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Strategic MineralsAnnouncement

03/11/2017 11:03

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RNS Number : 5193V
Strategic Minerals PLC
03 November 2017 
 
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. 
 
03 November 2017 
 
Strategic Minerals plc 
 
("Strategic Minerals", "SML" or the "Company") 
 
Replacement RNS 
 
Air Core Drilling Results at Hanns Camp Cobalt - Nickel Project 
 
The following amendments have been made to the announcement released on 02
November at 10:33am under RNS No 3974V. 
 
The highlighted depth intervals of the intersections in the below two
paragraphs were previously incorrectly stated. The Correct paragraphs are
detailed below. 
 
·     Stronger intersections include: 
 
HCAC049: 24m @ 1.05% Ni eq. from 40m (including, 24m @ 0.75% Ni and 16m @
0.07% Co) 
 
HCAC048: 24m @ 0.96% Ni eq. from 28m (including, 24m @ 0.72% Ni and 4m @ 0.10%
Co) 
 
HCAC039: 12m @ 1.36% Ni eq. from 28m (including, 12m @ 0.77% Ni and 12m @
0.14% Co) 
 
HCAC028: 21m @ 1.24% Ni eq. from 28m (including, 21m @ 0.97% Ni and 17m @
0.06% Co) 
 
HCAC025: 16m @ 1.10% Ni eq. from 28m (including, 16m @ 0.78% Ni and 4m @ 0.06%
Co) 
 
The stronger intersections are included below: 
 
·     HCAC049: 24m @ 1.05% Ni eq.  from 40m (including, 24m @ 0.75% Ni and 16m
@ 0.07% Co) 
 
·     HCAC048: 24m @ 0.96% Ni eq. from 28m (including, 24m @ 0.72% Ni and 4m @
0.10% Co) 
 
·     HCAC039: 12m @ 1.36% Ni eq. from 28m (including, 12m @ 0.77% Ni and 12m
@ 0.14% Co) 
 
·     HCAC028: 21m @ 1.24% Ni eq. from 28m (including, 21m @ 0.97% Ni and 17m
@ 0.06% Co) 
 
·     HCAC025: 16m @ 1.10% Ni eq. from 28m (including, 16m @ 0.78% Ni and 4m @
0.06% Co) 
 
All other details remain unchanged. 
 
The full amended text is shown below. 
 
Strategic Minerals plc 
 
("Strategic Minerals", "SML" or the "Company") 
 
Air Core Drilling Results at Hanns Camp Cobalt - Nickel Project 
 
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a diversified mineral
production and development company, announces the completion of the air core
drilling for the nickel and cobalt targets at Central Australian Rare Earths'
("CARE") tenements at Hanns Camp, Western Australia, east of Laverton. 
 
Key Highlights 
 
·     Successful cobalt and nickel intersections in 23 of the 49 holes
completed 
 
·     Extensive air core drilling of 1,915 metres completed 
 
·     Stronger intersections include: 
 
HCAC049: 24m @ 1.05% Ni eq. from 40m (including, 24m @ 0.75% Ni and 16m @
0.07% Co) 
 
HCAC048: 24m @ 0.96% Ni eq. from 28m (including, 24m @ 0.72% Ni and 4m @ 0.10%
Co) 
 
HCAC039: 12m @ 1.36% Ni eq. from 28m (including, 12m @ 0.77% Ni and 12m @
0.14% Co) 
 
HCAC028: 21m @ 1.24% Ni eq. from 28m (including, 21m @ 0.97% Ni and 17m @
0.06% Co) 
 
HCAC025: 16m @ 1.10% Ni eq. from 28m (including, 16m @ 0.78% Ni and 4m @ 0.06%
Co) 
 
·     Substantial zone of anomalous Co-Ni mineralisation extends approximately
1,000m x 500m 
 
·     Potential easy access to minerals with top of mineralisation from 4m to
24m from surface 
 
·     Extensive review of the nickel sulphide potential commenced with
engagement of Dr Martin Gole.  Dr Gole is an internationally recognised
ultramafic Ni expert 
 
A slightly expanded version of this RNS can also be found on our website
www.strategicminerals.net under the investors/presentations tab. 
 
