TIDMSML
RNS Number : 8778Y
Strategic Minerals PLC
11 December 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.
11 December 2017
Strategic Minerals plc
("Strategic Minerals", "SML" or the "Company")
Improved High Grade Intersections from Redmoor Phase 2
Drilling
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a diversified
mineral production and development company, announces the results
from the Phase 2 drilling programme at its Redmoor Tin-Tungsten
Project in Cornwall, UK, undertaken through its joint venture
vehicle, Cornwall Resources Limited ("CRL"). The Phase 2 drilling
programme involved 5 holes which are the last results to be
announced from the 2017 drilling programme (20 holes in total).
Key Highlights
-- Successful intersection of high-grade zones within the
Sheeted Vein System ("SVS") in all 5 Phase 2 drill holes.
-- Considerably higher-grade intercepts than previously reported.
-- 9 significant intercepts from SVS high-grade zones in the 5
Phase 2 holes. These average 8.4 m @ 1.34% SnEq, including 2.4 m @
2.78% SnEq and contain peak grades up to 12.38% SnEq.
-- Depth of SVS high-grade zones significantly increased by 180 m in hole CRD019
-- Commencement of work on the resource update, targeted for release in Q1 2018.
-- Positive results encouraging CRL to prioritize plans to achieve production status.
The completion of Phase 2 of the 2017 drilling programme at
Redmoor has resulted in 20 drill holes over the term of the
programme. The 5 Phase 2 drill holes were particularly impressive
with these results continuing to build on and confirm the
previously reported results from SVS high-grade zones. Further, the
results demonstrate considerably higher grades than the average of
previously reported significant intercepts (0.91% SnEq over 24
intercepts). As a result of Phase 2 drilling, the average of all 33
significant intercepts from SVS high-grade zones drilled to date
(historic and CRL holes) has increased to 15.0 m @ 1.0% SnEq.
The Phase 2 hole CRD019, drilled 180m down-dip of known
mineralisation, returned the best results of the programme (7.00 m
@ 2.63% SnEq from 507.05 m, including 1.00 m @ 12.38% SnEq from
510.05 m) and shows these high grade zones to remain open at
depth.
Twinned hole CRD020, drilled between two existing intercepts
(approx. 100 m apart), successfully intersected SVS high-grade
mineralisation, further improving confidence in continuity of the
SVS high-grade zones.
These new results have significantly added to the confidence in
the potential of the project to such an extent that CRL's joint
venture partners, NAE and SML, are now seriously considering
methods of expediting the project to production.
A more detailed description of results can be found in Table 1,
following, and on the Company website
http://www.strategicminerals.net/investors/presentations.html,
under "Redmoor Phase 2 Drill Results".
Non-Executive Director of Strategic Minerals, Mr Peter Wale,
commented:
"We are delighted by the Phase 2 drilling results, with every
hole intersecting high-grade zones within the SVS and returning
considerably higher grades than previously reported.
The potential for the resource size and grade to improve at
depth has opened a substantial opportunity for the project,
extending the depth of known mineralisation at Redmoor.
These results have encouraged us to further prioritize taking
the project to production and we look forward to updating the
market on this after completing the resource update during Q1
2018."
1 Competent Person's Statement
The information in this report that relates to Exploration
Results is based on information compiled and reviewed by Dr Mike
Armitage, who is a Principal Geologist of SRK Consulting (UK) Ltd,
a Member of the Institute of Materials, Minerals and Mining
(MIMMM), a Fellow of the Geological Society of London (FGS), a
Chartered Geologist of the Geological Society of London (CGeol) and
a Chartered Engineer, UK (CEng). Dr Armitage has sufficient
experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which 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'. Dr. Armitage is also
a Competent Person "as defined in the Note for Mining and Oil &
Gas Companies which forms part of the AIM Rules for Companies". Dr
Armitage has consented to the inclusion in the report of the
matters based on his information in the form and context in which
it appears.
