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Strategic Minerals Receives Vote Of Confidence As Substantial Shareholder Ups Stake

Strategic Minerals Corporation (ASX: SMC) substantial shareholder Christopher Wallin Superannuation Fund Trust is steadily increasing its stake in the company, now holding 35.46%.

Christopher Wallin Superannuation Fund Trust acquired an additional 10 million shares for a consideration of A$271,485, or an average entry price of around $0.027 per share.

The trust now holds over 200 million shares in Strategic Minerals.

Strategic Minerals is targeting a gold Resource of 1.1 million ounces at its Woolgar Project in Queensland.

Late last year the company unearthed broad widths of gold mineralisation 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 metres, including 5 metres at 2.59g/t.

Woolgar is strategically located 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.

Boding well for an upgrade to the Resource, the current global Resource does not include the most recent gold discovery at Camp vein and newly drilled extensions to known mineralised positions at Grand Central West and Lost World.