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Forge Resources Corp
Symbol FRG
Shares Issued 82,700,244
Close 2024-10-08 C$ 0.69
Market Cap C$ 57,063,168
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Forge Resources completes portal design at La Estrella

2024-10-09 14:56 ET - News Release

Mr. Cole McClay reports

FORGE RESOURCES PROVIDES UPDATE ON PORTAL DESIGN AND ENVIRONMENTAL ADVANCEMENTS AT FULLY PERMITTED COAL PROJECT, COLOMBIA

Forge Resources Corp. has completed its portal design and additional environmental advancements at the fully permitted La Estrella coal project in Santander, Colombia.

The new portal will provide surface access to develop the decline toward coal resources and is the first significant step in securing the first 20,000-million-tonne bulk sample of metallurgical and thermal coal. Earthworks specific to the construction of the portal have begun, and portal construction is expected to commence by the end of October. The portal design is intended to enhance operational efficiency and minimize environmental impact. Key elements include advanced ventilation systems, reinforced structural supports, and safety features to protect workers and the surrounding environment.

Cole McClay, chief executive officer of Forge Resources, stated: "Forge Resources, together with Aion Mining, is making strides on its coal project in Colombia. Completing the portal design and final preparations before going underground is crucial for our advancement. Our main objective is to obtain a significant and valuable bulk sample, which will provide critical data for informed decisions and enhance the project's success."

As previously announced on Aug. 28, 2024, Forge Resources has contracted two highly experienced professionals to ensure stability in the area surrounding the portal and decline:

  • Enrique Estrada -- senior mining and metallurgical engineer with over 35 years of experience in the mining industry, specializing in underground coal, copper and gold mines; his expertise includes production engineering, quality control and operations management;
  • Luis Carlos Herrera -- senior civil engineer with more than 25 years of experience in civil engineering, water management and surface engineering projects; Mr. Herrera will guide the surface works required to prepare the commencement of the bulk sampling program.

Environmental licence updated

Corporacion Autonoma Regional de Santander (CAS; or the environmental authority) has completed a site visit and provided analysis of the scope of the environmental licence, which remains confirmed by the CAS. This process involves cross-checking of information and obligations in accordance with CAS guidelines. A training plan with an emphasis on environmental education has been implemented.

Environmental engineer contracted

The company has contracted Alejandra Gutierrez Ardila, an environmental engineer specializing in the environmental assessment of projects, with three years of experience working within the Colombian Environmental Authority. Mr. Gutierrez has knowledge of the application of the current environmental regulatory framework in Colombia, water and carbon footprint assessments, environmental impact assessment, management, and compensation measures. Mr. Gutierrez holds a degree in environmental engineering from Unisangil University and a specialization in environmental assessment of projects from Manuela Beltran University.

About Forge Resources Corp.

Forge Resources is a Canadian-listed junior exploration company focused on exploring and advancing the Alotta project, a prospective porphyry copper-gold-molybdenum project located 50 kilometres southeast of the Casino porphyry deposit in the unglaciated portion of the Dawson Range porphyry/epithermal belt in Yukon, Canada. The company holds a 40-per-cent interest in Aion Mining Corp., a company that is developing the fully permitted La Estrella coal project in Santander, Colombia. The project contains eight known seams of metallurgical and thermal coal.

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