Strategic Minerals' Australian Arm To Explore Mount Weld Tenements

28th Mar 2018 15:01

LONDON (Alliance News) - Strategic Minerals PLC said on Wednesday that its subsidiary Central Australian Rare Earths will undertake an initial exploration drilling programme at the Mount Weld tenements in western Australia.

The minerals company plans to drill around 2,600 meters to get the samples of gold and rare earth elements for testing.

Strategic Minerals said that eastern Yilgarn Craton province, where Rare Earths currently holds lands, has a range of mineral deposits, including nickel sulphide, gold and mount weld.

The group said it plans to start the first phase of exploration in April and hopes to fund it using the company's existing cash flows. The drilling is subject to department of mines, industry regulation and safety approval.

Strategic Minerals Chairman Alan Broome said: "It is pleasing to see that the ongoing technical review of the extensive exploration database for the CARE tenements by our geological team has identified a number of targets considered prospective for gold, nickel and REE mineralisation within the Mount Weld group of tenements."

The stock was trading 4.0% lower at 1.73 pence per share on Wednesday afternoon.

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