Strategic Metals Announces More 2019 Surface Exploration Highlights
Vancouver, B.C. – December 11, 2019 – Strategic Metals Ltd. (“Strategic” or the “Company”) (TSX-V: SMD) is pleased to announce further results from surface work completed during its 2019 exploration programs. Work in 2019 included 2,774 m of diamond drilling on three properties: Meloy, Sixty Mile and Hartless Joe. Some drill assays are still pending, and a further news release will be issued once all assays are received and interpreted. High-grade gold discoveries from Strategic’s 2019 program at the Mount Hinton project were previously reported (see news releases dated August 21, 2019; September 9, 2019; and November 18, 2019).
In 2019, the Company performed surface exploration at a number of projects, designed to advance targets to a drill-ready stage. Highlights from this surface work are summarized below.
LiDAR surveying at the Kluane project, in southwestern Yukon, highlighted previously unrecognized structural features – some of which coincide with strong gold-in-soil geochemical anomalies, electromagnetic conductors and gold-rich talus. Grid soil sampling in the southern part of the property has identified elevated gold-in-soil geochemistry over an area of approximately 5.7 km by 4.5 km. Widely spaced sampling in the northern part of the property has also yielded anomalous values. Rock samples containing arsenopyrite and/or native gold, and have yielded many assays between 10 and 225 g/t gold. The 2019 LiDAR survey identified a large array of north-northeast trending structures, including a 2.7 km long lineament that crosses two important gold occurrences – the DalBianco Showing and the Rikus Zone. The only drilling on the property to date was done at the Rikus Zone in 1995 when eight, small diameter diamond drill holes were completed within part of a much larger target. Despite poor core recovery, all drill holes yielded gold values of significance, including 5.32 g/t gold over 2.75 m. The drilling was performed oblique to the newly identified lineament. (see Figure 1)
The Alotta project is located in western Yukon and covers a broad area of strongly elevated gold, copper and molybdenum soil geochemistry, which is centered on a pronounced ‘bulls-eye’ magnetic anomaly characteristic of a porphyry deposit. The property lies below treeline in an area that has not been glaciated. Because there is little outcrop or talus, rock samples were collected from shallow pits. Most of these samples were oxidized and probably leached, and comprised strongly altered and brecciated monzonite porphyry. Oxidized samples graded between 134 and 397 ppb gold, and one sulphide bearing sample graded 1.21 g/t gold and 0.44% copper. Historical soil sampling identified a 1200 m diameter area of elevated gold (20 to 2680 ppb), copper (100 to 459 ppm), and molybdenum (5 to 54.3 ppm). Soil sampling in 2019 doubled the dimensions of the geochemical anomaly, to an area 2.3 km long by 1.2 km wide. The project lies within a highly prospective belt of rocks known to host numerous porphyry and epithermal vein deposits, including Western Copper and Gold Corporation’s Casino deposit, Rockhaven Resources Ltd.’s Klaza deposit and Triumph Gold Corp.’s Nucleus, Revenue and Tinta Hill deposits. Alotta has never been drilled or explored with mechanized equipment. (see Figure 2)
Prospecting at the Vault project, in southwestern Yukon, resulted in further discoveries of gold-rich quartz veins, stockworks and breccias. The property covers extremely anomalous gold soil geochemistry (0.1 g/t to ≥ 10 g/t) in the headwaters of two productive placer creeks. In 2019, chip sampling across a newly discovered quartz vein returned 15.95 g/t gold over 0.70 m. Three outcrop samples collected 2.2 km to the southwest, from a 70 m diameter area hosting a network of brecciated quartz veins, yielded an average grade of 4.13 g/t gold. Vault is highly prospective for orogenic gold mineralization, covering greenschist facies rocks along the same regional-scale fault system that hosts the Juneau Gold Belt in Alaska. Despite its close proximity to a paved highway, the project has never been drilled. (see Figure 3)
Work at the road-accessible Groundhog project, in south-central Yukon, resulted in a significant discovery of gold-rich talus. Sixteen mineralized showings have been identified on the property to date, along a 6 km long belt of elevated silver-lead±zinc±copper±gold geochemistry. Historical exploration programs have yielded rock samples that returned assays of up to 13,028 g/t silver, 85% lead, 4.46% zinc and 3.73% copper, but did not evaluate the gold potential of the project. This is surprising, considering that Groundhog falls within a belt of high-grade gold occurrences, including the former Ketza Mine, located 30 km to the east. In 2019, cursory prospecting, in an area of elevated gold-in-soil geochemistry, lead to the discovery of oxidized breccia that assayed 5.91 g/t gold. Ketza River is interpreted to be a Carbonate Replacement Deposit (CRD), formed by the interaction of metal-bearing fluids, originating from a buried intrusion, with carbonate rocks. Previous exploration on the Groundhog property focused on the discovery and development of high-grade galena veins for direct shipment of silver-lead-zinc ore. The potential for a CRD-type gold deposit has never previously been considered. (see Figure 4)
The 2019 exploration programs were conducted by Archer, Cathro & Associates (1981) Limited ("Archer Cathro"). Technical information in this news release has been approved by Jack Morton, P. Geo., a senior geologist with Archer Cathro and a qualified person for the purpose of National Instrument 43-101.
About Strategic Metals Ltd.
Strategic is a project generator with a portfolio of more than 130 projects that are the product of over 50 years of focussed exploration and research by a team with a track record of major discoveries. Projects available for option, joint venture or sale include drill-confirmed prospects and drill-ready targets with high-grade surface showings, geochemical anomalies and geophysical features that resemble those at nearby deposits.
Strategic has a strong cash position and large shareholdings in a number of active mineral exploration companies including 43.17% of GGL Resources Corp., 36.28% of Rockhaven Resources Ltd., 24.3% of Precipitate Gold Corp., 17.7% of Silver Range Resources Ltd., 8.7% Trifecta Gold Ltd., and 6.4% of ATAC Resources Ltd.
ON BEHALF OF THE BOARD
“W. Douglas Eaton”
President and Chief Executive Officer
For further information concerning Strategic or its various exploration projects please visit our website at www.strategicmetalsltd.com or contact:
W. Douglas Eaton
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.