MENAFN - ProactiveInvestors - Australia
Strategic Minerals Corporation finding success at Woolgar with high grade gold
Strategic Minerals is currently trading at 12 month highs as some investors have recognised the company
(MENAFN - ProactiveInvestors - Australia) Strategic Minerals Corporation (ASX: SMC) has racked up strong share price gains as drilling at the Woolgar project, in central north Queensland, returns high grade gold intersections.
While not as well-known as some of its small cap explorer peers, some investors have twigged to Strategic Minerals as drilling in 2012 unfolds.
The project is located 120 kilometres north of Richmond in north Queensland and covers an extensive 700 square kilometres, with all mining titles and exploration permits are 100% owned and managed by the company.
For starters, in the current campaign, one hole intersected 17 metres at 3.33g/t gold from 10 metres, including 4 metres at 11.9g/t gold.
While another intersected 25 metres at 6.69g/t gold from 22 metres, including 3 metres at 36.6g/t gold.
The 2012 drilling program at Woolgar stepped up a gear in the quarter, with a total of 71 RC percussion drill holes for 4,054 metres of drilling carried out.
The significant ounce gold grade intersections at the Big Vein South and Big Vein 2 prospects have added to the previous evidence that the old Woolgar goldfield may contain significant gold mineralised 'shoot type' zones.
The drill program in 2012 has targeted areas within the historic Woolgar mine workings in the mesothermal gold mineralisation, along and adjacent to the Woolgar fault zone.
Drilling for the entire year will cover an extensive 10,000 metres.
The company is aiming to delineate sufficient near surface resource potential within the mesothermal zones, that together with existing resources, can allow the company to proceed to conducting a Scoping Study for mine development.
The current total Woolga project global resource is 10.8 million tonnes at 1.42g/t for 474,900 ounces of gold using a high cut-off (0.8 - 1.0g/t. The majority of resources estimated at a 0.8 g/t gold cut-off grade; Explorer estimated at a 1.0 g/t cut-off grade).
Drilling consists of infill and extension drilling in the prospect areas drilled in 2010/2011, as well as the targeting of new areas for exploration drilling.
Other best results included:
- 27 metres at 4.85g/t gold from 48, including 8 metres at 11.3g/t gold;
- 10 metres at 14.3g/t gold from 14 metres, including 3 metres at 42.5g/t gold; and
- 5 metres at 6.18g/t gold from 35 metres, including 1 metres at 28.7g/t gold.
The drilling was carried out within the Lower Camp area associated with the Woolgar fault zone.
Highlighting the potential of the company's project, it is located in an area of high gold endowment and surrounded by multi-million ounce mines.
The regional gold deposits are significant including Kidston (4.1 million ounces), Charters Towers (7.1 million ounces), Mt Leyshon (3.2 million ounces) and Pajingo-Vera Nancy (3.2 million ounces).
IDENTIFYING EPITHERMAL GOLD VEINS
High grade epithermal gold veins were first recognised by Strategic at Woolgar in 2002, in the Sandy Creek area, expanding the potential of the field to host a major gold deposit.
The epithermal veins at Woolgar are believed to have many geological similarities to those at Pajingo, one of Australia's largest and most profitable gold mines.
WOOLGAR PROSPECT REVIEW
Big Vein South (Southern) Prospect
The 2012 drilling at the Big Vein South prospect (southern zone) has shown that this gold mineralisation extends significantly further to the south of the previous drilling in 2010/2011.
Additional drilling will be carried out shortly to infill some of these areas, and will extend the drilling even further southwards in an attempt to locate even more gold mineralised strike length. The additional drilling at the Big Vein South prospect will mean that new prospect areas planned to be drilled in 2012, will now be delayed until 2013.
Big Vein South (Central) Prospect
The 2012 drilling at the Big Vein South prospect (central zone) has shown there is also potential for significant gold mineralisation discoveries in the hangingwall portion of the large zone of alteration extending through the Big Vein South prospect.
Big Vein #2 Prospect
The 2012 drilling at the Big Vein #2 prospect has surpassed the aim of linking the gold mineralisation occurrences at several of the previous drill hole locations (2009/2011). The drilling has also shown the potential for ounce plus gold grade intersections in this prospect.
