Strategic Metals Ltd. Announces 2016 Exploration Plans for Precious Metal Projects in Yukon Territory
May 10, 2016 - Strategic Metals Ltd. (TSX-V: SMD) ("Strategic") is pleased to announce that the Board of Directors has approved a Phase 1 exploration budget of $820,000 for field work at some of its precious metal projects in Yukon Territory. Phase 1 of the 2016 program will systematically advance high grade discoveries made in 2015. Upon receiving Phase 1 results, Strategic will consider a Phase 2 diamond drilling program at one or more properties.
At the road accessible Hopper property, heritage studies and road construction will be undertaken along the up-dip extension of a new gold-rich skarn horizon. The only drill intercepts from this 2015 discovery are located 367 m apart and approximately 400 m down-dip of surface. These drill intercepts graded 43.6 g/t gold over 1.0 m and 12.15 g/t gold over 2.65 m. The new road will allow systematic drill testing with relatively short holes (see news releases dated August 6, 2015 and September 15, 2015).
Hand trenching at the Hartless Joe property will be focused on expanding the 2015 outcrop discovery where a continuous chip sample returned 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 dated September 30, 2015). This isolated outcrop is located in an otherwise overburden covered area where float samples have returned 73 and 28.9 g/t gold. The primary target at this property is an Eskay Creek type exhalative horizon.
Work is also planned at ten of Strategic's other wholly owned projects including the OOO property, located between Rockhaven Resources Ltd's Klaza deposit and Kaminak Gold Corporation's Coffee deposit in the heart of the Dawson Range gold belt, and the Rod property, located within the western part of the Rackla Trend where ATAC Resources Ltd. has made several important gold discoveries in recent years. Information relating to most of these other properties is summarized in a news release datedMarch 3, 2016.
Strategic has received, or applied for, land use approvals that will permit advanced exploration activities at 24 of its precious metal projects in Yukon. The approvals contemplate tens to hundreds of drill holes and other related work at each project. These approvals will allow Strategic or optionees to rapidly advance promising discoveries.
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 the best jurisdiction in Canada 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., 28.7% of Precipitate Gold Corp., and 19.9% of Silver Range 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 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.