Strategic Minerals Corporation unveils gold widths of up to 35 metres at Woolgar

Strategic Minerals Corporation (ASX: SMC) has encountered widths of up to 35 metres of gold mineralisation in its 2011 drilling program at the Woolgar Gold Project in Queensland.

Broad widths of gold mineralisation have been encountered in some portions of the Big Vein South prospect, the largest of these being 35 metres at 1.14 grams per tonne (g/t) gold from 26 to 61 metres including 5 metres at 2.59g/t.

Higher grade zones were also encountered in this area, hosting 10 metres at 3.31g/t gold from 38 to 48 metres including 2 metres at 11.9g/t, and 14 metres at 2.19g/t gold from 8 to 22 metres including 6 metres at 4.52g/t.

Drilling at the Mowbray NE prospect uncovered a best result of 17 metres at 2.28g/t gold from 32 to 49 metres including 5 metres at 4.29g/t.

This compares to a previous hole drilled in 2009 which returned a highlight of 17 metres at 1.34g/t gold.

Drilling at the Big Vein North prospect produced a best result of 12 metres at 3.8g/t gold from 22 to 34 metres including 2 metres at 18.6g/t.

Meanwhile, other drilling results have also shown the potential for new resource targets areas at the Brien Shear South and Brien Shear prospects.

About 76%, or 51, of the holes drilled at these prospects have returned intersections of 1 metre and above of gold greater than 1g/t, and over varying widths from 1 to 35 metres and depths from 2 to 120 metres.


Forward plans

Strategic Minerals is now planning to determine Resource estimates of those areas of the Brien Shear South and Brien Shear prospects with sufficient drilling undertaken once all assays are received.

The company will also follow up both the current and past results at the Mowbray NE and Big Vein North prospects with additional exploration.

Also, logistical problems with drilling access for the Union prospect meant that planning for this area was moved into the drill planning for next year so as not to hold up the drilling in other prospect areas.


Woolgar Project Prospectivity

Woolgar is located 120 kilometres north of Richmond in north Queensland in a region that hosts multi-million ounce gold deposits developed at Kidston (4.1 million ounces), Charters Towers (7.1 million ounces), Mt Leyshon (3.2 million ounces) and Pajingo – Vera Nancy (3.2 million ounces).

The current total global Resource for the project is 10.4 million tonnes at 1.35g/t for 453,000 ounces of gold. Strategic Minerals believes Woolgar has the potential to host a Resource of 1.1 million ounces.

The Resource does not include estimates for the most recent gold discovery at Camp vein and newly drilled extensions to known mineralised positions at Grand Central West and Lost World.

Meanwhile, investors are responding to Strategic Minerals’ progress with the company receiving an ASX speeding ticket in September.

Shares hit $0.043 in intra-day trade on Thursday 8 September, a 48% gain on the $0.029 from Wednesday 31 August.

At the time Strategic Minerals said the drilling had recently started at the Woolgar Gold Project following a completed fully underwritten entitlement issue which raised around A$3.5 million.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/23394/strategic-minerals-corporation-unveils-gold-widths-of-up-to-35-metres-at-woolgar-23394.html