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CCK Canada Coal (delisted)

0.04
0.00 (0.00%)
27 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Canada Coal (delisted) TSXV:CCK TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.04 0.035 0.04 0 01:00:00

Canada Coal Files New Independent Technical Report for Nunavut Coal Properties

12/12/2012 1:42pm

Marketwired Canada


Canada Coal Inc.  (the "Company" or "Canada Coal"), (TSX VENTURE:CCK) is pleased
to announce that it has filed an updated independent technical report for its
Nunavut Coal Properties, that consist of seven coal licence areas, made up of 75
active licenses spanning approximately 2,442,627 acres. The report details the
results of Canada Coal's extensive 2012 mapping and sampling program and is
compliant with the Canadian Securities Administrator's National Instrument
43-101 Form 43-101 F1 Standards of Disclosure for Mineral Projects ("NI 43-101")
as well as the Geological Survey of Canada paper 88-21, A Standardized Coal
Resource/Reserve Reporting System for Canada.


Report Highlights



--  High priority drill targets to further define coal deposits in Phase 2
    program 
--  Multiple highly prospective coal zones in close proximity to tidewater 
--  Consistently low sulphur and low ash, high quality thermal coal in
    samples 



Geological mapping and surface sampling results from the 2012 exploration
program have confirmed the presence of widespread coal occurrences within Canada
Coal's Fosheim Peninsula exploration licences. The 2012 program was successful
in identifying numerous targets at surface exhibiting over 5 kilometer strike
lengths and comprising multiple seams aggregating over 15 meters of low-sulphur
and low-ash, high quality thermal coal which form the basis of a proposed Phase
2 exploration drilling program detailed in the Technical Report. The Company
intends to focus future exploration within the Fosheim Peninsula region.


The proposed Phase 2 exploration drilling program will target four to six high
priority coal zones with the aim of delineating coal of sufficient continuity,
rank, and quantity to develop an NI 43-101 compliant coal resource estimate(i).
At present, Canada Coal has applied to permit 80 drill holes including 30
primary drill holes, 37 secondary drill holes, and 14 wildcat holes and intends
to drill approximately 9,000 m of core as part of the proposed Phase 2
exploration program. 


Braam Jonker, President and CEO of Canada Coal stated, "We are very pleased with
the outcome of our 2012 exploration program, confirming the presence of abundant
high quality thermal coal with low ash and sulphur levels in the Fosheim
Peninsula region. Historical reports indicate the presence of a multi-billion
tonne coal resource (not NI43-101 compliant) on our Fosheim license areas. The
focus of our Phase 2 work program is to commence the establishment of a NI
43-101 compliant coal resource(i) on the most prospective areas as identified by
our Phase 1 program and to test for high grade metallurgical coal at deeper
levels. 


At this stage of development, Canada Coal is well positioned for growth, and if
successful 2013 could be a milestone year for the company. We are committed to
working with all of our stakeholders and local communities in order to create
opportunities and possible energy independence for Nunavut."


The technical report, entitled "Updated Independent Technical Report, the
Nunavut Coal Project" and dated November 26th, 2012 was prepared by DMT
Geosciences Ltd. ("DMT") of Calgary Alberta. The Technical Report is available
under the Company's profile on SEDAR at www.sedar.com and the full report is
available on the Company's website at www.canadacoal.com.


In compliance with National Instrument 43-101, Standards of Disclosure for
Mineral Projects, Susan O'Donnell, B.Sc., P.Geol., of DMT Geosciences Ltd., is
the Independent Qualified Person responsible for the accuracy of this news
release and is also the author of the Technical Report.


(i) There is no guarantee that the Phase 2 exploration program will result in a
coal resource estimate; however, based on substantial mapping and sampling
results from the 2012 program, the Company has a reasonable expectation that it
will be able to develop a resource estimate through drilling.


About Canada Coal

Canada Coal is a publically listed company focused on coal exploration and
development in Nunavut. Through its two wholly-owned subsidiaries, Canada
Sovereign Coal Corp. and 5200 Nunavut Ltd., Canada Coal holds 75 active licenses
comprising approximately 2,442,627 acres located on Ellesmere Island and Axel
Hieberg Island in Nunavut (the "Nunavut Coal Property").


On behalf of the Board of Directors

Braam Jonker, President and Chief Executive Officer 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This news release includes certain "forward-looking information" under
applicable Canadian securities legislation. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that, while
considered reasonable, are subject to known and unknown risks, uncertainties,
and other factors which may cause the actual results and future events to differ
materially from those expressed or implied by such forward-looking statements.
Such factors include, but are not limited to: general business, economic,
competitive, political and social uncertainties; delay or failure to receive
regulatory approvals; the price of mineral resources; and the results of current
exploration and testing. There can be no assurance that such statements will
prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward-looking statements. Canada Coal
disclaims any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise,
except as required by law.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Canada Coal Inc.
Braam Jonker
President and Chief Executive Officer
1-604-638-0971
1-604-638-0973 (FAX)
info@canadacoal.com
www.canadacoal.com

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