Strategic Metals Ltd. Announces 2015 Exploration Highlights from Precious Metal Projects in Yukon Territory
March 3, 2016 -- Strategic Metals Ltd. (TSX-V: SMD) ("Strategic") is currently designing exploration programs for summer 2016 at a number of its properties in southern and central Yukon Territory. The 2016 field work will follow up highly successful 2015 exploration that discovered significant new mineralization on a number of properties including Hopper, Hartless Joe, Rod, Harry, OOO, Kluane and Mount Hinton. Highlights from the 2015 program are described below.
The Hopper property hosts copper-gold porphyry and skarn style mineralization. It is road accessible and lies 31 km north of a major hydro-electric generator and less than 350 km by road from deep-sea ports at Haines and Skagway, Alaska. In 2015, the property was tested by 3227 m of diamond drilling in widely spaced holes that stepped out from an area of mineralization defined by previous drilling (see news releases dated August 6, 2015 and September 15, 2015). Most of the 2015 drilling focussed on skarn potential within a thick section of carbonate-rich stratigraphy that is intruded by a Late Cretaceous pluton. The drilling substantially expanded a previously identified upper zone comprised of three or more, stacked copper-gold rich skarn horizons, with a highlight interval of 2.4 g/t gold and 1.03% copper over 4.48 m, and discovered a lower zone containing gold-rich skarn horizons, with highlight intervals of 43.6 g/t gold over 1.0 m and 12.15 g/t gold over 2.65 m. The drilling also confirmed that the skarn mineralization flanks a porphyry copper system. This very large mineral complex is open to extension and contains numerous undrilled geochemical and geophysical anomalies.
The Hartless Joe property is one of the best located, high-grade gold prospects in southern Yukon. The property is situated 25 km east of Whitehorse and covers an extensive gold- and silver-rich vein system. The 2015 program discovered an isolated quartz-rich outcrop that partially exposes either an exhalite horizon or a flat-lying vein. A continuous chip sample across the outcrop graded 60 g/t gold, 554 g/t silver, 5.01% lead and 0.35% copper over 1.2 m. For full details see news release datedSeptember 30, 2015.
The Rod property is located within the western part of the Rackla Trend where ATAC Resources Ltd. has made important gold discoveries in recent years. In 2015, a new showing was found along a deep creek cut in a heavily vegetated and overburden covered part of the Rod property. The showing consists of well mineralized stockwork veins and veinlets that occur throughout a 50 m long by 20 m tall outcrop of limey andesite. The veins are between 1 and 25 cm in width and contain chalcopyrite and arsenopyrite with secondary malachite, azurite and scorodite coatings. A sample of vein material returned 9.75 g/t gold, 3620 g/t silver, 15.75% copper and 0.9% zinc.
The Harry property lies 12 km by road and trail southeast of Tagish in southern Yukon. It was staked in June 2015 and covers gold-rich veins and shear zones that are drained by creeks containing placer gold. Historical chip samples taken from hand trenches averaged 9.3 g/t gold, 27.4 g/t silver and 1.0% copper over 1.5 m, while limited, shallow diamond drilling returned 1.98 g/t gold, 7.54 g/t silver and 0.48% copper over 1.8 m. In 2015, four samples of arsenopyrite-rich quartz veins were collected from historical hand trenches and these samples returned 5.49 g/t, 7.28 g/t, 23.5 g/t and 31.3 g/t gold. The showings are located below treeline and no systematic exploration has been done to delineate the extent of the mineralization.
The Kluane property is located 35 km north of Haines Junction in southwestern Yukon. Recent studies by the Yukon Geological Survey suggest that gold-rich quartz veins on the property were formed in the same metallogenic event as veins at the Kensington Mine in the Juneau Gold Belt. Mineralized veins at the Kluane property are mostly hosted in metamorphic rocks. Chip samples taken across various veins exposed in trenches average 3.85 g/t gold over 2.76 m, with the best exposure returning 7.36 g/t gold over 9.5 m. The highest grade rock sample collected to date assayed 225 g/t gold. In 2015, a short prospecting program discovered seven new veins in the northern part of the property, which is underlain by granitic rocks. Rock samples from two of these veins returned 11.48 g/t and 9.85 g/t gold.
