Additional Holes for Redmoor Drilling Programme
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.
31 July 2017
Strategic Minerals plc
("Strategic Minerals" or the "Company" or the "Group")
Additional Holes Added to Phase 1 of Redmoor Drilling Programme
Strategic Minerals PLC (AIM: SML; USOTC: SMCDY), the diversified mineral production and development company, announces that it has, in conjunction with its joint venture partner New Age Exploration Limited ("NAE"), agreed to the addition of two new holes to Phase 1 of the drilling programme at Redmoor, Kelly Bray, Cornwall by its joint venture vehicle Cornwall Resources Limited ("CRL").
Highlights
· Two holes added to Phase 1 drilling programme
· Hole identification made by CRL "on site" geologists
· Increased equity of £60,000 to be funded equally by SML and NAE
· Additional holes unlikely to alter previously stated reporting timeframes
Cornwall Resources Limited's Phase 1 drilling programme, initially comprising 13 holes targeting high grade mineralisation, is now well advanced with 11 holes drilled and assay results received on just over half of the holes drilled so far.
CRL's on site team of exploration geologists have recommended that two additional holes be added to the Phase 1 drilling programme. These holes are designed to more clearly define the existing resource and provide further insight to the appropriate design and positioning of Phase 2 holes.
The additional cost of these holes, which is less than £60,000 is to be provided by both SML and NAE each subscribing for an additional £30,000 of equity in CRL.
The Phase 1 drilling programme is expected to be completed during Q3 2017 and an announcement on the preliminary results from Phase 1 is expected to be made before the programme ends. The final Phase 1 results and the expected forward programme are planned to be released in early Q4 2017.
Our joint venture partner NAE has released a quarterly update including this information and this can be found on their website.
The Company's Managing Director, Mr John Peters, said:
"The addition of the two holes to Phase 1 of the drilling programme reflects the active and focused management team and support provided to the team operating the Redmoor drilling programme. We are encouraged by developments to date and look forward to further updating the market in SML's quarterly update expected within the next two weeks."
For further information, please contact:
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Strategic Minerals plc |
+61 (0) 414 727 965 |
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John Peters |
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Managing Director |
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SP Angel Corporate Finance LLP |
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Nominated Adviser and Joint Broker |
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Ewan Leggat |
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Optiva Securities Limited |
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Joint Broker |
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Graeme Dickson |
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Yellow Jersey PR |
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Financial PR |
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Joe Burgess |
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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 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 has now been completed and drilling at the project has commenced.
This information is provided by RNS
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