13th Jun 2018 12:57
LONDON (Alliance News) - Strategic Minerals PLC said Wednesday it has started the technical assessment of the Leigh Creek Copper Mine in south Australia.
Strategic Minerals said a "highly experienced" technical team will drill existing heap leach pads in June. Then in July, the team will drill Paltridge North, Lynda and Lorna Doone deposits for metallurgical samples.
July will also see drilling for a potential resource extension between the Lynda and Lorna Doone deposits.
Strategic Minerals is hoping the work programme will lead to copper production in mid-2019.
Managing Director John Peters said: "The Strategic Minerals board is thrilled with the highly skilled and experienced technical team that has been assembled to progress this exciting copper project. The team has over 100 years' combined experience, much of which is in south Australian copper geology and processing. The quality of the team provides a superb foundation from which to review potential development and processing options and settle on a work programme that will minimise risk and maximise shareholder returns."
"The Strategic Minerals management and board are closely following the progress at Leigh Creek Copper Mine and have established reporting arrangements and management policies to closely monitor developments and to ensure delivery of sustainable operations mid-2019."
"The work programme and the development of Leigh Creek Copper Mine are both expected to be fully funded from the company's existing cash flows, and we look forward to updating the market on the progress of the work programme during the September quarter."
Shares in Strategic Minerals were down 3.0% Wednesday at 1.60 pence each.
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