Strategic Minerals PLC Programme of Works Granted at Hanns Camp (9501L)
25 July 2017 - 4:00PM
UK Regulatory
TIDMSML
RNS Number : 9501L
Strategic Minerals PLC
25 July 2017
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
25 July 2017
Strategic Minerals plc
("Strategic Minerals" or the "Company" or the "Group")
Programme of Works Granted for Cobalt Drilling Programme at
Hanns Camp
Strategic Minerals PLC (AIM: SML; USOTC: SMCDY), the diversified
mineral production and development company, announces that it has
received approval from the Western Australian government for a
Programme of Works at its Hanns Camp properties which forms part of
its wholly owned subsidiary, Central Australian Rare Earths
("CARE") tenements in Western Australia which is prospective for
cobalt, nickel laterites and nickel sulphides.
Highlights
-- Permit of Work granted in order to complete the first stage
of the Company's 2,000m drill programme
-- Programme designed to identify extent of cobalt and nickel laterite deposits
-- Drilling contract being entered into
-- Drilling to commence and expected to complete Q3 2017
-- Programme fully funded from Cobre cash flows
Following on from its initial drilling programme at Hanns Camp,
the Company now has approval from the Western Australian government
to undertake the next stage of its drilling programme.
The approved exploration programme, as outlined in the RNS of 26
June 2017, involves the undertaking of around 2,000 metres of
drilling in the Hanns Camp tenements. Drilling will involve between
40 to 50 air core drill holes, designed to test the prospective
area at Hanns Camp that has previously indicated anomalous cobalt
and nickel results. While cobalt is the key focus of the air core
drilling programme, and we understand this to be the first time the
area has seen drilling targeting cobalt, it is believed that a
coincident nickel target may also be defined from the laterite
deposits that have previously been recognised in the area.
The provision of the Permit of Works ensures that the Company's
plans to undertake, complete and have assay results relating to
this drilling programme is expected within the third quarter of
2017. It is considered that the findings from these drill holes may
also provide indicators for prospective nickel sulphides targets,
which may be tested with future drilling.
The terms of a drilling contract have been agreed and are
currently being formalised.
The Company's Managing Director, Mr John Peters, said:
"The granting of the Permit of Work by the West Australian
Government has provided us the opportunity to complete the first
stage of our drill programme within the third quarter of 2017 as
previously outlined in our 26 June RNS.
"The grant and the progression of the drilling contract
concurrently highlights the Company's establishment of a team of
professionals who are focused on undertaking our programmes within
our nominated timeframes, and we are encouraged by momentum to
date
"The sustained strong sales performance of Cobre, continues to
provide the Company the opportunity to internally fund this
programme, along with its planned stage two programme, without
diluting existing shareholders."
For further information, please contact:
+61 (0) 414
Strategic Minerals plc 727 965
John Peters
Managing Director
www.strategicminerals.net
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Notes to Editors
Strategic Minerals Plc is an AIM-quoted, diversified mineral
development and production company with projects in the United
States of America, the UK and Australia. The Company is focused on
acquiring and developing cash generative, high quality projects
which meet local market demand for commodities and utilising this
cash flow to undertake value added exploration.
In September 2011, Strategic Minerals purchased its first cash
generating asset; the Cobre magnetite tailings dam project in New
Mexico, USA which it brought into production in 2012 and which
continues to provide a revenue stream for the Company. The
portfolio was expanded in January 2016 with the acquisition of
shares in Central Australian Rare Earths Pty Ltd, which holds
tenements in Western Australia and the Northern Territory that are
prospective for cobalt, gold, nickel sulphides and rare earth
elements. The Company has since acquired all shares in Central
Australian Rare Earths Pty Ltd. In May 2016, an additional
exploration asset was acquired when the Company entered into an
agreement with New Age Exploration Limited to acquire up to 50% of
the Redmoor Tin/Tungsten project in Cornwall, UK. This 50%
acquisition has now been completed and drilling at the project has
commenced.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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