Sunday, 19 February 2012

Strategic Elements applies for West Coast, New Zealand, gold and rare earth opportunity

Strategic Elements (ASX:SOR) is continuing on its asset acquisition spree, applying for a prospecting permit near the Reefton gold mine on New Zealand’s South Island.

The application comes after the company carried out field work on the west coast of South Island, which it said had considerable mineral potential but was relatively underexplored due to the area being covered by vegetation.

Strategic managing director Charles Murphy had said then that the program was part of a larger push that would put the company in a good position for an upturn in the market.

The geochemical survey focused on a geologically rich belt adjacent to the regional Alpine Fault on the South Island over a range of prospects related to a belt of 10 separate granites adjacent to the fault, seeking gold, silver, rare earths, rare metals, tin and tungsten.

Exploration in the area is expected to receive a boost as it is the target of a multi-million dollar New Zealand Government airborne geophysical survey to provide information on the area.

Strategic is also carrying out field work over the Mandamus rare metals project on New Zealand’s east coast.

The company had last week awarded six rare earth, precious and base metals prospecting licences in Ireland and was granted the Gifford Creek rare earth project in Western Australia late last month.

The Irish assets include licenses in the Wicklow area which have been authorised for base metals, tungsten, tin, molybdenum, rare earth elements, lithium, tantalum, hafnium, niobium, gold and silver.

A sixth license is in the Mayo area, where Strategic Elements is authorised to prospect for base metals, tin, niobium, zircon, tantalum and rare earth elements.

Meanwhile, exploration in Gifford Creek will target rare earth mineralisation in carbonatite dykes intruded into a broad zone of altered rocks.

Strategic was admitted to the ASX in early August, following an oversubscribed IPO that raised more than $4 million in cash, four times the company’s original target of $1 million.

The IPO received strong support from the investment community as the company is believed to be the world’s first listed rare earths-focused pooled development fund.

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