Drilling Recommences at Hanns Camp Project

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:

Strategic Minerals plc	[phone]
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 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.

 

END

 

 

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