TIDMSML
RNS Number : 9963I
Strategic Minerals PLC
27 March 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.
27 March 2018
Strategic Minerals plc
("Strategic Minerals", "SML" or the "Company")
Hanns Camp Cobalt / Nickel Project - Exploration Update
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing
mineral company actively developing projects for battery materials,
is pleased to provide an exploration update for the Hanns Camp
tenements, Western Australia, east of Laverton held by its wholly
owned subsidiary Central Australian Rare Earths' ("CARE").
Highlights
-- A recently completed Electromagnetic ("EM") survey identified
a significant conductor. Further field work of the area around this
conductor will be completed to assess if drilling is warranted
-- Following the geological review in conjunction with Dr.
Martin Gole, an additional target within the Hanns Camp Project has
been identified as potentially hosting komatiite lava
channel-facies rocks, which is one of the key requirements for the
potential accumulation of nickel sulphides
-- The Company plans to test this target with a first pass
aircore drilling programme, which, subject to Department of Mines,
Industry Regulation and Safety ("DMIRS") approval, will commence in
April
Chairman of Strategic Minerals, Mr. Alan Broome AM,
commented:
"We are delighted that the recent electromagnetic survey has, as
the Board had hoped, suggested that further field work of the Hanns
Camp Project area is indeed warranted. The recent work conducted by
Dr. Gole and our geological team has given us great confidence as
the Company progresses with the next phase of exploration.
"In light of growing demand for battery minerals for use in the
electric vehicle market, the Board feels further exploration for
nickel and cobalt targets at the Hanns Camp prospect looks to be
warranted. Further, we would expect to be able to fund these
activities using existing cash flow from within the business.
"We look forward to updating the market in due course."
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 and has access to mining rights for cobalt,
nickel, rare earth elements and gold in these tenements in Western
Australia.
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.
In an exciting new development for the Project, Dr. Gole has
identified the existence of komatiite lava channel-facies rocks
within the Hanns Camp ultramafic which is one of the key
requirements for the potential accumulation of nickel
sulphides.
Following this review a Fixed Loop Electromagnetic Survey
("FLEM") was completed over the interpreted positon of the channel
in an attempt to better resolve moderate EM anomalies recognised
from historic surveys.
The results of the FLEM survey did not identify any significant
bedrock conductors within the channel facies position of the Hanns
Camp ultramafic that warrant drill testing. However, a significant
conductor marginal to the channel position was identified. Due to
this position the conductor is not an immediate drill target, and
further detailed field mapping of the area around this conductor
will be completed to improve the geological understanding and asses
if drill testing is warranted.
Subsequent to the geological review of the Project completed in
conjunction with Dr. Gole, additional targets within the Hanns Camp
Project have been identified as potentially hosting komatiite lava
channel-facies rocks. These targets have had nil to only minimal
historic testing by historic exploration.
It is 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.
Subject to DMIRS permitting, drilling can commence as soon as
April. Results of this work will be available approximately 6-8
weeks upon completion of field activities.
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
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, operating minerals
company actively developing projects 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 electronic vehicle
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 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.
This information is provided by RNS
The company news service from the London Stock Exchange
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