The Mount Hinton property is a large, road accessible claim block that lies on the southside of the Keno Hill silver mining camp. Silver occurs in nearly all veins on the property, but gold is the main metal in most of the 74 vein and vein segments that have been discovered to date. Mineralized shoots on the veins typically range between 0.2 and 3.0 m wide and grade between 1 and 30 g/t gold, 50 and 1500 g/t silver and 0.5 and 2.5% lead. Maximum grades of 127.5 g/t gold, 30,822 g/t silver and 75% lead have been returned from rock samples. In 2015, a new vein was found by following up anomalous soil samples. Hand trenching along the new vein exposed it for a 30 m strike length. The best chip sample across the vein returned 4.48 g/t gold over 2.80 m, while a rock sample yielded 23.9 g/t gold. Despite the excellent infrastructure and promising assays, remarkably little drilling has been done on this property.
The OOO property is located in the Dawson Range Gold Belt of south-central Yukon. It hosts several areas that exhibit strongly anomalous, multi-element soil geochemistry, and is considered to be highly prospective for multiple silver- and gold-rich epithermal veins. One day of prospecting identified six new veins in 2015. The best vein sample assayed 6680 g/t silver, 30.22% lead and 0.80 g/t gold. None of the veins on the OOO property have ever been tested by trenching or drilling.
Strategic also owns a number of other gold and silver projects that did not receive work in 2015. Twelve of its precious metal projects have valid multi-year land use permits covering advanced exploration work and eight more applications have been submitted for approval. All of Strategic's projects are available for option, including those described above. Almost all of the projects have many years of banked assessment and are wholly owned without underlying royalties.
Analytical work for all projects was done by ALS Minerals, with sample preparation in Whitehorse, Yukon and assays and geochemical analyses in North Vancouver, British Columbia. All rock samples from the Harry were analyzed for gold by fire assay fusion and inductively coupled plasma-atomic emission spectrometry (Au-ICP21) and 35 elements by aqua regia digestion and inductively coupled plasma-atomic emission spectroscopy (ME-ICP41). Rock samples from the Kluane property were analyzed for gold by fire assay and atomic absorption spectroscopy (Au-AA24) and 48 other elements by four acid digestion and inductively coupled plasma-atomic emission spectroscopy (ME-MS61). Rock samples from the Rod and Mount Hinton properties were analyzed using Au-AA24 and 51 other elements by four acid digestion and inductively coupled plasma-atomic emission spectroscopy (ME-MS41). Rock samples from OOO were analyzed using Au-ICP21 and ME-MS61. Overlimit values from all properties were determined for gold and silver by fire assay fusion and gravimetric finish (Au-GRA21 or Au-GRA22 and Ag-GRA21) and for copper, lead and zinc by four acid digestion and inductively coupled plasma-atomic emission spectroscopy (Cu-, Pb-, and Zn-OG62). Overlimit analysis for samples with lead greater than 20% were completed by acid dissolution and titration (Pb-VOL70).
The 2015 exploration programs were conducted by Archer, Cathro & Associates (1981) Limited. Technical information in this news release has been approved by Heather Burrell, P.Geo., a geologist with Archer Cathro and a qualified person for the purposes of NI 43-101.
About Strategic Metals Ltd.
Strategic is a project generator and the largest claim holder in Yukon, which the Fraser Institute recently rated as best jurisdiction in the world for mineral potential. Strategic's portfolio of more than 100 projects is the result of 50 years of focussed exploration and research by a team with a track record of major discoveries. Current 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 similar to those at nearby deposits.
Strategic has a current cash position of over $20 million and significant shareholdings in a number of active mineral exploration companies including 46.6% of Rockhaven Resources Ltd., 8.6% of ATAC Resources Ltd., and 28.7% of Precipitate Gold Corp.
If you have any questions concerning Strategic or its properties, please contact Richard Drechsler. Strategic will be in Booth 2346 at the Prospectors and Developers Association of Canada International Convention, Trade Show and Investors Exchange in Toronto, Ontario from March 6 to 9, 2016.
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 atwww.strategicmetalsltd.com or contact:
Strategic Metals Ltd.
W. Douglas Eaton
President and C.E.O.
Tel: (604) 688-2568
Tel: (604) 687-2522
NA Toll-Free: (888) 688-2522
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.