TOWNSVILLE, Australia, June 30, 2011 /PRNewswire/ --
Strategic Minerals plc (AIM: SML) is pleased to provide the following project update on its Iron Glen Tenement in Queensland, located 40km southwest of Townsville's deep sea harbour port facilities.
- Second phase drilling now underway with the second RC hole drilled down to 175 meters and the first diamond drill at 100 meters;
- Drilling program now expanded to the Lead Belly area of the tenement following the positive assay results reported on 14 June 2011; and
- Access to the Lead Belly area of the tenement now nearing completion with drill pads for that area under construction.
Strategic Minerals is pleased to report that the second phase drilling activity is progressing well at Iron Glen, with the second exploratory RC hole having now been drilled down to 175 meters. In total the Company plans to drill 30 holes over a 1.3 km area of interest to delineate fully the extent of the known magnetite and polymetallic anomaly in that sector.
Separately, further to the positive Lead Belly assay results of surface rock chip samples reported on 14 July 2011 which indicated the presence of high grade lead, zinc, copper and silver, the Company is pleased to report that the drilling program has been expanded to include 5 drill holes in the Lead Belly area of the tenement so as to delineate the extent of the polymetallic system in this new area. To that end, the Lead Belly access road is now nearing completion with drill pads for that area already under construction.
The Iron Glen second phase drilling activity follows on from the initial drilling program completed in October 2010 in which 11 exploration holes were sunk to a maximum depth of 148 metres and where superior grade magnetite deposits - as well as other minerals including silver, lead and zinc - were intercepted. Results from the 2010 activity indicated 30% to 50% iron (up to 70% magnetite) over 10m -12m down hole widths. Sulphide base and precious metal mineralisation is associated with the magnetite skarn. Selected downhole intersections include 28m @ 52 g/t silver, and 28m @ 0.48% zinc, 76m @ 0.35% zinc, with several other holes returning 5m to 10m @ 0.5% to 1% zinc.
Pat Griffiths, CEO of Strategic Minerals, commented:
"We are pleased with the excellent progress being made on the ground with diamond and Reverse Circulation percussion rigs mobilized on site. We anticipate the second phase drilling activity to be continued through July and August. Should you be interested in additional information about the Lead Belly discovery please go to http://strategicminerals.co.uk/images/ts.pdf.
"We will keep shareholders notified of our ongoing progress at Iron Glen on a regular basis."
About Strategic Minerals plc
Strategic Minerals is a Queensland-based company incorporated in the UK on 16 November 2010. The Company's wholly owned subsidiary, Iron Glen Pty Ltd, has title to the Iron Glen Tenement which is located approximately 40 kilometres southwest of Townsville, Queensland. The Tenement covers an area of 2,100 hectares and lies 10 kms from existing rail and road infrastructure that links into Townville's deep water port which has all year round bulk loading facilities.
For further information please visit the Company's website at http://www.strategicminerals.co.uk
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SOURCE Strategic Minerals plc