In June 2008, Altai acquired an oil and gas permit of 24,042 hectares (59,408 acres) in the Sept-Iles area, Quebec North Region, which is about 750 km north east of the Sorel-Trois Rivieres oil and gas property.
The Permit covers a gas well drilled in 1970 that encountered gas in recent sediments at a depth of 270 feet (90 meters) and was plugged and abandoned. As the underlying rocks are part of the Canadian Shield, the gas is probably seepage gas from Paleozoic sediments under the St. Lawrence estuary.
In June-July 2009 Altai carried out a resistivity survey over this target. No further work is planned for the property.
Sept-Iles Gas Property of Altai Resources Inc., Sept-Iles, Quebec North
