Hanns Camp Drilling Complete
16 June 2016
Strategic Minerals plc
("Strategic Minerals" or the "Company")
Hanns Camp Drilling Complete and Anomalous Nickel and Platinum Assays Received
Strategic Minerals PLC (AIM: SML; USOTC; SMCDY), the multi-minerals production, exploration and development company, is pleased to announce that the maiden drill programme at its Hanns Camp project is complete. The Company has also received the first assays from the programme relating to the weathered material drilled as part of the Reverse Circulation (RC) pre-collars. These included anomalous nickel and platinum intervals in holes HC001 and HC003.
Highlights:
· Maiden Hanns Camp drill programme complete
· Anomalous nickel intervals in holes HC001 and HC003
· Anomalous platinum interval in hole HC003
· Sampling of diamond core is underway
All three of the initial targets were tested during the drill programme, with HC001 targeting the Forrest electromagnetic (EM) conductor, HC002 Stirling and HC003 Canning. A total of 850.2m was drilled and details can be found in Table 1 below.
|
Hole ID |
Target |
RC Depth (m) |
Final Depth (m) |
Metres East (mE) |
Metres North (mN) |
Metres Relative Level (mRL) |
Azimuth |
Dip |
|
HC001 |
Forrest |
70 |
317.8 |
451564 |
6839020 |
504 |
270 |
-60 |
|
HC002 |
Stirling |
250 |
330.7 |
452260 |
6837499 |
511 |
270 |
-60 |
|
HC003 |
Canning |
80 |
201.7 |
451919 |
6838300 |
510 |
270 |
-60 |
Table 1 - Hanns Camp Drill Hole Collar Data (UTM GDA94 MGA, Zone 51)
The Directors take encouragement from the initial observations from this programme with the following key factors established:
· Extensive intervals of cumulate high-Mg Komatiite ultramafics in all holes
· Sulphides (including Pentlandite) are present in the system
· Basal contact of the Komatiite flow established
By establishing these three factors, the Directors are confident that Hanns Camp is positioned in the favourable geological setting for typical West Australian Yilgarn nickel sulphide deposits.
Initial analysis of the drilling results indicate that HC001 and HC003 show the greatest promise with both holes intercepting low levels of sulphides, including Pentlandite, in the diamond drilling section. Additionally, HC001 and HC003 show the most anomalous results within the RC tested weathered zone.
With regard to nickel, both HC001 and HC003 displayed anomalous intervals, above 0.5% Ni;
· HC001, from 16m, 14m @ 0.80% Ni, peaking at 1.03% Ni
· HC003, from 36m, 14m @ 0.66% Ni, peaking at 0.97% Ni.
These nickel results are very encouraging and further support the Company's exploration model. In addition to nickel, HC003 also yields an extensive interval of highly anomalous platinum above 100ppb Pt;
· HC003, from 35m, 14m @ 215ppb Pt, peaking at 392ppb Pt
Despite platinum not being the Company's initial focus for Hanns Camp, these results are significant enough that they will be further investigated along with nickel.
The diamond drill core is in the process of being sampled, and will be submitted for analysis at Bureau Veritas laboratories in Perth. Results of the analysis are expected during July.
The downhole EM surveys have just been completed and over the coming weeks the technical team will analyse this data in combination with the geological observations and diamond core assays as they become available. From this, CARE intends to better define all identified mineralisation anomalies and develop a strategy to capitalise on any massive nickel sulphide accumulations in the area. Initial impressions are that further, more detailed and targeted ground EM surveys will be beneficial before following up with additional drilling aimed at more accurately intercepting the better defined targets.
All reported nickel and platinum results in this announcement were determined by Bureau Veritas Minerals laboratory in Perth, one of Australia's leading minerals laboratories. Nickel was determined via mixed acid digest, followed by ICP-AES detection. Platinum was determined via fire assay followed by ICP-MS determination.
Hanns Camp forms part the Laverton Project, of which Strategic Minerals recently secured an interest via its agreement to acquire up to 50% of Central Australian Rare Earths Pty Ltd ("CARE"). Hanns Camp is located 250km north-east of the city of Kalgoorlie-Boulder, 12km north-east of the town of Laverton in the North-Eastern Goldfields region of Western Australia. The prospect is easily accessible using existing tracks from Laverton, one of the main Goldfields towns.
A map of the region and the drilling targets can be found on the Company's website under the CARE project.
Strategic Mineral's Managing Director, John Peters, said:
"The lab results received are very encouraging as they have identified traces of the targeted nickel sulphide as well as the possibility of a commercial platinum deposit.
"The Company now awaits the completion of the technical team's full review before informing the market on its assessment as to the likely nickel sulphide accumulations and its plans to further clarify the mineralisation of the tenements."
For further information, please contact:
|
Strategic Minerals plc John Peters Managing Director
|
+61 (0) 414 727 965 |
|
Allenby Capital Limited Nominated Adviser and Joint Broker John Depasquale Jeremy Porter James Reeve
|
+44 (0)20 3328 5656 |
|
Cornhill Capital Limited Joint Broker James Sheehan Colin Rowbury
|
+44 (0)20 3700 2516 |
|
Yellow Jersey PR Financial PR Dominic Barretto Alistair de Kare-Silver |
+44 (0) 7825 916 715 |
Notes to Editors:
Strategic Minerals Plc is an AIM-quoted, diversified mineral development and production company with projects in the United States of America 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 nickel sulphides and rare earths. Strategic Minerals has commenced drill-testing of the highest priority nickel sulphide targets within the tenements and has successfully intersected nickel sulphide. In May 2016, the Company also entered arrangements to buy up to 50% of the Redmoor tin/tungsten exploration project in Cornwall, UK.
Qualified Person's Statement
Cadre Geology and Mining principal geologist Ben Pollard, who is a Member of The Australasian Institute of Mining and Metallurgy, has reviewed and verified the information contained in this announcement. Mr Pollard has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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 Pollard consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
Forward Looking Statements
This release includes forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue", and "guidance", or other similar words and may include, without limitation statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Forward looking statements in this release include, but are not limited to, the capital and operating cost estimates and economic analyses from the Study.
Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the company's actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of resources or reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.
Forward looking statements are based on the company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the company's business and operations in the future. The company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the company or management or beyond the company's control.
Although the company attempts to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be anticipated, estimated or intended, and many events are beyond the reasonable control of the company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements.
Forward looking statements in this release are given as at the date of issue only. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.
This information is provided by RNS
Latest directors dealings
- 2 minutes ago Bluebird Merchant Ventures (DI)
- 12 minutes ago Power Probe PLC
- 13 minutes ago Origin Enterprises (CDI)
- 29 minutes ago NATWEST GROUP
- 33 minutes ago SThree