Strategic Metals Ltd. Announces 2019 Drilling
TSX VENTURE: SMD
VANCOUVER, BC / ACCESSWIRE / May 9, 2019 / Strategic Metals Ltd. (TSX-V: SMD) ("Strategic" or the "Company") is pleased to announce its exploration plan for summer 2019. The plan includes diamond drilling at three projects and surface work on several others, which is designed to advance those projects to drill-readiness. The announced plan represents Phase 1 of a larger program that is expected to continue into fall, dependent upon Phase 1 results and market conditions.
Diamond drilling is scheduled to start in late June at the Meloy, Sixty Mile and Hartless Joe properties, as described in the following paragraphs and at the Company's website, www.strategicmetalsltd.com.
The Meloy property is located 45 km northwest of the Alaska Highway and 15 km northeast of the Gladstone Creek placer gold district, in southwestern Yukon. The main exploration target is a porphyry copper-silver-gold-molybdenum system that is marked by an intense multi-element geochemical anomaly. Deep holes will test beneath surface oxidization across the core of the geochemical anomaly.
The Sixty Mile property lies within the second largest placer gold district in Yukon. It is road accessible and is located 70 km west of Dawson City. The property covers a 20 km strike length of a major fault, which localized magmatism and mineralization in the district. Strategic's 2019 drilling will test around an epithermal vein intersected in an isolated 2011 hole, which graded 132.9 g/t gold over 1.5 m. Drilling will also test an area with very low resistivity and coincident copper-molybdenum-gold-silver soil geochemistry, which were identified after the last drill program was conducted.
The Hartless Joe property is located 22 km east of Whitehorse in southern Yukon. It hosts numerous high grade gold ± silver showings associated with steeply dipping epithermal veins and sub-horizontal quartz zones that may be exhalite horizons. The showings span a 6 km by 3.5 km area that remains open to new discoveries. The proposed holes will test beneath mineralization in hand trenches and talus trains, and across a chargeability high that coincides with a broad, strong soil geochemical anomaly.
"The 2019 drilling is expected to confirm the potential of these prospects and provide valuable insights that will guide future drilling," states Doug Eaton, Strategic's President and CEO. "The surface exploration at other projects will be done concurrently and is important because it will better define the targets, reducing risks prior to drilling. Strategic is focusing on projects that are camp-scale and have potential for multi-million ounce gold discoveries."
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 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 $8 million and large shareholdings in a number of active mineral exploration companies including 45.3% of GGL Resources Corp., 41.8% of Rockhaven Resources Ltd., 27.7% of Precipitate Gold Corp., 17.9% of Silver Range Resources Ltd., 9.1% Trifecta Gold Ltd., and 6.4% of ATAC Resources Ltd.
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
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.