Sign up Australia
Proactive Investors - Run By Investors For Investors

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.

View full PAK profile View Profile

Pacific American Coal Ltd Timeline

Related Articles

map of project area
March 26 2018
The prospect of an IOCG deposit, similar to Olympic Dam, has ignited interest in the stock.
KSZ holds potential for world class base and precious metals deposits

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use