Strategic Metals Ltd.
TSX VENTURE : SMD

Strategic Metals Ltd.

November 05, 2013 08:00 ET

Strategic Metals Outlines Nine Square Kilometre Copper-Gold Skarn-Porphyry Target at Hopper Project, Yukon

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 5, 2013) - Strategic Metals Ltd. (TSX VENTURE:SMD) ("Strategic" or "the Company") is pleased to announce results from its wholly-owned Hopper copper-gold skarn and porphyry property in southwestern Yukon Territory. This road accessible property encompasses 365 mineral claims covering a 74 km2 area, and lies 22 km north of the Otter Falls hydroelectric generator.

The 2013 exploration program at the Hopper property involved soil geochemical sampling, geological mapping and prospecting. Highlights from the program include:

  • Expansion of a known soil anomaly to a 2,500 by 3,600 m area defined by values ranging from 500 to 26,000 ppm copper and the recognition of a high-grade core area within the anomaly measuring 600 by 1,000 m;
  • Successful extension of multiple stacked, copper-rich skarn horizons, from which previous diamond drilling returned numerous highly encouraging intercepts including 1.94% copper and 0.87 g/t gold over 18.59 m; and
  • Discovery of a stratigraphically deeper gold-rich skarn exposure, from which a chip sample returned 6.83 g/t gold and 0.18% copper over 3 m.

"The soil geochemical anomaly at the Hopper property is one of the strongest and largest in Yukon. This excellent geochemical response together with recent prospecting discoveries and historical drill results indicate a very large, well mineralized hydrothermal system," states Doug Eaton, President and CEO. "The Hopper project is considered to be a prime target with excellent logistics and a good commodity mix. We look forward to completing a substantial drilling program on a priority basis in 2014."

The 2013 exploration program continued to outline a zoned hydrothermal system associated with a Late Cretaceous pluton and younger dyke swarms, which cut a thick section of calcareous metasedimentary rocks. Much of the prospective area is heavily vegetated and blanketed by various depths of overburden. Soil geochemical sampling has defined a 2,500 by 3,600 m anomaly, containing values from 500 to 26,000 ppm copper. Within this large area, 2013 sampling has identified a core area, measuring 600 by 1,000 m where the highest copper results are accompanied by moderately to strongly anomalous gold (from 20 to 996 ppb) and molybdenum (from 10 to 142 ppm) values.

The mineralized hydrothermal system is centered on a porphyry-style copper zone that is flanked by stacked skarn horizons and distal veins. Historical work within the porphyry zone (North Zone) consisted of mechanized trenching and a number of widely spaced, very short percussion drill holes. The best results from this work were 0.52% copper over 45.72 m (trench) and 0.24% copper over 39.62 m (entire length of percussion drill hole).

Sub-horizontal skarn horizons have now been traced over a 1,500 m strike length and through a stratigraphic section of 250 m. They typically comprise medium to coarse grained diopside-pyroxene-actinolite±wollastonite with disseminated to massive chalcopyrite, pyrite, pyrrhotite and magnetite. Historical drilling has been mostly confined to a 300 by 400 m area (South Zone), which lies outside the core of the soil geochemical anomaly. The best copper and gold results from limited drilling of the skarn horizons were 1.94% copper with 0.87 g/t gold over 18.59 m and 1.76 g/t gold with 0.22% copper over 16.93 m, including 9.44 g/t gold with 0.01% copper over 2.0 m. The skarn horizons remain open to extension along strike and down-dip.

The 2014 exploration program at the Hopper project will include IP/chargeability surveys, which will be done in conjunction with an initial phase of diamond drilling that is expected to total at least 3,000 m.

The 2013 exploration program was conducted by Archer, Cathro & Associates (1981) Limited. Technical information in this news release has been approved by Heather Burrell, P.Geo., a qualified person for the purposes of NI 43-101.

Analytical work was completed by ALS Minerals with sample preparation in Whitehorse and assays and geochemical analyses in North Vancouver. All rock samples were dried and fine crushed to -2mm. A 250 g split was then pulverized to 75 microns and digested in aqua regia before being analyzed for 51 elements by inductively coupled plasma-atomic emission spectroscopy and inductively coupled plasma-mass spectrometry (ME-MS41). An additional 30 g charge was further analysed for gold by fire assay with inductively coupled plasma-atomic emissions spectroscopy finish (Au-ICP21). Over limit values were determined using Cu-OG46. All soil samples were dried, screened to -180 microns and then analyzed for 51 elements using ME-MS41.. Gold values were determined by fire assay with Au-ICP21.

About Strategic Metals Ltd.

Strategic is a pre-eminent explorer and claim holder in the Yukon, with an exceptional portfolio of more than 150 property and royalty interests. The Company has a current cash position of more than $34 million and its major shareholdings include 9.1% of ATAC Resources Ltd., 19.9% of Silver Range Resources Ltd. and 31.2% of Rockhaven 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.

Contact Information

  • Strategic Metals Ltd.
    W. Douglas Eaton
    President and C.E.O.
    (604) 688-2568

    Strategic Metals Ltd.
    Bruce A. Youngman
    Chairman
    (604) 687-2522

    Strategic Metals Ltd. - Investor Inquiries
    Richard Drechsler
    Corporate Communications
    (604) 687-2522 or NA Toll-Free: (888) 688-2522
    rdrechsler@strategicmetalsltd.com
    www.strategicmetalsltd.com