Search Share Prices
Strategic Minerals feels 'justified' after Australian exploration programme
Production and development firm Strategic Minerals said "a number" of targets for further investigation were identified from initial tests of its gold, nickel and rare earth element exploration projects in Australia.
Strategic has received partial gold assays from its 65-hole, 3,863m aircore drilling programme undertaken at the Hanns Camp and Mt Weld Projects during the quarter, with preliminary results highlighting zones of "broad low-level gold anomalism" within the weathered profile.
However, the firm stated the results would be fully assessed to understand their significance upon receipt of all final assays.
Strategic Minerals' chairman Alan Broome, said, "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."
"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," added Broome.
As of 0950 BST, Strategic shares had lost 2.73% to 1.60p.