Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Strategic Minerals Corporation's Drilling Extends Gold Mineralisation At Woolgar

Strategic Minerals Corporation (ASX: SMC) has received initial extension drilling results from the Big Vein South (Southern) Prospect within the Woolgar Gold Project in Queensland that show significant shallow intersections extending the gold mineralisation to the south.

Not only has extension drilling yielded positive results, but infill drilling has unearthed an intercept of 3 metres at 36.6 grams per tonne (g/t) from within a broader intercept of 25 metres at 6.69g/t gold from 22 metres.

Best results from extension drilling of the Big Vein South (Southern) Prospect include 7 metres at 1.59g/t gold from 37 metres including 3 metres at 2.93g/t gold, which was located about 200 metres further south of previous drilling.

Two further holes, located about 50 metres apart and further south of the previous drilling, intersected 4 metres at 1.13g/t from 29 metres and 8 metres at 1.72g/t gold from 30 metres, including 2 metres at 4.04g/t gold.

Infill drill results

Initial drilling results from the first six infill drill holes in the 2012 drilling program have also now been received.

Other up dip intersections on the same section as the high grade 3 metres at 36.6g/t gold were 17 metres at 3.33g/t gold from 10 metres, including 4 metres at 11.9g/t gold; and 13 metres at 1.48g/t gold from 1 metre, including 3 metres at 4.27g/t gold.

Drilling progress

To date, Strategic Minerals has completed a total of 54 reverse circulation holes in the 2012 Woolgar drill program.

The overall planned program comprises around 10,000 metres and 160 holes.

The 2012 drilling program is expected to provide the delineation of further gold mineralisation at a number of areas including at the Big Vein South and Big Vein deposits.

Also the gold mineralisation previously located at Mowbray NE, Big Vein 2, Big Vein North, Union South and the Brien Shear structure is promising for the delineation of further gold mineralisation.

Woolgar Project

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).

High grade epithermal gold veins were first recognised by Strategic at Woolgar in 2002, in the Sandy Creek area, expanding the potential of the field to host a major gold deposit.

The epithermal veins at Woolgar are believed to have many geological similarities to those at Pajingo, one of Australia's largest and most profitable gold mines.

The current total global resource for the project is 10.8 million tonnes at 1.42g/t for 474,900 ounces of gold using a higher cut-off. At a lower cut-off, the resource would be 25.6 million tonnes at 0.98g/t for 802,200 ounces of gold.

Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.