Atrum Coal has entered into a joint exploration agreement with Japan Oil, Gas and Metals National Corp. (JOGMEC) covering development of the Panorama North anthracite project in British Columbia, Canada.
Under the agreement, JOGMEC can acquire up to a 35% interest in the project through the investment of CAN$5 million in cash or in kind for exploration expenditure across the projects over a three-year period.
“We are very pleased to partner with such as respected corporation as JOGMEC to accelerate exploration at our Panorama North project,” said Atrum’s Executive Chairman, Robert Bell.
According to historical exploration, Panorama North is “highly prospective for anthracite”, continued Bell. The focus of exploration will now build on that historical exploration and begin quantifying the resource potential of the project.
During the 1980s, the area was explored by Gulf Corp. (Canada), which concentrated on surface mapping, trenching and shallow drilling. Gulf concluded that there were significant exploration targets for shallow anthracite deposits.
“If successful, the three years of exploration will lead to a feasibility study and set Panorama North as yet another development zone within the Groundhog Coalfield,” Bell concluded.
Atrum’s activities in the Groundhog Coalfield include its flagship Groundhog project, as well as the Panorama North, West and South areas. As part of the agreement with JOGMEC, the Japanese company also receives an exclusive negotiation right to enter a further joint venture with Atrum at the Panorama West project.
Edited by Jonathan Rowland.
Read the article online at: https://www.globalminingreview.com/finance-business/01092016/atrum-partners-with-jogmec-for-panorama-north-2016-2346/