Chairman of Strategic Minerals, Mr Alan Broome AM, commented: 
 
"SML acquired 100% ownership of CARE in May 2017 and we are pleased to
announce that the completion of the first phase of exploration drilling at
Hanns Camp has supported the identification of cobalt and nickel laterite
mineralisation. These results are highly encouraging for the prospectivity of
the mineralisation and provide a solid base for further exploration. 
 
"As stated when we commenced this programme, this drilling is the first phase
of exploration of the highly prospective Hanns Camp tenements The intersection
of both cobalt and nickel laterite mineralisation, over an extensive area, is
encouraging and lays the ground work to further examine the initial objective
of identifying a substantial nickel sulphide deposit. The addition of Dr Gole
brings a fantastic level of expertise to the team and will ensure we are well
placed as we move forward with exploration." 
 
 1  Ni equivalent (NiEq.) calculations based on a Nickel price of US$ 5.35 /
lb and a cobalt price of US$ 27.1/ lb. 
 
CARE Tenements 
 
In 2016, the Company funded a drilling programme at the highly prospective
Hanns Camp located within CARE's Laverton Project. In doing so, it acquired
50% of the ownership of CARE from Rarus Limited ("Rarus"). Subsequently, in
May 2017, the Company acquired the balance of the ownership of CARE, which is
now wholly owned by the Company. 
 
CARE holds tenements and has access to mining rights for cobalt, nickel, rare
earth elements and gold in these tenements in Western Australia. 
 
The Laverton Project is located in the 'Eastern Yilgarn Craton Nickel Sulphide
Province' in Western Australia that is most notable for hosting the Mount
Windarra and South Windarra nickel sulphide deposits located 12km west of the
Laverton Project which together produced 8.1 million metric tonnes (Mt) at
1.51% nickel (Ni) between 1974 and 1992.  Other more recent discoveries
located distally north and south along strike of the Laverton Project
include; 
 
·     Duketon Mining's Rosie Deposit that has a Mineral Resource estimate of
1.74Mt at 1.7% Ni including a best intercept of 5.2 metres at 9.13% Ni, 1.09%
copper (Cu) and 2.22grams/ tonne platinum (Pt) from 599.71 metres down hole 
 
·     Rox Resources' Fisher East Project (Mineral Resource 3.6Mt at 2.0% Ni) 
 
·     Impact Minerals' Mulga Tank Project which returned a best intercept of
0.25 metres at 3.8% Ni and 0.7% Cu from 212.6 metres down hole 
 
Hanns Camp Cobalt - Nickel Targets 
 
In September 2017, a 49-hole air core drilling programme was completed across
the extent of the known Hanns Camp ultramafic rocks.  The drilling targeted a
concentration of cobalt and nickel within the lateritic weathering profile.  
All holes were drilled vertically and drilled to the depth of weathering.  A
total of 1,915 metres were drilled with an average depth of 39m. 
 
23 of the 49 holes drilled intersected mineralisation.  Nickel equivalent
grades were calculated on the following parameters: Ni equivalent (NiEq.)
calculations based on a Nickel price of US$ 5.35 / lb and a cobalt price of
US$ 27.1 / lb. 
 
The stronger intersections are included below: 
 
·     HCAC049: 24m @ 1.05% Ni eq.  from 40m (including, 24m @ 0.75% Ni and 16m
@ 0.07% Co) 
 
·     HCAC048: 24m @ 0.96% Ni eq. from 28m (including, 24m @ 0.72% Ni and 4m @
0.10% Co) 
 
·     HCAC039: 12m @ 1.36% Ni eq. from 28m (including, 12m @ 0.77% Ni and 12m
@ 0.14% Co) 
 
·     HCAC028: 21m @ 1.24% Ni eq. from 28m (including, 21m @ 0.97% Ni and 17m
@ 0.06% Co) 
 
·     HCAC025: 16m @ 1.10% Ni eq. from 28m (including, 16m @ 0.78% Ni and 4m @
0.06% Co) 
 
A full listing of the significant intersections is included in Table 1. 
Assaying was completed on 4m composite intervals.  SML propose to complete a
second phase of assaying utilising the 1m sample intervals in areas of higher
grade.  The 1m intervals assays will be completed before the end of 2017 and
will be released when completed. 
 
Significant Intersections 
 
Table 1 summarises the significant drilling results from the recent air core
drilling at Hanns Camp. Significant intersections being defined as a minimum
of 4m at either 0.05% cobalt or 0.5% Nickel. 
 
