Last checked at 10 Jun 2011 07:00
10 June 2011
Strategic Minerals plc
("Strategic Minerals" or the "Company")
Iron Glen Project Operational Update, Queensland Australia
Strategic Minerals plc (AIM: SML), the iron ore focused exploration Company, today announces an update on its exploration activities at the Iron Glen project in Northern Queensland, Australia, in line with the admission document dated 03 June 2011.
Highlights
·; Second phase of exploration commences at the Iron Glen Project
·; Identification of drill targets established
·; Drilling expected to commence in the next week with two rigs now on site
·; 3 permanent geologist and support crews on site
·; Applications have been filed to increase Company holdings adjacent to the Iron Glen Project and approval by the State Government is expected within the next four months
In October 2010, Strategic Minerals completed an initial drilling programme at the Company's tenement area in Queensland, Australia named the Iron Glen Project, which indicated an economical magnetite deposit and the presence of other minerals including silver, trace gold, copper, lead and zinc.
Following receipt of the proceeds of the placing as part of the Company's admission to trading on AIM, the second phase of exploration drilling will now commence at the Iron Glen Project this month to:
1. further delineate the extent of the magnetite and iron ore beds;
2. determine the extent of polymetallic/base metal system in the surrounding area.
The Company has filed applications increasing it's holdings over an adjoining area of interest from the State Government and the Board expect that approval by the State Government will be obtained within the next four months.
The Iron Glen Project and surrounding area is located on a rich belt of deposits. Prior to 1969, magnetite mining took place on the tenement at the Iron Glen Pit. From 2007-2008 magnetic surveys were conducted by Terra Search Pty Limited ("Terra Search") on an initial area of the tenement covering 123 line kilometres. Geochemical surveys were then carried out by Terra Search between 2009-2010. In October 2010, Strategic Minerals conducted its first drilling programme on the site based on the historic data, 11 exploration holes were sunk to a maximum depth of 148 metres. Superior grade magnetite deposits and other minerals including silver, lead and zinc were intercepted in this initial programme.
A team of geologists from Terra Search will now work alongside consultant geologists from I2M Associates LLC to monitor the on-going exploration and drilling activities. Two drill rigs have been secured and mobilised to site. Drilling is anticipated tocommence in mid June 2011.
Steven Sanders, Chairman of Strategic Minerals, commented: "The admission to AIM has given Strategic Minerals a robust platform to continue its exploration and identification programme. We will now commence our second phase of drilling at our flagship Iron Glen Project with an objective of delineating the extent of the magnetite mineralisation and evaluating the extent of the polymetallic system identified at the end of last year. We look forward to announcing news on the progress of these exploratory drilling campaigns in the coming months."
For further information, please contact:
Strategic Minerals Plc | +61 755 324 448 |
Matthew Bonthrone | +44 (0) 7730 402 783 |
Nominated Adviser/Broker | |
Allenby Capital | +44 (0) 203328 5656 |
Brian Stockbridge/Alex Price | |
Public RelationsThreadneedle CommunicationsLaurence Read/ Beth Harris | +44 (0) 20 7653 9850 |
Notes to Editor
About Magnetite Magnetite's magnetic and weight qualities make it a highly used mineral within heavy industry. For example, it is used as an additive to strengthen cement and a medium for washing and removing impurities from coal. In addition, its iron ore content can be used as feedstock for pig iron.
About Strategic Minerals Plc Strategic Minerals is a Queensland-based company incorporated in the UK on 16 November 2010. The Company's wholly owned subsidiary, Iron Glen Pty Ltd, has title to the Iron Glen Tenement which is located approximately 40 kilometers southwest of Townsville, Queensland. The Tenement covers an area of 2,100 hectares and it lies 10kms from existing rail and road infrastructure that links into Townville's deep water port which has all year round bulk loading facilities. For further information please visit the Company's website at www.strategicminerals.co.uk