QUEENSLAND URANIUM EXPOSURE
Strategic Minerals is positioned to potential benefit after the Queensland Premier, Campbell Newman, supported the recommencement of the mining of uranium in the state.
The importance of this decision for the company is that it has opened the way to examine alternative mechanisms for exploring the prospective uranium targets at Woolgar.
Targets have already been identified - with established drill targets including partially drilled outcropping uranium occurrences at the Perseverance-Shamrock prospect.
Drilling in the 1970's defined zones of mineralisation with high grade drill intersections up to; 6 metres at 0.25% eU3O8; and, at the Middle Park prospect where mineralised rock chips samples returned values up to 0.67% U3O8.
The primary uranium targets in the district are numerous untested airborne radiometric (uranium channel) anomalies associated with a regionally extensive unexplored unconformity.
Strategic Minerals had over 1.6 million in cash at the end of September 2012.
Strategic Minerals is trading near 12 month highs after a recent re-rating in the stock following high grade gold intersections from drilling results and also the company's uranium exposure in Queensland.
Managing director, Wally Martin likes to play a conservative "bat" as he continues to call the shots drilling at Woolgar, eschewing all the trappings to put money into the ground.
Still lightly valued at around 27 million, at a share price of 0.05 with its current resource, potential is good to lift resource ounces near surface.
Proactive Investors considers that the re-rating in the stock may have only begun, with the company's extensive gold drilling campaign (10,000 metres in 2012) at the Woolgar having the potential to increase the resource base which is currently 10.8 million tonnes at 1.42g/t for 474,900 ounces of gold using a high cut-off (0.8 - 1.0g/t).
Strategic Minerals aims to define sufficient near surface resource potential within the mesothermal zones. Together with existing resources, this would allow the company to proceed to conducting a scoping study for mine development, another milestone and potential catalyst for uplift in valuation of the company.
Drilling consists of infill and extension drilling in the prospect areas, and highlighting the potential of the region, it hosts many multi-million ounce mines.
Adding further interest, the epithermal veins at Woolgar are believed to have many geological similarities to those at Pajingo, one of Australia's largest and most profitable gold mines.
MENA News Headlines
|Mar 9 2014||Dubai's DP World to build facilities in India ,MENAFN|
|(MENAFN) Dubai-based port operator DP World said it plans to build new facilities in India in a bid, according to Arabian Business.
The new facilities are expected to start operating in ...|
|Mar 9 2014||Keller praises Schalke's 'right response' ,Kora|
|(MENAFN - Kora) Klaas-Jan Huntelaar struck a hat-trick, and missed a penalty, to go with Chinedu Obasi's second-half goal at the Veltins Arena in Gelsenkirchen.
Keller was delighted with his ...|
|Mar 9 2014||Perth seal NBL minor premiership as Goulding makes history ,Kora|
|(MENAFN - Kora)
James Ennis scored 20 points as the Wildcats claimed an 81-69 win over the lowly Townsville Crocodiles at the Perth Arena.
