Montem Resources increases Chinook coal resources to 172 million tonnes; moves into next stage of development
- Montem Resources focused on restarting Tent Mountain Mine as hard coking coal prices hit record highs
- Montem Resources confirms premium hard coking coal at Chinook, maintains BUY rating: Petra Capital
- Montem Resources announces encouraging coal quality test work from Chinook Vicary Project
Quick facts: Montem Resources Ltd
Price: 0.042 AUD
Market Cap: $9.84 m
About the company
Montem Resources Ltd (ASX:MR1) is a steelmaking coal development company, striving to become the operator of steelmaking coal mines in Canada by developing its properties in the Crowsnest Pass.
The company has three projects – Greenfield, Tent Mountain and Chinook - all of which are in close proximity to the major coal producing region of Canada and with access to existing infrastructure.
Montem believes the Chinook Project, which covers historical mines that previously exported hard coking coal to Japanese steel mills, has the potential to produce multiple open-cut hard coking coal mine.
How it is doing
Montem Resources Ltd (ASX:MR1) is making steady progress on its objective to become the operator of steelmaking coal mines in Canada by developing its properties in the Crowsnest Pass in Alberta, Canada.
The first component of this objective is to re-establish mining at the Tent Mountain Mine, whilst exploring and evaluating the development potential of the Chinook Project.
The Tent Mountain Mine and the Chinook Project are estimated to contain 232 million tonnes of in-place coal resources (JORC 2012), with four areas that have hosted previous open-cut and underground mining.
The previously mined properties have had extensive exploration, and as brownfield developments, are significantly more advanced than greenfield properties.
Montem Resources Ltd (ASX:MR1) has increased its coal resources at the Chinook Project in Alberta, Canada to 172 million tonnes with 108 million tonnes in the indicated category and 64 million tonnes in the inferred category.
The Chinook Project also contains an exploration target, which has been upgraded from 125 million tonnes to 450 million tonnes.
The TOR are consistent with the company’s expectation for coal projects in Alberta, covering the assessment of key environmental elements, historical resources, traditional ecological knowledge and land use of Indigenous People, public health and safety, socio-economics, mitigation measures, residual impacts, and monitoring.
Insight: Montem Resources confirms premium hard coking coal at Chinook, maintains BUY...
The company recently received detailed coal quality test work from large diameter core samples which were drilled at Chinook Vicary in Canada in November 2020.
What management says
Montem Resources (ASX: MR1) CEO Peter Doyle joined Steve Darling from Proactive with news the company announced the results of coal quality test work performed on samples from drilling at its Chinook Vicary project in Alberta, Canada.
Doyle telling Proactive they are very happy with the results and feels the next steps will be to drill out the remaining areas included in the mine plan defined in the Scoping Study later this year and then move on to a Pre-Feasibility Study. Doyle also addressed their other project Tent Mountain Mine and how the re-start is going.
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