Table 1 Significant Intersections 
 
 Hole_id    From      To      Easting  Northing  Interval      Significant Intersections  Significant Intersections  Ni Equivalent Intersections  
 >0.05% Co  >0.5% Ni  
 HCAC004    8         20      452200   6837400   12m           8m at 0.054%               12m at 0.54%               12m at 0.78%                 
 HCAC006    16        24      452100   6837600   8m            4m at 0.10%                8m at 0.44%                8m at 0.81%                  
 HCAC008    12        20      452000   6837800   8m            8m at 0.051%               4m at 0.60%                8m at 0.75%                  
 HCAC013    4         24      451600   6838900   20m           NSA                        20m at 0.59%               20m at 0.72%                 
 HCAC014    12        24      451500   6839000   12m           4m at 0.066%               12m at 0.56%               12m at 0.74%                 
 HCAC015    16        32      451591   6839094   16m           4m at 0.048%               16m at 0.50%               16m at 0.65%                 
 HCAC024    28        32      451596   6839291   4m            NSA                        4m at 0.56%                4m at 0.71%                  
 HCAC025    28        44      451511   6839181   16m           4m at 0.063%               16m at 0.78%               16m at 1.10%                 
 HCAC026    20        24      451402   6839099   4m            4m at 0.063%               4m at 0.52%                4m at 0.69%                  
 HCAC027    12        15      451907   6839801   3m            3m at 0.054%               NSA                        3m at 0.69%                  
 HCAC028    28        49      451799   6839699   21m           17m at 0.059%              21m at 0.97%               21m at 1.24%                 
 HCAC029    16        24      451699   6839598   8m            4m at 0.067%               8m at 0.85%                8m at 1.09%                  
 HCAC030    8         16      451602   6839504   8m            4m at 0.103%               8m at 0.55%                8m at 0.88%                  
 HCAC032    20        35      451403   6839300   15m           8m at 0.086%               7m at 0.54%                11m at 0.78%                 
 HCAC033    24        28      451302   6839199   4m            4m at 0.087%               4m at 0.54%                4m at 0.99%                  
 HCAC036    20        28      451598   6839709   8m            8m at 0.065%               8m at 0.60%                8m at 0.93%                  
 HCAC037    32        40      451504   6839601   8m            4m at 0.09%                8m at 0.61%                8m at 0.93%                  
 HCAC039    28        44      451501   6839793   16m           12m at 0.142%              16m at 0.77%               12m at 1.36%                 
 HCAC040    16        24      451695   6839805   8m            NSA                        8m at 0.64%                8m at 0.83%                  
 HCAC041    12        20      451600   6839902   8m            NSA                        8m at 0.73%                8m at 0.94%                  
 HCAC042    20        28      451699   6839991   8m            NSA                        8m at 0.58%                8m at 0.79%                  
 HCAC048    20        24      451291   6839991   4m            4m at 0.072%               4m at 0.57%                4m at 0.93%                  
 28         52        451291  6839991  24m       4m at 0.104%  24m at 0.72%               24m at 0.96%               
 HCAC049    40        64      451398   6839901   24m           16m at 0.069%              24m at 0.75%               24m at 1.05%                 
 
 
 1  NSA:  No significant Assays 
 
Nickel Sulphide Exploration 
 
SML has commenced the Phase 2 of its exploration programme with a review of
the historical nickel sulphide potential.  This is focused on EM generated
targets, but will initially review the extensive database of geological
information that was acquired from the previous owners. 
 
Dr Martin Gole, an internationally recognised nickel sulphide expert has been
engaged by SML and has begun a review of the prospectivity of the Hanns Camp
tenements as well as the broader Laverton Project.  The aim of this review
will be to generate nickel sulphide targets both in the Hanns Camp area and
for other known ultramafic host rocks within the CARE tenement holdings. 
 
Competent Persons 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 (Member No. 4722).  Mr Purcell is the Principal Geologist at
Petrichor 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. 
 
For further information, please contact: 
 
 Strategic Minerals plc              +61 (0) 414 727 965                                                
 John Peters                                                                                            
 Managing Director                                                                                      
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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. The Company is also
currently in due diligence in relation to the acquisition of the Leigh Creek
Copper Mine situated in the copper rich belt of South Australia. 
 
This information is provided by RNS
The company news service from the London Stock Exchange