Strategic Minerals PLC Drilling Recommences at Hanns Camp Project (2401P)
30 August 2017 - 4:00PM
UK Regulatory
TIDMSML
RNS Number : 2401P
Strategic Minerals PLC
30 August 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.
30 August 2017
Strategic Minerals plc
("Strategic Minerals" or the "Company" or "SML")
Drilling Recommences at Hanns Camp Cobalt-Nickel Project
Highlights:
-- Hanns Camp drill programme has recommenced
-- Air Core drilling being undertaken over two weeks
-- Drilling to cover 2,500 metres over 50 holes
-- Exploration focused on cobalt and nickel laterite at shallow depths
-- Assay results and reporting back to the market expected within six to eight weeks
-- Programme to be fully funded internally using cash flow from Cobre magnetite operation
Strategic Minerals PLC (AIM: SML; USOTC: SMCDY), the minerals
production and development company, is pleased to announce that
Central Australian Rare Earths Pty Ltd ("CARE"), SML's wholly owned
subsidiary, has mobilised resources and commenced the first phase
of the 2017 Hanns Camp drilling programme.
The first phase of the programme has been planned to consist of
Air Core drilling approximately 2,500 metres through 50 holes.
These holes are in a grid pattern over an area of approximately 1.1
square kilometres with drill holes approximately 120 metres
apart.
The drilling programme is expected to be completed within two
weeks and assay results should be available four to six weeks after
sampling.
All drill holes are targeting cobalt and nickel laterite as well
as looking to provide traces to guide drilling in the second phase
of the programme, aimed at identifying nickel-copper sulphide
mineralisation. Hanns Camp is considered to be one of the most
compelling greenfield nickel-sulphide exploration opportunities in
the Yilgarn Craton of Western Australia.
The drilling programme is to be funded internally from cash
flows derived from the Company's Cobre operations.
The Company's Managing Director, John Peters, said:
"The recommencement of drilling starts an exciting period in the
Company's development of its CARE tenements. The results from this
and the review of tenements, particularly around Mount Weld, will
set the schedule for further exploration.
"The reinvestment of cash flows arising from Cobre into
exploration works being undertaken by CARE and our Redmoor
tin-tungsten joint venture project provides the Company the
enviable position wherein it can look to significantly increase
shareholder value without dilution. I look forward to updating the
market upon receipt of assay results."
For further information, please contact:
+61 (0) 414
Strategic Minerals plc 727 965
John Peters
Managing Director
www.strategicminerals.net
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Twitter: @SML_Minerals
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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 laterites, nickel sulphides
and rare earths. 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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