Colonial Coal International Corp. Reports on Huguenot Exploration Program
November 30 2011 - 8:00AM
Marketwired Canada
Colonial Coal International Corp. (TSX VENTURE:CAD) (the "Company" or
"Colonial") is pleased to report on the completion of fieldwork carried out on
its Huguenot metallurgical coal project located in northeast British Columbia.
The Company confirms that fieldwork commenced in early July and continued until
the end of October. Exploration activities included diamond drilling, rotary
drilling, down-hole geophysical logging, geological mapping, hand trenching,
core description and sampling and access trail construction. The work focused
mainly on those areas not drilled by the Company in 2008; namely, the
southeastern half of the North Block and along the projected trend of Gates
Formation coal seams within the Middle and South Blocks. Most of the work was
helicopter-supported although some of the northern drill sites were accessed by
trails.
Over the course of the 2011 field program, 33 holes were drilled for a total of
6,871 metres (22,536 feet), comprising:
-- 13 diamond drill holes for 3,401 metres (11,156 feet) of HQ-size core;
-- 16 rotary drill holes for 3,019 metres (9,902 feet); and
-- 4 "large"-diameter holes (for PQ and 6" core) totaling 48 metres (157
feet) of core and 403 metres (1,322 feet) of rotary drilling.
During the summer the Company increased the field budget to $4.1 million in
order to complete additional drilling designed to enhance coal seam definition
that was originally planned for 2012. An additional $550,000 was budgeted for
baseline environmental studies that were initiated in late-Spring and
environmental data collection is ongoing.
Preliminary results from the fieldwork indicate that the 2011 exploration
program was successful in confirming the presence of coal seams of potentially
economic thickness across the length of the main target areas, as indicated by
historical exploration results contained in Coal Assessment Reports filed with
the BC Ministry of Mines by previous operators, Denison Mines Ltd. and Gulf
Canada Resources Inc. (particularly for the period 1976 to 1979 during which
most of the substantive work was carried out).
The Company is proceeding with coal seam data analysis and coal quality testing
is on-going. Once all data has been received, reviewed and evaluated, work will
commence on geological interpretation and modeling, coal resource estimation and
evaluation of coal quality in advance of the Company commissioning an
independent report in compliance with NI 43-101 requirements.
The Huguenot coal project is located approximately 70 km. south-southeast of the
town of Tumbler Ridge and 115 km. southwest of the City of Grande Prairie,
Alberta. Current access into the project area is provided by a network of
Provincial paved highways and un-paved, all-weather roads built for forestry and
oil and gas exploration and development. Apart from these access routes, there
is no major infrastructure in the vicinity of the project area. The project is
located approximately 65 km. southeast of a rail line (operated by CN Rail) that
terminates at the Quintette Coal Mine load-out facility approximately 17 km.
south of Tumbler Ridge.
Forward-Looking Information
Information set forth in this news release may involve forward-looking
statements. Forward-looking statements are statements that relate to future, not
past, events. In this context, forward-looking statements often address a
company's expected future business and financial performance, and often contain
words such as "anticipate", "believe", "plan", "estimate", "expect", and
"intend", statements that an action or event "may", "might", "could", "should",
or "will" be taken or occur, or other similar expressions. By their nature,
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause our actual results, performance or achievements,
or other future events, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. Such factors include, among others, the following risks: risks
associated with marketing and sale of securities; the need for additional
financing; reliance on key personnel; the potential for conflicts of interest
among certain officers or directors with certain other projects; and the
volatility of common share price and volume. Forward-looking statements are made
based on management's beliefs, estimates and opinions on the date that
statements are made and except as required by law, the Company undertakes no
obligation to update forward-looking statements if these beliefs, estimates and
opinions or other circumstances should change. Investors are cautioned against
attributing undue certainty to forward-looking statements.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE
EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND,
ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE
UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS
INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT
UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED
IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.
Colonial Coal (TSXV:CAD)
Historical Stock Chart
From Dec 2024 to Jan 2025
Colonial Coal (TSXV:CAD)
Historical Stock Chart
From Jan 2024 to Jan 2025