Strategic Metals Stakes Additional Targets in Yukon Territory
TSX VENTURE: SMD
VANCOUVER, BC--(Marketwired - April 06, 2017) - Strategic Metals Ltd. (TSX VENTURE: SMD) ("Strategic" or the "Company") is pleased to announce that it has staked 1189 claims in various parts of Yukon Territory to acquire 5 new properties and significantly expand 5 of its existing properties. All of the new and existing properties are owned 100% by Strategic without any underlying royalty interests. A map showing the locations of the newly staked claims is available at www.strategicmetalsltd.com
"The acquisition of these claims further strengthens Strategic's exceptional portfolio of mineral projects in Yukon," states Doug Eaton, President and CEO of Strategic. "Strategic is the only company with multiple prospects in every major mineral belt in the territory."
Five of the properties are located near the Plateau project in central Yukon, which Newmont Mining Corporation recently optioned from Goldstrike Resources Ltd. The Lance property was expanded to 590 claims and the Lois property to 528 claims. Both of these properties have responded well to reconnaissance-scale prospecting and soil geochemical surveys (up to 8.5 g/t Au in soil on the Lance property), and are underlain by the same geological units as the adjoining Plateau project. The other three properties (News, Naws, and Nels) cover the probable source areas for gold-rich stream sediment samples from creeks flanking the Plateau project area.
The Salloon property, which lies northeast of Whitehorse in southern Yukon, was expanded from 52 to 267 claims in response to very favourable drill results obtained in fall 2016. The discovery hole tested downdip of a strongly altered outcrop and cut several mineralized intervals from near the collar to the bottom of the hole. The best interval averaged 0.40% copper and 128.46 g/t silver over 30.23 m (approximate true width). The new claims cover strong multi-element stream sediment anomalies from creeks that drain the same prospective, metavolcanic stratigraphy.
The road accessible Magnum property was increased to 186 claims in order to acquire an area with elevated gold geochemical response in a setting that resembles known deposits in the nearby White Gold District.
The Meloy property, which is located in southwestern Yukon, covers a large, very intense, multi-element soil geochemical anomaly, where cursory prospecting has yielded exceptional results (chip samples averaging 4.47% copper and 296 g/t Ag over a width of 10 m). The new claims are mostly in low-lying areas that are key to project development.
The Dabb and Queen properties are both situated in southern Yukon and cover under-explored geochemical targets identified by research of old data sets. The Dabb anomaly lies in the Yukon-Tanana Terrane and is prospective for volcanic-hosted mineralization, while the Queen anomaly could be indicative of a glacial till covered porphyry in the Stikinia Terrane.
Technical information in this news release has been approved by Heather Burrell, P.Geo., a senior geologist with Archer, Cathro & Associates (1981) Limited and a qualified person for the purpose of National Instrument 43-101.
About Strategic Metals Ltd.
Strategic is a project generator and the largest claim holder in Yukon. Strategic's portfolio of more than 100 projects is the result of 50 years of focussed exploration and research by a team with a track record of major discoveries. Current projects available for option, joint venture or sale include drill-confirmed prospects and drill-ready targets with high-grade surface showings, geochemical anomalies and geophysical features similar to those at nearby deposits.
Strategic has a current cash position of over $16 million and significant shareholdings in a number of active mineral exploration companies including 45.2% of Rockhaven Resources Ltd., 8.3% of ATAC Resources Ltd., 31.1% of Precipitate Gold Corp. and 15.3% of Silver Range Resources Ltd.