LONDON (ShareCast) - (ShareCast News) - Minerals production and development company Strategic Minerals announced on Wednesday that Central Australian Rare Earths, its wholly-owned subsidiary, has mobilised resources and started the first phase of the 2017 Hanns Camp drilling programme.
The AIM-traded firm said the first phase of the programme had been planned to consist of air core drilling approximately 2,500 metres through 50 holes.

It said those holes were in a grid pattern over an area of approximately 1.1 square kilometres with drill holes approximately 120 metres apart.

"The recommencement of drilling starts an exciting period in the company's development of its CARE tenements," said managing director John Peters.

"The results from this and the review of tenements, particularly around Mount Weld, will set the schedule for further exploration."

The board said the drilling programme was expected to be completed within two weeks and assay results should be available four to six weeks after sampling.

All drill holes were targeting cobalt and nickel laterite, as well as looking to provide traces to guide drilling in the second phase of the programme, aimed at identifying nickel-copper sulphide mineralisation.

It added that Hanns Camp was considered to be "one of the most compelling" greenfield nickel-sulphide exploration opportunities in the Yilgarn Craton of Western Australia.

The drilling programme was to be funded internally from cash flows derived from the company's Cobre operations.

"The reinvestment of cash flows arising from Cobre into exploration works being undertaken by CARE and our Redmoor tin-tungsten joint venture project provides the company the enviable position wherein it can look to significantly increase shareholder value without dilution," John Peters added.

"I look forward to updating the market upon receipt of assay results."

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE