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Pacific American Coal gains from asset sale, drilling program in Canada advances

PAK aims to release an updated resource estimate for its Elko Coking Coal Project, Canada in early 2019.

East Kootenay Basin
One of the last unpegged coal areas in the East Kootenay Basin

Pacific American Coal Ltd (ASX:PAK) has revealed a consolidated net profit after tax of $455,409 for the half-year ended 30 June 2018.

This includes a net gain of $944,163 from the sale of its South Hazell exploration tenements in Canada.

READ: Pacific American Coal gets cash from asset sale as Elko coking coal project advances

The sale of the South Hazell Project has enabled the company to dedicate its resources to develop the Elko Coking Coal Project in Canada.

Elko is a highly attractive project, with 257 million tonnes of JORC 2012 resource already identified.

The project is one of the last unpegged coal areas in the East Kootenay Basin, which is one of the world’s premier coking coal basins.

READ: Pacific American Coal starts drilling coking coal project in British Columbia, Canada

Last month, PAK mobilised a drill rig to site and has commenced drilling at Elko. The drill program is expected to be completed next month.

The company’s program of 11 rotary and spot core holes will focus on improving coal quality information as well as identifying general structural trends, features and domains.

Importantly, it will enable the company to collect coal core from the high-value SM7 and SM5/SM6 seams.

PAK aims to release an updated resource estimate in early 2019.

 

The company is also investigating investment opportunities in renewable energy technologies.

PAK had about $ 4.4 million in cash as at June 30, 2018.

Quick facts: Pacific American Holdings Ltd

Price: 0.029 AUD

ASX:PAK
Market: ASX
Market Cap: $9.12 m
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