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Strategic Minerals Corporation Substantial Shareholder Raises Stake To 36.6%

Strategic Minerals Corporation (ASX: SMC) substantial shareholder Christopher Wallin Superannuation Fund Trust has further increased its stake in the company to 36.6%.

The Trust acquired another 6.4 million shares for a consideration of A$169,229, or an average entry price of around $0.026 per share.

It now holds around 206.8 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.

Highlighting the potential 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.

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