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Altona Energy lays out objectives for upcoming drilling programme
Mining and exploration company Altona Energy on Friday provided further details of its planned initial drilling programme at the Westfield tenement in South Australia.
The AIM-traded company said that much of the southwest of this tenement has never been comprehensively explored but available drilling results suggest that the area may be viable for mining operations.
Altona is targeting the identification of at least 100m tonnes of economically extractable coal in the Westfield tenement.
Nick Lyth, Altona CEO commented as follows: "I am delighted to be able to provide an update with a target to drill in August 2018. The economics of coal mining in Australia remain very positive and now is the right time to be developing the Westfield project."
The anticipated three-week programme consists of plans for up to 15 holes which to be drilled to a depth of approximately 120m.
The company has fully secured the funds necessary for the programme and expects to commence work in August after a number of requirements have been met, including mines department approval in form of a programme for environmental protection and rehabilitation.
"We are very pleased with the recent announcement from the Federal government of Australia that it is forming a panel which will look at policies to find new reserves and attract more investment into the resource sector. Governmental support is an important component in developing a project such as this," said Lyth.
As of 1057 BST, Altona Energy's shares were unchanged at 0.29p.