Strategic Minerals PLC Additional Holes for Redmoor Drilling Programme (5081M)
31 July 2017 - 4:01PM
UK Regulatory
TIDMSML
RNS Number : 5081M
Strategic Minerals PLC
31 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.
31 July 2017
Strategic Minerals plc
("Strategic Minerals" or the "Company" or the "Group")
Additional Holes Added to Phase 1 of Redmoor Drilling
Programme
Strategic Minerals PLC (AIM: SML; USOTC: SMCDY), the diversified
mineral production and development company, announces that it has,
in conjunction with its joint venture partner New Age Exploration
Limited ("NAE"), agreed to the addition of two new holes to Phase 1
of the drilling programme at Redmoor, Kelly Bray, Cornwall by its
joint venture vehicle Cornwall Resources Limited ("CRL").
Highlights
-- Two holes added to Phase 1 drilling programme
-- Hole identification made by CRL "on site" geologists
-- Increased equity of GBP60,000 to be funded equally by SML and NAE
-- Additional holes unlikely to alter previously stated reporting timeframes
Cornwall Resources Limited's Phase 1 drilling programme,
initially comprising 13 holes targeting high grade mineralisation,
is now well advanced with 11 holes drilled and assay results
received on just over half of the holes drilled so far.
CRL's on site team of exploration geologists have recommended
that two additional holes be added to the Phase 1 drilling
programme. These holes are designed to more clearly define the
existing resource and provide further insight to the appropriate
design and positioning of Phase 2 holes.
The additional cost of these holes, which is less than GBP60,000
is to be provided by both SML and NAE each subscribing for an
additional GBP30,000 of equity in CRL.
The Phase 1 drilling programme is expected to be completed
during Q3 2017 and an announcement on the preliminary results from
Phase 1 is expected to be made before the programme ends. The final
Phase 1 results and the expected forward programme are planned to
be released in early Q4 2017.
Our joint venture partner NAE has released a quarterly update
including this information and this can be found on their
website.
The Company's Managing Director, Mr John Peters, said:
"The addition of the two holes to Phase 1 of the drilling
programme reflects the active and focused management team and
support provided to the team operating the Redmoor drilling
programme. We are encouraged by developments to date and look
forward to further updating the market in SML's quarterly update
expected within the next two weeks."
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
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