Atrum Coal (ATU) has released further results from its ongoing drill campaign at the Elan Premium Hard Coking Coal Project in Alberta, Canada. All of the 46 holes drilled into the South East Corner discovery area, within Elan South, have intercepted coal. This area is shaping up to be a shallow, low-strip starter pit with average apparent cumulative seam thickness of 16.4m and coal from just ~5m below surface (BS). Drilling has now mobilised to the Isolation South region for a 35 hole program to confirm, infill and extend the current 120Mt resource. ATU is funded through to a decision to mine with ~$20M cash (at 30 June) and $21m of in-the-money options exercisable at 20¢ in March 2020. We maintain a SPEC BUY recommendation with a $0.92/sh target price.
To access the full report please log in under the Client Area at the bottom of this page.
Argonaut’s Client Area allows you to view delayed share prices, access Argonaut’s wealth of Research as well as create custom portfolios and set up company watch lists.
If you would like to access our research please contact us to create an account.