Strategic Metals Ltd. (TSX VENTURE: SMD) ("Strategic" or the
"Company") is pleased to provide the following update of
exploration activities at its wholly owned Midas Touch Project
located in east-central Yukon.
Regional Summary
The Midas Touch Project is located within the Rackla Gold
District, where ATAC Resources Ltd. has discovered Carlin-type gold
mineralization at its Osiris prospect. Strategic is exploring a
very large land package immediately south (up-section) of the
Osiris prospect. Strategic's claims lie within a belt of
carbonate-bearing off-shelf stratigraphy that is more than 225 km
long and up to 20 km wide.
Highlights
-- Initial results from more than 12,500 soil and silt geochemical samples
have returned sizeable pathfinder +/- gold geochemical anomalies in a
number of areas;
-- Preliminary prospecting has followed up only a few of the many
geochemical anomalies and has already discovered three new zones of
strong orpiment/realgar mineralization (see photos at the Company's
website at www.strategicmetalsltd.com);
-- Expansion of the properties to encompass more than 980 sq km of
prospective stratigraphy for Carlin-style mineralization;
-- Results to date from drilling at the Crag and newly-discovered Crag East
areas are consistent with the upper portions of sizeable Carlin-style
systems, with further drilling required to depth;
-- Initial drilling at the Rod prospect has returned silver-lead-zinc
mineralization grading 101.91 g/t silver, 4.76% lead and 4.44% zinc over
8.31m.
Crag Property
At the Crag Property, located 40 km west of ATAC's Osiris
discovery, assay results have been received for 11 holes (2,836 m)
completed earlier this summer. These holes tested a 400 m strike
length of the Trent Zone to a maximum depth of 230 m below surface
(see maps at www.strategicmetalsltd.com).
The Trent Zone was previously drilled as a lead-zinc prospect in
the 1970s. Drill hole logs from the historical drilling noted the
presence of realgar and orpiment, arsenic sulphide minerals that
are often associated with Carlin-style gold deposits and are key
indicator minerals at ATAC's Osiris discovery.
Drilling by Strategic in 2011 confirmed the presence of realgar
and orpiment on fractures throughout a 200 m thick section of
brecciated dolomite, with increasing abundance immediately below an
argillite interbed. Analyses of drill core returned many elevated
to very high values for pathfinder elements such as mercury (2 to
greater than 100 ppm), thallium (2 to 60.9 ppm), arsenic (1,000 to
15,300 ppm) and antimony (50 to 3,010 ppm), with occasional
concentrations of zinc (1 to 33%), lead (1 to 5.8%) and silver (20
to 153 g/t). The highest gold value obtained to date - 1.33 g/t
gold across 3.19 m - came from hole C11-05, the deepest hole to
date into the prospective stratigraphy.
Preliminary results confirm that the Crag hydrothermal system is
gold-bearing and large in extent. The pathfinder element signatures
are consistent with the upper portions of a Carlin system.
Topography in the area of interest is subdued and bedrock exposures
are rare, which limits the effectiveness of surface exploration
techniques. The Company has mobilized a drill back to the Crag
property to complete additional holes that will target stronger
gold mineralization at depth. The Company anticipates that a
substantial follow-up drill program will be completed next year,
utilizing larger capacity drill rigs capable of testing the Crag
hydrothermal system further to depth.
Rod Property
At the Rod property, located 35 km west of Crag, 12 drill holes
(2213 m) have been completed. Assays have only been received for
the first two holes and the upper part of the third hole.
Sulphide-rich veinlets and laminations intersected in drill hole
R11-03 averaged 101.91 g/t silver, 4.76% lead and 4.44% zinc over
8.31m.
The first ten holes at the Rod property tested recessive
fracture zones located within a previously-defined 1500 by 500 m
zone of anomalous gold soil results, accompanied by very high
silver, antimony, arsenic, mercury and lead values. The last two
holes were collared 3 to 5 km to the west, within extensions to the
multielement geochemical anomaly outlined through 2011 sampling.
Results for the remaining Rod drill holes are pending.
Reconnaissance Geochemistry and New Orpiment-Realgar
Discoveries
Reconnaissance geochemical surveys at the Midas Touch Project in
summer 2011 collected more than 12,500 soil and silt samples.
Preliminary results have outlined several sizeable pathfinder
geochemical anomalies, some with gold values in the 30 to 100 ppb
range. Geochemical results from approximately 40% of the soil and
sediment samples are pending.
Preliminary prospecting at the Midas Touch Project has only
evaluated a few of the geochemical anomalies but has already been
very successful, having discovered three new zones of strong
orpiment/realgar mineralization. At one of the new zones ("Crag
East"), mineralized boulders have been collected for a distance of
600 m along strike. Hand trenches have exposed a strongly clay
altered structure, several metres in width. The realgar and
orpiment occurs in a variety of forms including fracture filling,
pervasive disseminations and massive pods. A drill was mobilized to
this zone in early August and completed four widely spaced holes
(1,015 m). Assays from a 37.57 m interval in the first drill hole
at the Crag East yielded extremely high levels for pathfinder
elements averaging 33.88 ppm thallium, 7898 ppm arsenic and more
than 45.24 ppm mercury (exact mercury values could not be
calculated as some samples exceeded the analytical detection
limit). While gold values in this intercept were low, the thick
section of very high pathfinder element values and strong clay
alteration suggest that this showing is located on a major
structure near the top, or on the periphery, of a Carlin-style
system. Assay results from the remaining three holes completed at
Crag East are pending.
Two diamond drill holes (384 m) were also completed to test
beneath a strong arsenic anomaly (greater than 10,000 ppm)
associated with a large gossanous seep, located about 4.5 km
east-northeast of Crag East. No realgar or orpiment has been
identified in either of these holes but both contain sections of
strongly silicified limestone and one of the holes cut pyrite-rich
intervals. Assays for both holes are pending.
About Strategic Metals Ltd.
Strategic is a pre-eminent explorer and claim owner in the
Yukon, with an exceptional portfolio of 160 property and royalty
interests. Strategic currently has approximately $30 million in
cash and owns marketable shares of other resource companies with a
total value exceeding $100 million.
Technical information contained in this news release includes
information summarized from historical assessment reports. Mathew
R. Dumala, P.Eng, has reviewed and approved the technical
information contained in this news release. Mr. Dumala is a
qualified person as defined by National Instrument 43-101.
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.
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.
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.
Contacts: Strategic Metals Ltd. - Corporate Information W.
Douglas Eaton President and C.E.O. (604) 688-2568 Strategic Metals
Ltd. - Corporate Information 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
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