September 30, 2015 -- Strategic Metals Ltd. (TSX-V:SMD) ('Strategic') is pleased to announce a new discovery of high-grade gold mineralization at its Hartless Joe property, located 28 km east-northeast of Whitehorse in southern Yukon Territory.
The Hartless Joe property lies within Stikina, an accreted island arc terrane that extends through northern British Columbia into Yukon. Stikina hosts important epithermal vein and exhalite deposits such as the Primer Mine, Brucejack Deposit, and Eskay Creek Mine.
The new discovery lies on the lower slopes of an alpine valley, within a 500 by 250 m area containing scattered mineralized talus and strong gold and copper soil geochemical anomalies. A continuous chip sample taken across the discovery outcrop graded 60 g/t gold, 554 g/t silver, 5.01% lead, and 0.35% copper over 1.2 m. The chip sample was taken from a quartz-rich band that is either an exhalite horizon or a flat-lying vein. (Photos available at www.strategicmetalsltd.com). The band is exposed at the base of a small cliff. Although the main rock types in the area are mafic to intermediate volcanic flows and volcanoclastic rocks, the immediate hanging wall of the mineralized band is pyritic siltstone. The bottom contact of the band is covered by talus. Boulders and small outcrops of pale green volcanic or volcaniclastic rock containing semi-massive pyrite and minor chalcopyrite were found approximately 15 m uphill from the gold-rich outcrop. A sample with semi-massive pyrite returned 0.33% copper but low values for gold and silver.
No follow-up prospecting or soil sampling has been done in the vicinity of the new discovery. Other particularly noteworthy results from previous work in the area include: 73 and 28.9 g/t gold from quartz-rich rock samples taken 140 and 180 m northeast of the discovery outcrop, respectively; and, strongly anomalous soil geochemical values for gold (100 to 1440 ppb) and copper (200 to 985 ppm).
Reconnaissance-scale exploration has been conducted in different parts of the Hartless Joe property intermittently over the past 48 years by Strategic, previous owners and government geologists. This work has identified several areas with gold-rich mineralization and highly elevated soil geochemical results for gold and its various pathfinder elements. Gold occurrences and soil anomalies are spread over a 5.4 km2 area (see Figures 1 and 2 attached). A total of 108 rock samples have been collected from the property to date, with 28 of them grading better than 1 g/t gold and 10 assaying more than 10 g/t gold (including values of 73, 149 and 190.5 g/t). Soil results are also highly encouraging with 36 of 1064 samples returning between 100 and 2230 ppb gold. None of the exploration targets on the Hartless Joe property have been mapped and prospected in detail.
The Hartless Joe property is one of eight gold properties Strategic owns in the Yukon portion of Stikina.
Analytical work was done by ALS Minerals, with sample preparation in Whitehorse, Yukon and assays and geochemical analyses in 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 gold by fire assay fusion and gravimetric finish (Au-GRA21) and for copper and lead by four acid digestion and inductively coupled plasma-atomic emission spectroscopy (Cu- and Pb-OG62).
The 2015 field program on the Hartless Joe 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 the largest claim holder in Yukon, which the Fraser Institute recently rated as the best jurisdiction in the world 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 defined by high-grade surface showings, geochemical anomalies and/or geophysical features.
Strategic has a current cash position of over $23 million and significant shareholdings in a number of active mineral exploration companies including 46.6% of Rockhaven Resources Ltd., 8.6% of ATAC Resources Ltd., 19.9% of Silver Range Resources Ltd. and 12.9% of Precipitate Gold Corp.
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 or contact:
Corporate Information
Strategic Metals Ltd.
W. Douglas Eaton
President and C.E.O.
Tel: (604) 688-2568
Investor Inquiries
Richard Drechsler
V.P. Communications
Tel: (604) 687-2522
NA Toll-Free: (888) 688-2522
[email protected]
http://www.strategicmetalsltd.com
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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.