-101, supervised the
preparation of the technical information in this release.
About Altitude Resources
Altitude Resources is a Canadian coking coal company focused on
developing its Palisades Coal Project located northwest of Hinton,
Alberta, Canada and the recently optioned Elan project. The
Palisades Coal Project is located approximately 12 km 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.
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.
Investors:Doug Porter+1
403-453-3298dporter@altituderesources.caWebsite:
www.altituderesources.ca
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