That saw Perth, who have been dominant this season, ...|
|Mar 9 2014||Arab Countries GDP 'Likely to Decline 2.8% in 2014' ,Arab Times|
|(MENAFN - Arab Times) President of the General Union of Chambers of Commerce, Industry and Agriculture for Arab Countries expects the GDP of Arab nations to decline 2.8% in 2014. Speaking at the ...|
|Mar 9 2014||Davutoglu, Ban Ki-moon to Discuss Turkey's Candidacy for Non-Permanent Membership ,Arab Times|
|(MENAFN - Arab Times) Turkish Foreign Minister Ahmet Davutoglu will travel to New York next Tuesday to meet with UN Secretary General Ban Ki- moon and to discuss Turkey's candidacy for non-permanent ...|
|Mar 9 2014||Abbas Receives Phone Call from Kerry ,Arab Times|
|(MENAFN - Arab Times) Palestinian President Mahmoud Abbas received today a telephone call from US Secretary of State John Kerry. The phone call is part of continued meetings and intensive contacts ...|
|Mar 9 2014||SEC Organizes Training Course on Human Resources Management Law ,Arab Times|
|(MENAFN - Arab Times) The Human Resources Management section at the Supreme Education Council (SEC) organized a training course for 22 human resources specialists on the provisions and applications ...|
|Mar 9 2014||Qatar - Minister of Administrative Development Arrives in Muscat ,Arab Times|
|(MENAFN - Arab Times) HE Minister of Administrative Development Issa Saad Al-Jafali Al-Nuaimi arrived Saturday in Muscat on an official visit to Oman. At the invitation of Omani Minister of Civil ...|
|Mar 9 2014||Qatar - Activities of Delni Campaign Concluded ,Arab Times|
|(MENAFN - Arab Times) In the presence of HE Minister of Labor and Social Affairs Dr. Abdullah Saleh Al-Khulaifi, the activities of Delni Campaign organized by Ministry of Labor and Social Affairs ...|
|Mar 9 2014||More Syrian Refugees Pour into Jordan ,Arab Times|
|(MENAFN - Arab Times) Some 1258 Syrian refugees crossed into Jordan last night to enter Al Zaatari refugee camp among others, Jordanian border patrol said Saturday. A statement from the Jordanian ...|
|Mar 9 2014||Ammar al-Hakim Meets US Assistant Secretary of State for Iraq ,Arab Times|
|(MENAFN - Arab Times) Head of the Islamic Supreme Council of Iraq Ammar al-Hakim discussed on Saturday with US Assistant Secretary of State for Iraq Brett McGurk the political situation in Iraq. ...|
|Mar 9 2014||UAE Foreign Minister Meets OIC Secretary-General ,Arab Times|
|(MENAFN - Arab Times) UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan met Saturday with Secretary-General of the Organization of Islamic Conference (OIC) Iyad Madani, who is currently ...|
|Mar 9 2014||Arab League Secretary General Meets South Sudan FM ,Arab Times|
|(MENAFN - Arab Times) Arab League Secretary-General Dr. Nabil Al-Arabi met here on Saturday with the South Sudanese Foreign Minister Barnaba Benjamin, who is visiting the Arab League for the first ...|
|Mar 9 2014||OSCE Military Observers in Third Push to Enter Crimea ,Arab Times|
|(MENAFN - Arab Times) Military observers of the Organization for Security and Co-operation in Europe (OSCE) have tried to enter Ukraine's Crimean peninsula for the third time in three days to verify ...|
|Mar 9 2014||Three Rockets Hit East Lebanon ,Arab Times|
|(MENAFN - Arab Times) Three Grad rockets, presumably, fired from the Syrian side, landed in the village of Qaa' East Lebanon, reported Lebanon's national new agency (NNA). The rocketing of Qaa caused ...|
|Mar 9 2014||Dubai International Boat Show sees swift sales ,Khaleej Times|
(MENAFN -Khaleej Times) Hundreds of millions worth of transactions consummated; event ends today
Visitors touring the Dubai International Boat Show at the Dubai Marina on Friday. — KT ...|
|Mar 9 2014||UAE- Insurance House posts healthy 2013 results ,Khaleej Times|
(MENAFN -Khaleej Times) A net profit of Dh9.
Insurance House held its second annual general meeting and presented positive annual results to its shareholders for 2013.
A net profit of ...|
|Mar 9 2014||Swiss watch imports to UAE growing ,Khaleej Times|
(MENAFN -Khaleej Times) Valued at 934.
Cumulative 2013 figures released by the Federation of the Swiss Watch Industry have ranked the UAE as the primary Middle Eastern country to continue to ...|
|Mar 9 2014||Resentment mounts against
comedian?s candidature ,Khaleej Times|
(MENAFN -Khaleej Times) Prominent film director Vinayan has come out openly against Innocent?s candidature, saying that it would benefit only the superstars.
Popular film actor Innocent’s ...|
|Mar 9 2014||Russell Brand?s mother has cancer ,Khaleej Times|
(MENAFN -Khaleej Times) The 38-year-old comedian cancelled his show at Derby?s Assembly Rooms in the East Midlands on Friday so that he could be with Barbara, reports contactmusic.