TIDMSML
RNS Number : 7762R
Strategic Minerals PLC
19 June 2018
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.
19 June 2018
Strategic Minerals plc
("Strategic Minerals", "SML" or the "Company")
Mt Weld and Hanns Camp Projects - Exploration Update
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a diversified
mineral production and development company, is pleased to announce
an update on the gold, nickel and Rare Earth Element ("REE")
exploration at Central Australian Rare Earths' ("CARE") Mt Weld
tenements, and the Hanns Camp JV Project in Western Australia,
south-east of Laverton.
Key Highlights
-- A 65 hole 3,863m aircore drilling programme has been
completed at the Hanns Camp and Mt Weld Projects during the
quarter.
-- 25 holes totalling 1,290m were drilled at the Hanns Camp
South Targets. Cumulate facies ultramafic lithologies were
recognised in one area potentially identifying another komatiite
lava channel-facies position prospective for nickel sulphide
mineralisation.
-- 40 holes totalling 2,573m were drilled testing a series of
gold, nickel and REE targets in the Mt Weld group of tenements.
-- Partial gold assays have been received. Preliminary results
to date have highlighted some zones of broad low-level gold
anomalism within the weathered profile. These will be fully
assessed to understand their significance upon receipt of all final
assays.
-- Ultramafic lithologies were intersected over a number of
areas within the Mt Weld Project area. Dr Martin Gole will be
engaged to assess their significance and prospectivity for
potential nickel sulphide mineralisation.
Chairman of Strategic Minerals, Mr Alan Broome AM,
commented:
"It is pleasing to see positive preliminary results from the
recently completed aircore drilling programme. The CARE geological
team has identified a number targets from this work, considered
prospective for gold and nickel mineralisation within both the
Hanns Camp and Mt Weld group of tenements from this early stage
exploration."
"In light of these initial results, the Board feels justified in
continuing the exploration effort at these projects over the course
of 2018 and expects to be able to fully fund these activities
internally."
CARE Tenements
In 2016, the Company funded a drilling programme at the highly
prospective Hanns Camp located within CARE's Laverton Project. In
doing so, it acquired 50% of the ownership of CARE from Rarus
Limited. Subsequently, in May 2017, the Company acquired the
balance of the ownership of CARE, which is now wholly owned by the
Company.
CARE holds tenements in Western Australia and has access to
mining rights for cobalt, nickel, rare earth elements and gold in
these tenements.
The CARE tenement package is located in the 'Eastern Yilgarn
Craton Province' in Western Australia, that is notable for hosting
a range of significant mineral deposits including the high-grade Mt
Weld REE operation, the historic Mount Windarra and South Windarra
nickel sulphide deposits, and the multi-million ounce Sunrise Dam,
Granny Smith and Wallaby gold deposits.
The Laverton Project is located in the 'Eastern Yilgarn Craton
Nickel Sulphide Province' in Western Australia that is most notable
for hosting the Mount Windarra and South Windarra nickel sulphide
deposits located 12km west of the Laverton Project which together
produced 8.1 million metric tonnes (Mt) at 1.51% nickel (Ni)
between 1974 and 1992. Other more recent discoveries located
distally north and south along strike of the Laverton Project
include:
-- Duketon Mining's Rosie Deposit that has a mineral resource
estimate of 1.74Mt at 1.7% Ni including a best intercept of 5.2
metres at 9.13% Ni, 1.09% copper (Cu) and 2.22grams/ tonne platinum
(Pt) from 599.71 metres down hole
-- Rox Resources' Fisher East Project (mineral resource 3.6Mt at 2.0% Ni)
-- Impact Minerals' Mulga Tank Project which returned a best
intercept of 0.25 metres at 3.8% Ni and 0.7% Cu from 212.6 metres
down hole.
Hanns Camp Nickel Sulphide Exploration
As previously announced, SML has engaged Dr Martin Gole, an
internationally recognised expert in ultramafic hosted nickel
sulphides to review the exploration potential of the Hanns Camp
Project. This initial review was completed in January 2018.
The review identified additional targets within the Hanns Camp
Project that was considered to potentially host komatiite lava
channel-facies rocks. These targets had nil to only minimal testing
by historic exploration. It was planned to test the highest
priority target, a magnetic feature under alluvial cover located
approximately 7km to the south of Hanns Camp, with a first pass
aircore drilling programme.
