Electromagnetic Survey Commences at Hanns Camp
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.
4 December 2018
Strategic Minerals plc
("Strategic Minerals", "SML" or the "Company")
CARE Commences EM Survey at Hanns Camp South
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing mineral company actively developing projects prospective for battery materials, is pleased to announce the commencement of an electromagnetic geophysical survey ("EM Survey") by its wholly owned subsidiary, Central Australian Rare Earths Pty Ltd ("CARE") for potential Nickel (Ni) sulphide targets at the Hanns Camp Nickel Sulphide Exploration Project ("Hanns Camp Project") in Western Australia, south-east of Laverton.
Highlights:-
· A ground-based EM Survey has commenced, designed to identify nickel sulphide conductors for follow-up drill testing.
· Following an aircore drilling programme in early 2018, a geological review of the Hanns Camp Project was completed in conjunction with Dr Martin Gole. Results of this work confirmed the presence of three valid target areas, Hanns Camp South, Royal North and Royal Central prospects as potentially hosting komatiite lava channel-facies rocks.
Commenting, John Peters, Managing Director, Strategic Minerals said:
"Further work by our geologists and our Nickel expert, Dr. Martin Gole, has highlighted three additional high priority areas for potential nickel sulphide mineralisation within our Hanns Camp tenements. The commencement of the EM Survey over the targets is a key step in the identification of drilling targets."
CARE EM Survey
As previously reported, a review of the Hanns Camp Project lead to the identification of a number of targets within the Hanns Camp ultramafic unit that were considered to potentially host komatiite lava channel-facies rocks. These targets had nil to only minimal testing by historic exploration, and subsequently an aircore drilling programme was completed in early 2018 to provide geological evidence of the prospective lithologies and interpreted basal contacts.
Following the drilling programme, a review of the data followed by a field inspection was completed in conjunction with Dr Martin Gole. Results of this work confirmed the presence of three valid targets, Hanns Camp South, Royal North and Royal Central, as potentially hosting komatiite lava channel-facies rocks, which is one of the key requirements for the potential accumulation of nickel sulphides, with a strong recommendation from Dr. Gole to complete a ground-based EM Survey along the eastern basal contacts, particularly the Hanns Camp South prospect.
To test these targets a ground-based electromagnetic geophysical survey has commenced. The EM Survey is designed to test the interpreted basal contacts of the ultramafic units, with the aim of identifying conductors and generating targets for drill testing. Results of the EM Survey will be released to the market when available.
COMPETENT PERSON'S 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.
FORWARD LOOKING STATEMENTS
This report contains "forward-looking information" that is based on the Company's expectations, estimates and forecasts as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the Company's business strategy, plans, objectives, performance, outlook, growth, cash flow, earnings per share and shareholder value, projections, targets and expectations, mineral reserves and resources, results of exploration and related expenses, property acquisitions, mine development, mine operations, drilling activity, sampling and other data, grade and recovery levels, future production, capital costs, expenditures for environmental matters, life of mine, completion dates, commodity prices and demand, and currency exchange rates. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as "outlook", "anticipate", "project", "target", "likely", "believe", "estimate", "expect", "intend", "may", "would", "could", "should", "scheduled", "will", "plan", "forecast" and similar expressions. The forward-looking information is not factual but rather represents only expectations, estimates and/or forecasts about the future and therefore need to be read bearing in mind the risks and uncertainties concerning future events generally.
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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 Broker |
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Ewan Leggat |
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Laura Harrison |
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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 its development projects.
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 that are prospective for cobalt, nickel sulphides and rare earth elements. The Company has since acquired all shares in Central Australian Rare Earths Pty Ltd. In September 2018, the Company sold certain CARE tenements that had been identified as gold targets.
In May 2016, the Company entered into an agreement with New Age Exploration Limited and, in February 2017, acquired 50% of the Redmoor Tin/Tungsten project in Cornwall, UK. The bulk of the funds from the Company's investment were utilised to complete a drilling programme that year. The drilling programme resulted in a significant upgrade of the resource. The 2018 drill programme is almost complete and has provided the best assay results to date.
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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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