STRATEGIC MINERALS CORPORATION
STRATEGIC MINERALS CORPORATION

Overview of Strategic Minerals Corporation

Strategic Minerals Corporation NL (Strategic) is an Australian based gold exploration company whose principal major gold exploration project is located at Woolgar, in Central Northern Queensland, Australia. The Company has been publicly listed on the Australian Securities Exchange (ASX:SMC) since 1981.

Strategic’s core objective is to become a significant gold producer through mine development at its 100% owned and managed Woolgar Project. The project, which includes all mining titles and exploration permits, is located 120 kilometres north of Richmond, in Queensland, an area of high gold endowment, where several multi-million ounce gold deposits have been developed over a number of years. The project hosts multiple gold resources in several styles of mineralisation, including epithermal and mesothermal vein-hosted, and intrusive related gold systems.

The Woolgar Gold Project

The project incorporates six Exploration Permits for Minerals (EPMs) covering an area of 493 km² over prospective areas within an area of 31 kilometres from north to south and 26 kilometres from east to west, along with eight Mining Leases (MLs) over resources and infrastructure.

Gold was discovered at Woolgar over 100 years ago, although systematic exploration did not commence until the late-1970’s. Epithermal veins were discovered in the 1980’s and were the focus of exploration until the recent discovery of the mesothermal-style BVS deposit.

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Project Geology

The project geology consists of Proterozoic metamorphic rocks which have been intruded by several igneous units. This has been overlain by several generations of sedimentary sequences, predominantly of Jurassic age, with extensive areas of recent (Quaternary) alluvial deposits. The metamorphic sequence (schists, gneisses and migmatites) is exposed locally in an erosional window (inlier) within the regionally extensive sediments, and is considered to be a southern extension of the Etheredge Formation that occurs around Georgetown to the north, which hosts the Kidston, Mt Hogan, Georgetown and Chillagoe deposits amongst others. Most mineralisation is hosted within the metamorphic suite, such that exploration concentrates on this, but has also been effective at following the mineralisation under shallow sedimentary cover where it is not visible at surface.

Mineralisation

There are three main types of mineralisation recognised at Woolgar: epithermal veins, shear-hosted mesothermal veins and intrusive related gold.

  • The epithermal mineralisation occurs in the eastern Sandy Creek sector with minor occurences along the Woolgar Fault Zone.

  • The mesothermal veins are concentrated along the Woolgar Fault Zone, trending north-northeast through the Lower, Middle and Upper Camps.

  • The intrusive related mineralisation is predominantly distributed across the northern and central prospects, with lesser occurrences in the Lower Camp.

These mineral styles are adjacent and locally coincident, although they apparently were formed by multiple geological events. They are apparently localised in the Woolgar district by the highly favourable occurrence of multiple, regionally important geological structures.

Exploration Overview & Big Vein South

Strategic has enjoyed considerable recent exploration success in the Lower Camp, culminating in the recent resource estimations for BVS. This is due to the company’s improved geological understanding of the mineralisation systems and the controls on their distribution. The company is currently applying this improved geological understanding to both new targets and reassessing previous prospects across the broader project area.

Current Status

The Woolgar Project contains multiple resources hosted in mesothermal, epithermal and intrusion related gold systems. The Big Vein South (BVS) deposit located within the Lower Camp is a shear-hosted mesothermal vein gold system. The historic resources of the Sandy Creek epithermal vein sector are located in the east of the Woolgar Project, approximately 10 to 13 kilometres east to northeast of the main BVS resource, and encompass Lost Word, Explorer, Camp Vein and Grand Central. Lastly, Soapspar, an intrusive-related deposit, is approximately 15 kilometres northeast of BVS. The BVS resource is a mesothermal gold deposit both spatially and genetically unrelated to the historic resources.

Together the current JORC-2012 compliant global resource inventory for the Woolgar Project is 45.676 Mt at 1.37 g/t, containing 1,983,000 oz. gold at a 0.4-0.75 g/t cut-off.

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Big Vein South (BVS)
Deposit

(Mesothermal)

 

Cut off

Local Tonnage

Au Local

Au Local

 

g/t

kt

ppm

Oz

Measured

0.75

1,400

1.91

87,000

Indicated

0.75

12,900

1.93

799,400

Inferred

0.75

9,500

1.64

498,600

Total

0.75

23,800

1.81

1,384,000

Soapspar Deposit

(Vein-hosted and
mesothermal)

 

Cut off

Local Tonnage

Au Local

Au Local

 

g/t

kt

ppm

Oz

Measured

0.4

1,667

0.91

49,000

Indicated

0.4

1,175

0.9

34,000

Inferred

0.4

472

0.82

1,000

Total

0.4

3,314

0.89

84,000

Camp Vein & Grand
Central Deposits (Low-sulphidation Epithermal)

 

Cut off

Local Tonnage

Au Local

Au Local

 

g/t

kt

ppm

Oz

Measured

Indicated

0.4

2,157

1.18

82,000

Inferred

0.4

607

1.02

20,000

Total

0.4

2,764

1.14

102,000

Explorer Deposit
(Low-sulphidation Epithermal)

 

 

 

 

 

Cut off

Local Tonnage

Au Local

Au Local

 

g/t

kt

ppm

Oz

Measured

1

395

3.61

46,000

Indicated

1

149

2.22

11,000

Inferred

1

351

1.45

16,000

Total

1

895

2.55

73,000

Lost World Deposit
(Low-sulphidation Epithermal)

 

Cut off

Local Tonnage

Au Local

Au Local

 

g/t

kt

ppm

Oz

Measured

0.4

3474

0.87

97,000

Indicated

0.4

8074

0.68

177,000

Inferred

0.4

3155

0.66

66,000

Total

0.4

14,703

0.72

340,000

Woolgar Global Total

 

0.4–0.75

45,676

1.37

1,983,000

Table: Summary of global resource table for the Woolgar Project for JORC 2012-compliant resource estimates. For full details of these results, please refer to “Resource Update for Big Vein South” issued on 10th March 2020 and “Resource Update” issued on the 26th October 2017

 

Uranium

Strategic Minerals Corporation N.L., through its subsidiary company Alpha Uranium N L, has established a uranium exploration portfolio, which includes substantive targets within the Woolgar project area, where the potential for the discovery of significant uranium deposits is considered high. Exploration activity for uranium is currently in hiatus due to the state-wide prohibition on the mining of uranium, but may be resumed if legislative changes justify.

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