Altitude Resources Inc. (TSXV: ALI) is pleased to announce the receipt of formal Alberta Government approval for a drill program at its Palisades property located in west – central Alberta, Canada. The Palisades drill permit is valid for two years. The 2017 drilling program is expected to consist of up to 2,000 meters of combined rotary and core drilling. The budget for the 2017 Palisades exploration program is $1,200,000. Drill targets include a new area defined in the 2016 program and, for the first time, drilling in Palisades Extension. The Palisades property is operated through a joint venture agreement between ALI (68.125%) and JOGMEC (31.875%).
At the Company’s Altitude North property (100% owned), a two phase program is planned for 2017 to better define the potential coal resource and its metallurgical coal quality properties. Recently, Altitude announced that it had increased its land position at the project to 14,080 ha. The Altitude North project is strategically located adjacent to the Grande Cache coking coal mine in northwestern Alberta. Based on a 2015 field program carried out by Dahrouge Geological, Phase 1 of the 2017 program will consist of a 2-3 weeks of detailed geological mapping, trenching, and drill hole targeting. Data collected during this field program will be used to plan and complete a coal exploration drill permit for a Phase 2 Resource and Coal quality drill program.
Commenting on the upcoming program, Gene Wusaty, President and CEO said, “Altitude is planning aggressive 2017 field programs for Palisades and Altitude North. The Palisades planned 2017 drill program and the Altitude reconnaissance program will both commence in early July. It is expected that technical reports for both programs will be completed in the Q4 2017.”
Gene Wusaty, Altitude’s Chairman, a qualified person as defined by NI 43-101, supervised the preparation of the technical information in this release.
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 and southwest Alberta. Altitude’s properties are all located close to rail which has capacity to provide transport product to deep-water ports on the west coast of Canada to service the growing demand from world markets.
Japan Oil, Gas and Metals National Corporation (JOGMEC) was established on February 29, 2004. JOGMEC integrates the functions of the former Japan National Oil Corporation, which was in charge of securing a stable supply of oil and natural gas, and the former Metal Mining Agency of Japan, which was in charge of ensuring a stable supply of nonferrous metal and mineral resources and implementing mine pollution control measures. JOGMEC has a mandate to invest in early-stage resource exploration projects. For projects that proceed to the development and production stages, JOGMEC will look to attract Japanese mining and industrial companies as long term partners.
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.