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RFC Ambrian - Montem Resources

Published: 09:52 04 Mar 2021 GMT

RFC Ambrian - Natural resources

Natural Resources 

4 March 2021 

Comment 

Montem Resources* 

A Tier 1 Hard Coking Coal Project Confirmed at Chinook Vicary 

KEY FACTS: Montem Resources [Montem Resources Ltd (ASX:MR1)] has reported excellent coking coal quality test results completed on large diameter core samples from Chinook Vicary. 

The Chinook project in Alberta, Canada is made up of two areas, Chinook Vicary and Chinook South. The project contains a coal Resource Estimate of 149.1Mt (103.8Mt Indicated and 45.3Mt Inferred) and a coal Exploration Target Estimate of an additional 125Mt to 450Mt at Chinook Vicary. 

Large diameter core samples, obtained from Montem’s exploration drilling at Chinook Vicary in late 2020, have been analysed, with coal quality and carbonisation results confirming the occurrence of high quality low volatile hard coking coal. 

Working section clean coal composite produced high simulated plant yields with low ash: 9.1%; low volatile matter: 21.4%; low total sulphur: 0.48%; favourable rank (RoMax): 1.31%; and outstanding CSR: 70, coal attributes which fit precisely in the specification range for “Premium Low Vol Hard Coking Coal”. 

COMMENT: These results confirm Tier 1 hard coking coal at Chinook Vicary, an important step in the continued development of this project. Montem completed drilling at Chinook Vicary inside the conceptual open-cut pit shell areas designed during the Chinook project Scoping Study released in February 2021.  

Montem will now use the coal quality results and new geological information from the 2020 exploration program to update the Chinook Vicary JORC Resource Estimate, expected to be completed in 2Q21. The next step, later this year, will be to drill out the remaining areas included in the Scoping Study mine plan, and progress to a Pre-Feasibility Study. 

Montem Resources is seeking to re-establish mining at its 100%-owned Tent Mountain mine in Canada to export hard coking coal to the seaborne market. The company is on a fast track to production and plans to start construction in 2021 with the first coking coal sales in 2022. The Tent Mountain mine is the initial engine of growth for Montem and will provide a platform for the development of its regional production expansion, based on the nearby Chinook project. 

Along with Tent Mountain, the entire Chinook project lies within Alberta Coal Policy Category 4 lands which allows for continued mine development. 

We published a detailed note on Montem Resources on 24 November 2020 which can be accessed from the link below. 

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Corporate Broking 

Charlie Cryer 

+44 (0)20 3440 6834
charlie.cryer@rfcambrian.com 

 

Research 

David Bird 

+44 (0)20 3440 6800 

david.bird@rfcambrian.com 

 

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