TIDMSML
RNS Number : 1596G
Strategic Minerals PLC
03 August 2016
Dissemination of a regulatory announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR)
3 August 2016
Strategic Minerals plc
("Strategic Minerals" or the "Company")
Hanns Camp Drilling Results Confirm Nickel Sulphide and Platinum
Findings
and Change of Broker
Strategic Minerals PLC (AIM: SML; USOTC; SMCDY), the
multi-minerals production, exploration and development company, is
pleased to announce that it has received encouraging assay results
from the maiden drill programme at its Hanns Camp Project and that
these have confirmed the existence of Nickel Sulphide and Platinum
within the
tenements. These results are set out in the tables below.
Central Australian Rare Earths Pty Ltd ("CARE"), the owner of
the Hanns Camp Project and which the Company now has a 50%
ownership, now plans to re-assay the samples with elevated Platinum
for the rest of the Platinum Group Elements (PGEs) and undertake an
expedited Mineral Resource estimate around the supergene Nickel
enrichment in the weathered zone in order to combine CARE's
drilling results with the historic drilling which also identified
this mineralisation. Depending upon the nature of the historical
data being utilised, the Mineral Resource estimate may or may not
be made under the JORC code.
CARE is now also examining the prospect of drilling its Mount
Weld, Western Australia tenements, which the management of CARE
believe is prospective for rare earths and gold.
Nickel:
Hole From To Interval Weathering Ni Max Ni
ID (m) (m) (m) (%) (%)
------- ----- ----- --------- ----------------- ----- -------
HC001 16 24 8 Extreme 0.91 1.03
------- ----- ----- --------- ----------------- ----- -------
HC001 24 28 4 Moderate 0.61 0.68
------- ----- ----- --------- ----------------- ----- -------
HC001 28 30 2 Transitional 0.74 0.78
------- ----- ----- --------- ----------------- ----- -------
HC001 16 30 14 COMBINED AVERAGE 0.80 1.03
------- ----- ----- --------- ----------------- ----- -------
HC001 30 42 12 Transitional 0.58 0.70
------- ----- ----- --------- ----------------- ----- -------
HC001 16 42 26 COMBINED AVERAGE 0.70 1.03
------- ----- ----- --------- ----------------- ----- -------
HC003 36 50 14 Extreme 0.66 0.97
------- ----- ----- --------- ----------------- ----- -------
HC003 50 56 6 Extreme 0.68 0.99
------- ----- ----- --------- ----------------- ----- -------
HC003 36 56 20 COMBINED AVERAGE 0.67 0.99
------- ----- ----- --------- ----------------- ----- -------
Platinum:
Hole From To Interval Weathering Pt (ppb) Max Pt
ID (m) (m) (m) (ppb)
------- ----- ----- --------- ----------- --------- -------
HC003 35 49 14 Extreme 216 392
------- ----- ----- --------- ----------- --------- -------
HC003 51 54 3 Extreme 113 136
------- ----- ----- --------- ----------- --------- -------
HC003 35 54 19 Extreme 187 392
------- ----- ----- --------- ----------- --------- -------
Strategic Mineral's Managing Director, John Peters, said:
"The confirmation provided in the assay results is encouraging,
however, to gain an understanding as to the potential value of the
tenement an initial Mineral Resource estimate is required, which is
likely to be followed by further land based electromagnetic surveys
and targeted drilling.
"This is the beginning of the process and the Board is
encouraged by both the findings to date and the trend in Nickel
prices."
Change of Broker
The Company advises that with effect from 9 August 2016, Allenby
Capital Limited will be the sole broker to the Company and remains
its Nominated Adviser.
For further information, please contact:
Strategic Minerals plc
John Peters
Managing Director +61 (0) 414 727 965
Allenby Capital Limited
Nominated Adviser and Broker
John Depasquale
Jeremy Porter
James Reeve +44 (0)20 3328 5656
Yellow Jersey PR
Financial PR
Dominic Barretto +44 (0) 7825 916
Alistair de Kare-Silver 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, platinum and rare earths.
Strategic Minerals has completed drill-testing the highest priority
nickel sulphide targets within the tenements and has successfully
intersected nickel sulphide and platinum. 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's 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
The company news service from the London Stock Exchange
END
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