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Strategic Minerals to ramp up exploration efforts at Hanns Camp
AIM-quoted mining company Strategic Minerals has announced plans to step up exploration efforts at its Hanns Camp project in Western Australia after new drilling revealed multiple nickel and cobalt indications.
Eight of Strategic's new holes indicated nickel at a grade of 0.63% or above with additional cobalt credits as Dr Martin Gole, the project's new geologist, identified the existence of key requirements for the potential accumulation of nickel sulphides.
Strategic said the sulphides finding was a significant one that had potentially major implications for nickel sulphide exploration at both Hanns Camp and its other tenements within the district.
The London-based firm had begun reviewing the geochemistry of the base of the air core holes and historic electromagnetic (EM) geophysical surveys to further identify and refine potential targets for additional exploration.
Chairman Alan Broome said: "The ongoing assaying from the recent air core drilling at Hanns Camp has delivered better than expected results and gives us great confidence as we move into the next phase of exploration.
"In light of this recent review of nickel potential, the board feels justified in undertaking further significant exploration at Hanns Camp over the course of 2018 and expects to be able to fully fund these activities internally."
As of 1040 GMT, shares had dipped 1.32% to 2.02p.