VANCOUVER, BC--(Marketwired - August 03, 2016) - Strategic Metals Ltd. (TSX VENTURE: SMD) ("Strategic") is pleased to announce results from exploration work on its wholly owned OOO property, located in south-central Yukon Territory. The OOO property is located midway between Goldcorp Inc.'s Coffee Gold Project and Rockhaven Resources Ltd.'s Klaza Gold-Silver Project. The OOO hosts silver and-or gold-rich epithermal veins, which form a series of parallel recessive linears that coincide with magnetic lows and strongly anomalous, multi-element soil geochemistry. The veins strike north-south and appear to dip steeply to the west. The mineralization has received little historical exploration and has never been drilled. Recent work comprised hand trenching, soil sampling, mapping and prospecting.
In 2016, a hand trench (TR-16-01) was dug across a strong linear where a 2015 rock sample had assayed 6680 g/t silver, 30.22% lead and 0.80 g/t gold (see news release dated March 3, 2016). Chip sample results from the trench include 570 g/t silver, 2.76% lead, 0.08 g/t gold over 6.4 m and 106 g/t silver, 0.84% lead and 0.03 g/t gold over 9.6 m. These highlight intervals are separated by 5.6 m of weakly mineralized wallrocks. Aside from a few pods of anglesite-encapsulated galena all of the mineralization in TR-16-01 is strongly oxidized. Historical drilling on the same ridge system about eight kilometres to the southeast, indicated that similar mineralization is almost totally oxidized to depths of 100 m or more. TR-16-01 was the only trench that tested this mineralized linear.
Additional trenches were attempted on other linears, but most were incomplete or stopped before reaching bedrock. Trenches TR-16-04 and TR-16-05 were dug 30 m apart across a second linear located 320 m east of TR-16-01. Highlights from these trenches were: 60.5 g/t silver and 0.79% lead over 2.1 m (TR-16-04) and 375 g/t silver and 8.33% lead over 0.9 m (TR-16-05). Trench locations, soil geochemistry and geophysical data are shown on the Company's website.
Several rock samples collected by prospectors from linears elsewhere on the OOO property have returned between 1.0 and 6.54 g/t gold.
Strategic would like to thank the Yukon Government, and specifically the Yukon Geological Survey, for awarding a Yukon Mineral Exploration Program grant to the Company for the 2016 exploration program on the OOO property.
On July 15, 2016, Strategic received a Class 3 Land Use Approval for the OOO property. Strategic has scheduled heritage resource overview assessment and heritage resource impact assessment surveys for the OOO property in August 2016. These surveys must be complete before drilling can occur.
Analytical work was done by ALS Minerals, with sample preparation in Whitehorse, Yukon or Kamloops or North Vancouver, British Columbia and assays and geochemical analyses in Kamloops or North Vancouver, British Columbia. All rock samples were analyzed for gold by fire assay fusion and inductively coupled plasma-atomic emission spectrometry (Au-ICP21) and 48 other elements by four acid digestion and inductively coupled plasma-atomic emission spectroscopy (ME-MS61). Overlimit values were determined for silver, lead and zinc by four acid digestion and inductively coupled plasma-atomic emission spectroscopy (Ag- and Pb-OG62). Overlimit analysis for samples with lead greater than 20% were completed by acid dissolution and titration (Pb-VOL70).
The 2016 field program on the OOO property was managed by Archer, Cathro & Associates (1981) Limited (Archer Cathro). Technical information in this news release has been approved by Heather Burrell, 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 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 41.4% of Rockhaven Resources Ltd., 8.3% of ATAC Resources Ltd., 23.9% of Precipitate Gold Corp., and 16.5% 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 at www.strategicmetalsltd.com.
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.