Drill Programme20 Mar 2018 08:40
pleased to announce that, following the appointment of Mr Brenton Newell, as Consulting Geologist to the Company, on 26 February 2018, an initial review of the existing drilling data relating to the Westfield Tenement (EL 5676) has now been completed.
Mr Newell has prepared a costed exploration programme, based on the identification of any shallow coal seams amenable to open cut mining. The programme will be conducted over three phases:
Initial Exploration
JORC compliant Mineral Resource Estimate definition
Bankable Feasibility Study
During the course of his review Mr Newell identified a number of previous drill targets that have not been subject to modern exploration. This includes an area identified by BP Minerals in the southwest of the Westfield Tenement which, along with an appreciation of the area�s geology, has allowed a comprehensive drill programme to be designed. As a result, the Company is now able to estimate the costs associated with the three phases of the proposed programme, which may be subject to revision following the result of each phase:
Initial ExplorationAUD��� 230,000JORC� compliant Mineral Resource Estimate definitionAUD��� 400,000Bankable FeasibilityAUD��� 900,000TotalAUD 1,530,000
Therefore, the total estimated cost of exploration is significantly lower than previously anticipated, due in main to the targeting of shallow coal seams which are thought to be relatively flat lying. As a result, the amount of drilling required to provide an accurate estimate of the coal resource potentially available to be extracted is anticipated to be much less than was previously projected.
Mr Newell will conduct some further analysis of the drilling data to ensure all the available information has been reviewed. Following this, the Company will commence preparation for the Initial Exploration phase; details of which will be announced to the market in due course.
Nick Lyth, CEO of Altona, commented:
�I am delighted that Mr Newell has delivered such a comprehensive, detailed exploration programme showing the necessary future expenditure to be of a far more modest nature than previously expected.
�We will proceed with the planning of the Initial Exploration phase imminently, and I will travel to Adelaide in April to meet with Mr Newell and Euro Exploration Services, our engineering consulting partner.
�Further, our joint venture partners, Sino-Aus Energy Group and Wintask remain enthusiastic about the project and have agreed to join the meetings in Adelaide to participate in the programme discussions.�
Nick Lyth will be hosting a live shareholder Q&A webcast on Thursday, 22 March. To register for the event and see more details of how to participate, please visit:
www.alics.co.uk/altonaenergy/
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