Programme of Works Granted 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.
25 July 2017
Strategic Minerals plc
("Strategic Minerals" or the "Company" or the "Group")
Programme of Works Granted for Cobalt Drilling Programme at Hanns Camp
Strategic Minerals PLC (AIM: SML; USOTC: SMCDY), the diversified mineral production and development company, announces that it has received approval from the Western Australian government for a Programme of Works at its Hanns Camp properties which forms part of its wholly owned subsidiary, Central Australian Rare Earths ("CARE") tenements in Western Australia which is prospective for cobalt, nickel laterites and nickel sulphides.
Highlights
· Permit of Work granted in order to complete the first stage of the Company's 2,000m drill programme
· Programme designed to identify extent of cobalt and nickel laterite deposits
· Drilling contract being entered into
· Drilling to commence and expected to complete Q3 2017
· Programme fully funded from Cobre cash flows
Following on from its initial drilling programme at Hanns Camp, the Company now has approval from the Western Australian government to undertake the next stage of its drilling programme.
The approved exploration programme, as outlined in the RNS of 26 June 2017, involves the undertaking of around 2,000 metres of drilling in the Hanns Camp tenements. Drilling will involve between 40 to 50 air core drill holes, designed to test the prospective area at Hanns Camp that has previously indicated anomalous cobalt and nickel results. While cobalt is the key focus of the air core drilling programme, and we understand this to be the first time the area has seen drilling targeting cobalt, it is believed that a coincident nickel target may also be defined from the laterite deposits that have previously been recognised in the area.
The provision of the Permit of Works ensures that the Company's plans to undertake, complete and have assay results relating to this drilling programme is expected within the third quarter of 2017. It is considered that the findings from these drill holes may also provide indicators for prospective nickel sulphides targets, which may be tested with future drilling.
The terms of a drilling contract have been agreed and are currently being formalised.
The Company's Managing Director, Mr John Peters, said:
"The granting of the Permit of Work by the West Australian Government has provided us the opportunity to complete the first stage of our drill programme within the third quarter of 2017 as previously outlined in our 26 June RNS.
"The grant and the progression of the drilling contract concurrently highlights the Company's establishment of a team of professionals who are focused on undertaking our programmes within our nominated timeframes, and we are encouraged by momentum to date
"The sustained strong sales performance of Cobre, continues to provide the Company the opportunity to internally fund this programme, along with its planned stage two programme, without diluting existing shareholders."
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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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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Financial PR |
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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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