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Pacific American Coal Ltd awaits results from completed Elko coking coal drilling in Canada

The results are expected this quarter as the company works towards updating its resource estimate by early next year.

Workers in the field
PAK's exploration licence extends to May 2022

Pacific American Coal Ltd (ASX:PAK) has completed a 3,451-metre drilling program at its Elko Coking Coal Project in the Canada’s East Kootenay Coal Basin in British Columbia.

The company intersected multiple coal seams with its on-time, on-budget 2018 exploration drilling program at the wholly-owned project.

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

PAK drilled nine holes and is working towards an updated JORC-compliant resource estimate for Elko’s coal assets in early 2019.

The company expects initial results from its drilling efforts later in the December 2018 financial quarter.

PAK chairman Geoff Hill told the market: “Completion of this phase of the exploration and evaluation process at Elko is a significant milestone for what is shaping up as potentially a world-class coking coal asset.

“We have now proven we can successfully gain the necessary regulatory approvals, access the site, and through drilling identify substantial amounts of coal on the property.

“Once we have the results from the analysis of the coal extracted, we will be in an excellent position to continue the process we have commenced to attract off-take and funding partners.”

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

PAK completed its works without lost-time injuries and has completed remediation and restoration work and demobilised the drilling and construction equipment used in its latest campaign.

The company was visited by the British Columbia government for its annual audit on September 11 with no major issues found and the government reportedly pleased it had met all regulatory requirement.

PAK has the green-light to continue exploring the project until May 2022.

Quick facts: Pacific American Holdings Ltd

Price: 0.012 AUD

Market: ASX
Market Cap: $2.16 m

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