PERTH (miningweekly.com) – ASX-listed coal hopeful Jameson Resources told shareholders on Friday that it would "explore its options" after the British Columbia Ministry of Energy and Mines cancelled five of the company’s outstanding applications on the Dunlevy project area.
Jameson said in a statement that the chief gold commissioner had exercised her authority to expand on the existing Coal Land Reserve in the area, which was intended to address certain wildlife and First Nations concerns.
The junior said that the decision did not come as a surprise, since the Ministry in December last year approved two of the company’s seven pending applications, while leaving five applications unapproved.
Jameson noted that while the cancellations did not affect the status of the two approved Dunlevy licences, on which exploration was conducted during July and August, the company would explore its options regarding having the cancellation reversed or appealed.
Meanwhile, CEO Art Palm said that the two approved Dunlevy licences were believed to represent the most promising exploration target in the project area.
The Dunlevy project is one of four coal projects acquired by Jameson in 2011, which are collectively known as the Peace River projects. The company has no short-term plans to conduct further exploration at any of the project areas, but Palm said that Jameson remained committed to holding the properties in anticipation of an improved coal market.
The four projects are estimated to have a mineable resource of over one-billion tonnes.