Subsequently 25 aircore holes totalling 1,290m were drilled at
the Hanns Camp South Targets. A 700m x 200m zone of cumulate facies
ultramafic lithologies were recognised from the drilling,
potentially identifying another komatiite lava channel-facies
position prospective for nickel sulphide mineralisation. Martin
Gole will again be engaged to assess their significance and
prospectivity for potential nickel sulphide mineralisation.
It is anticipated that if the target area is validated by Dr
Gole then further electromagnetic geophysical surveys will be
completed to identify conductors for drill testing.
Mt Weld Project Exploration
The Mt Weld tenements are positioned immediately north and east
of the Mt Weld REE operation, and southwest of the historic
Burtville and Mikado gold mining centres.
A review and technical assessment of all the CARE tenements by
the geological team identified a number of early stage targets
considered to have potential for gold and REE mineralisation within
the Mt Weld Project.
A series of gold, nickel and REE targets were generated from
geological and geophysical interpretation and assessment of
historic exploration data. Drilling of the REE targets were planned
to test the potential for carbonatite dykes peripheral to the Mt
Weld carbonatite intrusion; drilling was planned to test the style,
extent and grade of mineralisation of the gold targets; and to test
the potential of interpreted ultramafic rock positions for nickel
sulphide mineralisation.
A total of 40 holes totalling 2,573m were drilled testing the
gold, nickel and REE targets in the Mt Weld group of tenements.
No carbonatite lithologies were intersected or significant REE
assays received and no further work is planned in these target
areas at this stage.
Partial gold assays have been received. Preliminary results to
date have highlighted some zones of broad low-level gold anomalism
within the weathered profile. These will be fully assessed to
understand their significance upon receipt of all final assays.
Cumulate and spinifex textured ultramafic lithologies were also
intersected over a number of areas within the Mt Weld Project area.
Martin Gole will again be engaged to assess their significance and
prospectivity for potential nickel sulphide mineralisation.
Competent Persons Statement
The exploration results in this announcement are based on
information compiled by Mr. Graeme Purcell, who is a Member of the
Australasian Institute of Geoscientists. Mr Purcell is the
Principal of Petrichor Geological and is a consultant to the
Company. He has sufficient experience relevant to the style of
mineralisation and type of deposit under consideration and to the
activity he is undertaking to qualify as a Competent Person, as
defined in the 2012 Edition of the Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves and a
qualified person as defined in the AIM Note for Mining and Oil
& Gas Companies dated June 2009. Mr Purcell has over 20 years'
Australia and international experience in exploration for precious
and base metals.
For further information, please contact:
+61 (0) 414 727
Strategic Minerals plc 965
John Peters
Managing Director
www.strategicminerals.net
Follow Strategic Minerals on:
Vox Markets: https://www.voxmarkets.co.uk/company/SML/
Twitter: @SML_Minerals
LinkedIn: https://www.linkedin.com/company/strategic-minerals-plc
+44 (0)20 3470
SP Angel Corporate Finance LLP 0470
Nominated Adviser and Broker
Ewan Leggat
Laura Harrison
+44 (0)20 3735
Yellow Jersey PR 8825
Financial PR
+44 (0)7747 788
Charles Goodwin 221
+44 (0)7769 325
Joe Burgess 254
+44 (0)7951 402
Henry Wilkinson 336
Notes to Editors
Strategic Minerals Plc is an AIM-quoted, operating minerals
company actively developing projects prospective for battery
materials. It has an operation in the United States of America and
development projects in the UK and Australia. The Company is
focused on utilising its operating cash flows, along with capital
raisings, to develop high quality projects aimed at supplying the
metals and minerals being sought in the burgeoning electric
vehicle/battery market.
In September 2011, Strategic Minerals acquired the Cobre
magnetite tailings dam project in New Mexico, USA, a
cash-generating asset, which it brought into production in 2012 and
which continues to provide a revenue stream for the Company. This
operating revenue stream is utilised to cover company overheads and
invest in development projects orientated to supplying the
burgeoning electric vehicle/battery market.
In January 2016, the portfolio was expanded 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 was completed in February 2017
and a drilling programme completed in 2017 resulted in a
significant upgrade of the resource.
In March 2018, the Company completed the acquisition of the
Leigh Creek Copper Mine situated in the copper rich belt of South
Australia and is currently working to bring this into operation in
2019.
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END
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