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AHQ - Allegiance Coal

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Allegiance Coal Limited (AHQ) has assembled a portfolio of 14 tenements (comprising a mineral development licence and 13 granted EPCs) in five coal fields in Queensland. These 14 tenements make up the 11 projects. The Allegiance Coal Limited's modus operandi has been to define and acquire what it considers are prospective properties in hitherto overlooked areas both within known areas of high prospectivity and in prospective new provinces, such as the Laura Basin and Townsville region.

http://www.allegiancecoal.com.au
 

springhill

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MC - 4m
SP - 9c
Shares - 45m

9.3 METRES OF CUMULATIVE COAL ENCOURAGING START TO THE BACK CREEK DRILLING PROGRAM
Allegiance Coalannounce that its current drilling program at its Back Creek Project in the Surat Basin has brought its first results.
As of last Friday, Allegiance had completed 2 holes in the northern section of the tenement, holes BC002 and BC005. Both of these holes have intersected potentially significant coal. In particular hole BC005 has intersected 9.3m of cumulative coal to a depth of 69.05m.
This hole is the second in the current program and is testing the northern end of the tenement area where additional drilling was required to delineate exploration potential.
The Company’s current exploration target of 60-80 million tonnes of shallow, open cut low ash thermal coal is located in the central and southern portions of the tenement.

Coking Coal at Kilmain Project
Allegiance Coal is pleased to announce that evaluation of its past drilling at its Kilmain Project in the Bowen Basin has confirmed the presence coking coal.
The Aries 2, Castor/Pollux and Orion Seams intersected in drill holes KL01, KL02 and KL03 have been proven to have coking properties.
Detailed washability and analytical data for individual plies in all three seams have produced Crucible Swell Numbers in the range 3 to 5.
While traditionally the southern part of the Bowen Basin has been considered as a thermal coal environment, the care and attention taken by Allegiance Coal in handling and testing its coal cores from its drilling has proven the existence of coking coal in the Aries 2, Castor/Pollux and Orion Seams.
It is important to note that 40 km north east of Kilmain at the QCT South Blackwater operation, the Laleham underground mine operated in the Pollux Seam (C seam) while the Kenmare underground mine operated in both the Aries Seam (A seam) and the Pollux Seam (C seam) producing both thermal and coking coals.
In the next phase of drilling at Kilmain, planned to commence by October 2012, samples will be taken for detailed testing of the coking properties of the coal.
 

springhill

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Drilling at Allegiance Coals’ Back Creek project has been delayed due to rain. Allegiance plans to resume drilling as soon as weather permits using two drill rigs to accelerate the operation. This will allow reporting of JORC inferred resources in or before Q4 2012.

The Back Creek project has a target tonnage of 60 to 80 million tonnes of shallow open cut low ash thermal coal.
 

springhill

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A review of AHQ got me a little excited until I inspected it a little closer.

On preliminary view it seemed we had a micro cap of just over $2m and a cash position of around $3.7m, add to that an application for a coal tenement in the Surat basin near Cockatoo and Stanmore. There is also the recently granted Mt Marrow tenement as well. I had almost hit the buy button, but then came the catch.

There are over 100m FPO shares still listed off the board, which would have blown all value calculations out of the water.

Nevertheless, potential granting of the land and a drilling program could be catalysts for some share appreciation.
 
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