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)
||Measured & Indicated
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.