Strategic Metals Ltd. Provides 2012 Exploration Update
September 05 2012 - 8:00AM
Marketwired Canada
Strategic Metals Ltd. (TSX VENTURE:SMD) ("Strategic") is pleased to provide an
update of its 2012 exploration programs from the Midas Touch, Scarlet East and
other projects.
The wholly-owned Midas Touch project covers over 1200 sq km of stratigraphy that
is prospective for Carlin-style gold mineralization. The project adjoins the
south side of a large claim block where ATAC Resources has recently reported
highly significant gold mineralization at its Conrad discovery - 18.44 g/t gold
over 42.93 m - localized in an anticlinal fold nose along the contact between
reactive limestone and impermeable cap rocks. The Midas Touch project hosts
numerous showings of realgar, which is a key indicator mineral for Carlin-style
gold deposits, and a series of pathfinder geochemical anomalies. Many of the
largest geochemical anomalies occur in areas with low topographic relief and
little bedrock exposure. The most extensive geochemical anomalies identified to
date occur on the Crag East property where arsenic values in soil are on average
greater than 200 ppm over strike lengths of more than 2,000 m and widths of
1,000 m.
At the Trent Zone, continued diamond drilling encountered similar results to
2011 work, which intersected gold mineralization within a package of siltstone
and brecciated dolostone. The best 2011 intercept graded 1.33 g/t gold across
3.19 m (see news release dated September 14, 2011). Results from 2012 drilling
include 0.4 g/t gold over 7.04 m.
Two holes were drilled at the Crag South Zone to test anomalous gold-in-soil
values, which are shown on regional-scale government maps to coincide with a
thrust faulted carbonate unit. Both drill holes cut locally sheared, strongly
listwaenitized ultramafic rocks with weak gold values, including 0.25 g/t gold
over 6.09 m.
Widely spaced drilling at the mostly overburden covered Crag East Zone targeted
prospective limestone horizons below a series of multi-element pathfinder soil
geochemical anomalies, some exceeding 2 km in strike length. Drilling in 2011
encountered clay altered and decarbonized limestone intervals, the broadest of
which graded 1.03% arsenic, 57,400 ppb mercury and 50.6 ppm thallium across 60.8
metres. In 2012 hydrothermally altered limestone with realgar and other arsenic
minerals was encountered in a number of holes, but to date no economic grade
gold mineralization has been found. Assays are still pending for six holes.
Mapping and drilling at the Scarlet East Option identified favourable host rocks
and several structurally complex zones that coincide with 2011 gold and arsenic
soil geochemical anomalies. Although realgar was locally identified at surface
within one of the soil anomalies, no high gold values have been returned from
drill core or surface samples. Assays are still pending for one hole. Strategic
can earn a 60% interest in the Scarlet East project from Rackla Metals Inc. by
completing at least 1,000 m of drilling in 2012 and incurring $5 million in
exploration expenditures prior to the end of 2016.
----------------------------------------------------------------------
No of
Holes No of Holes
Drilled Assays
Property Zone (total metres) Pending
----------------------------------------------------------------------
Crag Trent 7 (2342.38 m) 0
----------------------------------------------------------------------
Crag Crag South 2 (480.67 m) 0
----------------------------------------------------------------------
Crag East Shiraz 1 (169.16 m) 0
----------------------------------------------------------------------
Crag East Merlot 8 (1947.37 m) 3
----------------------------------------------------------------------
Crag East Malbec 6 (798.88 m) 3
----------------------------------------------------------------------
Scarlet East -- 5 (1167.68 m) 1
----------------------------------------------------------------------
Strategic is about to commence a reverse circulation drill program at its
wholly-owned Zakco and Tagai properties located in the Nechako Plateau of
central British Columbia. Drilling will systematically test a number of
geochemical and geophysical anomalies. Some of the holes will target porphyry
copper-gold mineralization while others search for structurally hosted gold
zones similar to those at NewGold's Blackwater-Davidson project, about 75 km to
the southwest. The Blackwater-Davidson project hosts an Indicated Resource of
5.5 million ounces of gold and an Inferred Resource of 2.3 million ounces of
gold.
Maps related to the Midas Touch project can be viewed at the Company's website
at www.strategicmetalsltd.com. Sarah Drechsler, P.Geo. has reviewed and approved
the technical information contained in this news release. Mrs. Drechsler is a
qualified person as defined by National Instrument 43-101.
About Strategic Metals Ltd.
Strategic has interests in over 160 properties, including 65 that are under
option to other companies and 20 in which Strategic holds net smelter return
royalty interests. Strategic is well funded with a working capital of over $90
million including cash and marketable securities. Strategic's major
shareholdings include 9.1% of ATAC Resources Ltd., 18.7% of Silver Range
Resources Ltd., 28.0% of Rockhaven Resources Ltd., 19.9% of Precipitate Gold
Corp., and 19.9% of Wolverine Minerals Corp.
ON BEHALF OF THE BOARD
W. Douglas Eaton, President and Chief Executive Officer
For further information concerning Strategic or its various exploration projects
please visit our website at www.strategicmetalsltd.com.
This news release may contain forward looking statements based on assumptions
and judgments of management regarding future events or results that may prove to
be inaccurate as a result of exploration and other risk factors beyond its
control, and actual results may differ materially from the expected results.
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