18th May 2016 07:57
LONDON (Alliance News) - Strategic Minerals PLC on Wednesday said drilling has commenced at the Hanns Camp nickel-copper project in Western Australia.
The minerals production and development company said the programme will consist of three drill holes to a depth of 1,050 metres overall within the Hanns Camp prospect at Strategic Minerals' Laverton project.
The programme, which is the first nickel-focused drilling at Hanns Camp since the late 1970s, is expected to be completed within four to six weeks, before being sampled and sent for analysis.
Strategic Minerals recently secured an interest in the Laverton project via its agreement to acquire up to 50% of Central Australian Rare Earths Pty Ltd.
"The commencement of drilling represents the hard work put into the analysis and logistics associated with identifying and testing the magnetic anomalies identified at Hanns Camp. We are pleased that we have stayed consistent with the timings previously provided to the market and look forward keeping the market fully informed of the progress of drilling at this exciting time," Managing Director John Peters said in a statement.
Shares in Strategic Minerals were trading down 5.9% at 0.400 pence on Wednesday morning, having started trading higher at 0.450p.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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