Strategic Minerals Share News (SML)

LONDON (Alliance News) - Mining company Strategic Minerals PLC said on Tuesday it has completed a 65 hole, 3.9 kilometre aircore drilling programme at the Hanns Camp and Mount Weld projects in Western Australia.

Strategic drilled 25 holes totalling 1.3 kilometres at the Hanns Camp south targets, identifying areas with nickel sulphide mineralisation, and 40 holes totalling 2.6 kilometres were drilled testing a series of gold, nickel and rare earth element targets in the Mt Weld group of tenements.

Partial gold assays have been received, revealing some zones of broad low-level gold anomalies.

"It is pleasing to see positive preliminary results from the recently completed aircore drilling programme. The CARE geological team has identified a number targets from this work, considered prospective for gold and nickel mineralisation within both the Hanns Camp and Mt Weld group of tenements from this early stage exploration," said Chairman Alan Broome.

"In light of these initial results, the board feels justified in continuing the exploration effort at these projects over the course of 2018 and expects to be able to fully fund these activities internally," Broome added.

Shares in Strategic Minerals were down 4.4% at 1.58 pence on Tuesday.