01:50 PM EDT, 05/15/2024 (MT Newswires) -- Forge Resources ( FRGGF ) said Wednesday it initiated comprehensive soil studies and pilot drilling at La Estrella, a fully-permitted coal project in Santander, Colombia.

The main objective is to characterize the area and determine the stratigraphic profile of the subsoil, the company said.

Key aspects include a technical report detailing soil study findings and recommendations for foundation suitability and construction parameters; geological, geomorphological, and geological-structural characterization of the study area; and soil classification according to NSR-10 standards, identifying any special subsoil conditions and recommending relevant control measures.

The company has also planned the drilling of six boreholes at different points in the study area using the SPT Percussion Drilling method as per INV E-111-07 standards.

The pilot drilling is expected to begin by May 28.

The company's shares were down over 3% on last look on Wednesday.

Price: 0.60, Change: -0.02, Percent Change: -3.23