Golder will study the 170,000 acres for which the company has fee simple mineral rights, and will subsequently provide a National Institute 43-101 (NI 43-101) report.
Maxwell, which obtained the reserves in a deal with Sun River Energy, is exploring the Raton Basin based upon a 1991 US Geological Service survey showing the area may contain an abundance of high-grade metallurgical coal.
A later USGS survey completed in 2005 revealed even more high-grade coal potential, and officials said the survey indicated the basin could be a good source for gold, silver and other earth minerals.
Golder will complete three phases of research and reports, the first of which will be complete in March 2013.
In that, the consultant will outline the locations, which will provide the best return on investment and also outline “big picture” issues such as transportation/access, how extractable the best mineral/coal fields are, permitting issues and market prices.
Phase 2, which will start in the northern spring of next year, will include drilling to analyze coal samples at the Colfax County property and provide coal quality and quantity.
Officials said the second phase should wrap up by next September.
Finally, in the third and final phase, Golder will present Maxwell with the 43-101 report. The developer estimated December 2012or January 2014 for the document’s delivery.
Three weeks ago, Maxwell appointed regional expert Roy Pillmore to serve as its consulting geologist in its efforts. On October 31, it also added Leaverite Exploration president Jay Leaver as lead geologist.
