Strategic Metals Ltd. Announces 2018 Exploration Plans
TSX VENTURE: SMD
VANCOUVER, British Columbia, May 01, 2018 (GLOBE NEWSWIRE) -- Strategic Metals Ltd. (TSX-V:SMD) (“Strategic”) is pleased to announce 2018 exploration plans for a number of its wholly-owned properties. The exploration program is scheduled to include 4,000 m of diamond drilling on two properties and surface work on 18 other properties, located in relatively accessible regions of Yukon, Northwest Territories and northern British Columbia.
The 2018 drill program at the Saloon property will target copper-silver±gold mineralization that occurs in multiple horizons and nearby quartz veins. The mineralization is thought to be associated with an extensive volcanic-hosted sulphide system hosted by highly prospective units of the Finlayson Assemblage. A total of 1,000 m of drilling is planned to evaluate precious metal-rich, copper mineralization at the Stampede Zone, where a 2016 diamond drill hole intersected four mineralized horizons, including one that graded 0.40% copper and 128.46 g/t silver over 30.23 m. The drilling will also test near historical underground workings located about 200 m along strike to the north. Rock samples from old dumps at these workings assayed up to 10.37% copper and 44.57 g/t gold.
The road accessible Hopper property hosts a three kilometre by two kilometre hydrothermal system that includes numerous mineralized skarn horizons flanking undrilled calc-alkaline porphyry targets. A total of 3,000 m of drilling is planned in 2018 to evaluate porphyry copper-gold-molybdenum mineralization and related alteration, associated with the Casino Suite aged (78 Ma) Hopper pluton. Casino Suite plutons are associated with most porphyry deposits in the Dawson Range of southwestern Yukon. Historical drilling on the property has focussed on copper-gold skarn mineralization peripheral to the Hopper pluton. Highlight results from this drilling include 1.94% copper and 0.87 g/t gold across 18.59 m (true thickness approximately 12 m); 9.44 g/t gold and 0.01% copper over 2.0 m within a broader interval that averaged 3.35 g/t gold and 0.43% copper across 7.5 m; and, 12.15 g/t gold and 0.95% copper over a true width of 2.65 m and 43.6 g/t gold over 1.0 m true width. The only diamond drill hole located near porphyry targets averaged 0.17% copper over 162.85 m.
Surface work is scheduled for 18 of Strategic’s other properties. This work will include various combinations of mapping, prospecting, soil sampling, hand trenching and induced polarization geophysical surveying, with the objective of readying as many of those targets as possible for future drilling.
Strategic currently has Class 3 land use approvals for large drill programs on 14 of its projects. All of Strategic’s projects are wholly-owned and nearly all have no underlying royalties attached to them. Strategic is discussing potential options for some of the projects with other parties and invites new inquiries.
Maps and figures pertaining to the properties described above, and to other drill-ready projects, are available at www.strategicmetalsltd.com.
The 2018 exploration programs will be conducted by Archer, Cathro & Associates (1981) Limited (“Archer Cathro”). Technical information in this news release has been approved by Heather Burrell, P. Geo., a senior geologist with Archer Cathro and a qualified person for the purpose of National Instrument 43-101. All results reported in this news release have been previously released.
About Strategic Metals Ltd.
Strategic is a project generator with a portfolio of more than 130 projects that are the product of over 50 years of focussed exploration and research by a team with a track record of major discoveries. Projects include 113 wholly-owned, 6 joint-ventures, 6 subject to a pending sale agreement and 8 royalty interests. 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 that resemble those at nearby deposits.
Strategic has a current cash position of over $12 million and large shareholdings in a number of active mineral exploration companies including 45.3% of GGL Resources Corp., 39.9% of Rockhaven Resources Ltd., 30.2% of Precipitate Gold Corp., 17.8% of Silver Range Resources Ltd., 9.1% Trifecta Gold Ltd., and 7.3% of ATAC Resources Ltd. These shareholdings are forecast to provide Strategic with indirect exposure to more than $16 million of diamond drilling in 2018.
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 or contact:
W. Douglas Eaton
President and C.E.O.
Tel: (604) 688-2568
Tel: (604) 687-2522
NA Toll-Free: (888) 688-2522
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.