2 Forward Looking Statements
This report contains "forward-looking information" that is based
on the Company's expectations, estimates and forecasts as of the
date on which the statements were made. This forward-looking
information includes, among other things, statements with respect
to the Company's business strategy, plans, objectives, performance,
outlook, growth, cash flow, earnings per share and shareholder
value, projections, targets and expectations, mineral reserves and
resources, results of exploration and related expenses, property
acquisitions, mine development, mine operations, drilling activity,
sampling and other data, grade and recovery levels, future
production, capital costs, expenditures for environmental matters,
life of mine, completion dates, commodity prices and demand, and
currency exchange rates. Generally, this forward-looking
information can be identified by the use of forward-looking
terminology such as "outlook", "anticipate", "project", "target",
"likely", "believe", "estimate", "expect", "intend", "may",
"would", "could", "should", "scheduled", "will", "plan", "forecast"
and similar expressions. The forward-looking information is not
factual but rather represents only expectations, estimates and/or
forecasts about the future and therefore need to be read bearing in
mind the risks and uncertainties concerning future events
generally.
Notes:
1. The thicknesses quoted above, and all other thicknesses in
this report are, unless otherwise stated, apparent thicknesses.
Estimated true thicknesses are shown in Table 1.
2. For convenience, significant intercepts are also expressed in
terms of a calculated tin equivalent value (SnEq). Equivalent metal
calculation notes; Sn(Eq)% = Sn%*1 + WO3%*1.43 + Cu%*0.40.
Commodity price assumptions: WO3 US$ 33,000/t, Sn US$ 22,000/t, Cu
US$ 7,000/t. Recovery assumptions: WO3 recovery 72%, Sn recovery
68% & Cu recovery 85% and payability assumptions of 81%, 90%
and 90% respectively.
3. All average grades in this report are estimated true
thickness weighted-average grades. A minimum estimated true
thickness x SnEq threshold of >= 4.0 has been applied to the
selection of significant intercepts, including to the selection of
historic and CRL drilling significant intercepts previously
reported on 7 September 2017 and 1 November 2017, for the purposes
of calculation of average thicknesses and grades.
Table 1 CRL 2017 Drilling significant intercepts for Phase 2
Drill Holes (CRD016 - CRD020)
Drillhole From To Intersection Est. True Thickness SnEq Sn W03 Cu Intercept
Thickness
(m) (m) (m) (m) (%) (%) (%) (%)
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
CRD016 292.35 305.51 13.16 10.21 0.99 0.02 0.58 0.35 HG SVS
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
Incl
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
CRD016 292.35 299.22 6.87 5.59 0.87 0.02 0.47 0.47 HG SVS
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
Incl
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
CRD016 292.35 293.88 1.53 1.23 2.77 0.03 1.59 1.18 HG SVS
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
And
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
CRD016 304.50 305.51 1.01 0.77 6.07 0.01 4.21 0.09 HG SVS
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
CRD017 182.61 194.95 12.34 8.85 0.93 0.19 0.35 0.62 HG SVS
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
Incl
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
CRD017 182.61 189.45 6.84 5.15 1.23 0.30 0.42 0.82 HG SVS
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
CRD018 357.17 370.17 13.00 8.41 1.19 0.08 0.43 1.24 HG SVS
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
Incl
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
CRD018 358.17 359.17 1.00 0.77 9.39 0.20 3.42 10.73 HG SVS
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
And
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
CRD018 365.17 367.17 2.00 1.33 1.37 0.07 0.81 0.35 HG SVS
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
CRD019 457.10 471.10 14.00 12.61 1.14 0.04 0.67 0.33 HG SVS
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
incl.
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
CRD019 457.10 458.10 1.00 0.94 2.09 0.07 1.23 0.67 HG SVS
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
And
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
CRD019 465.10 471.10 6.00 5.32 1.98 0.03 1.29 0.28 HG SVS
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
CRD019 507.05 514.05 7.00 4.82 2.63 0.01 1.79 0.17 HG SVS
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
incl.
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
CRD019 510.05 511.05 1.00 0.71 12.38 0.01 8.58 0.26 HG SVS
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
CRD020 298.13 301.13 3.00 2.83 2.62 1.55 0.06 2.45 HG SVS
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
CRD020 320.12 328.62 8.50 7.83 0.55 0.09 0.23 0.32 HG SVS
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
CRD020 354.76 358.76 4.00 3.72 1.09 0.57 0.15 0.75 HG SVS
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
Incl.
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
CRD020 354.76 355.76 1.00 0.93 3.18 2.15 0.09 2.27 HG SVS
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
CRD020 365.57 366.57 1.00 0.96 9.88 0.02 6.79 0.37 HG SVS
---------- ------ ------ ------------ ------------------- ----- ----- ----- ----- ---------
For further information, please contact:
+61 (0) 414
Strategic Minerals plc 727 965
John Peters
Managing Director
www.strategicminerals.net
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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
END
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