Base Metal Mineralisation, Iron Glen Project

RNS Number : 3657I

Strategic Minerals PLC

14 June 2011

 



14 June 2011

Strategic Minerals plc

("Strategic Minerals" or the "Company")

NEW DISCOVERY OF OUTCROPPING BASE METAL MINERALISATION : LEAD BELLY PROSPECT, IRON GLEN PROJECT

Strategic Minerals plc (AIM: SML), the Queensland based minerals exploration Company, is pleased to announce the assay results of surface chip rock sampling from the Lead Belly Prospect within the Iron Glen Project ("Iron Glen") taken 2km north west of the primary exploration area drilled in October 2010.

The assay samples were taken from a mineralised skarn outcrop that was recently discovered by Strategic Minerals' exploration managers, Terra Search Pty Ltd, during geological and geochemical targeting of the favourable granodiorite-skarn contact that traverses the area. Previous exploration has shown this contact to be prospective for polymetallic base metals as well as magnetite iron ore.

Of the 11 rock chip samples of mineralized skarn analysed in the latest phase of the activity, the results of which were received on 10 June 2011and were reviewed by the Board on 13 June 2011:

·     7 assayed greater than 1% lead  (Pb) with several >5% Pb up to a maximum of 20% Pb;

·     4 assayed greater than 1% zinc (Zn) with a maximum of 4.6% Zn;

·     4 assayed greater than 1% copper (Cu) with a maximum of 3.2% Cu; and

·     9 assayed greater than 30 g/t silver (Ag) with several >100 g/t Ag up to a maximum of 1500 g/t Ag.

Patrick Griffiths, CEO of Strategic Minerals, commented:

"Whilst the results from the Lead Belly area are too early to confirm the presence of a significant find at this stage, the results clearly identify presence of a polymetallic system and our objective is to now define the extent of the precious and base metals within the mineralisation which will become known only once the results of drilling are available. Lead Belly drilling is additional to the program to delineate further the extent of the known magnetite at Iron Glen. We look forward to pursuing exploration of magnetite iron and the polymetallic system at the Iron Glen Project in Northern Queensland, during the course of 2011 and further announcements will be made as and when results of drilling are available."

In 2010, encouraging intersections of massive magnetite were drilled at Iron Glen by the Company that indicated 30% to 50% iron (up to 70% magnetite) over 10m -12m down hole widths. Selected down hole polymetallic intersections included 28m @ 52 g/t silver, and 28m @ 0.48% zinc, 76m at 0.35% zinc, with several other holes returning 5m to 10m at 0.5% to 1% zinc.

Drilling on the Iron Glen project will commence this week, with one diamond and one Reverse Circulation percussion rig mobilised.

Competent Person's Statement

The information in this announcement that relates to exploration results is based on information compiled by Dr Simon D. Beams, a full time employee of Terra Search Pty Ltd, geological consultants employed by Strategic Minerals' wholly owned subsidiary, Iron Glen Pty Ltd.

Dr. Beams has BSc Honours and PhD degrees in geology; he is a Member of the Australasian Institute of Mining and Metallurgy (Member #107121) and a Member of the Australian Institute of Geoscientists (Member # 2689).  Dr Beams has sufficient relevant experience in respect of the style of mineralization, the type of deposit under consideration and the activity being undertaken to qualify as a Competent Person within the definition of the 2004 Edition of the AusIMM's "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves".

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About Strategic Minerals plc           

Strategic Minerals is a Queensland-based company incorporated in the UK on 16 November 2010.  The Company's wholly owned subsidiary, Iron Glen Pty Ltd, has title to the Iron Glen Tenement which is located approximately 40 kilometres southwest of Townsville, Queensland. The Tenement covers an area of 2,100 hectares and lies 10kms from existing rail and road infrastructure that links into Townville's deep water port which has all year round bulk loading facilities. For further information please visit the Company's website at www.strategicminerals.co.uk

For further information, please contact:

Company

Strategic Minerals plc                         [phone]

Matthew Bonthrone                             [phone]

Nominated Adviser/Broker

Allenby Capital                       

Brian Stockbridge/James Reeve        [phone]

Public Relations

Threadneedle Communications

Laurence Read/ Beth Harris               [phone]

Retail Investor Relations

GTH Communications Limited

Toby Hall                                             [phone]

 

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