VANCOUVER, BC / ACCESSWIRE / April 6, 2021 / Strategic Metals Ltd. (TSXV:SMD) ("Strategic" or "the Company") is pleased to announce that it has granted CAVU Mining Corp. (CSE:CAVU) ("CAVU") the right to earn up to a 70% interest in the Hopper copper gold project located in southwestern Yukon. The Hopper project encompasses a 74 sq km area located 22 km north of the Otter Falls hydroelectric generator, within the Traditional Territory of the Champagne & Aishihik First Nation.
The road accessible Hopper property hosts copper-gold, skarn and porphyry mineralization that is associated with a Late Cretaceous (76.0±1.1 and 83.7±1.9 Ma) granodiorite pluton, informally named the Hopper Pluton. The age of the Hopper Pluton places it in the same metallogenic episode as the Patton Porphyry, which is the mineralizing pluton at Western Copper and Gold Corporation's Casino porphyry copper-gold-silver-molybdenum deposit located 190 km to the north-northwest. The Casino deposit contains 8.9 million ounces and 4.5 billion pounds in proven and probable ore reserves (mill reserves of 965.2 million tonnes grading 0.204% Cu, 0.240 g/t Au and 0.0227% Mo and heap leach reserves of 157.4 million tonnes grading 0.036% Cu and 0.292 g/t Au).
The mineralized hydrothermal system at Hopper is centered on a porphyry-style copper zone that is flanked by stacked skarn horizons. Results from the porphyry zone include 0.52% copper over 45.72 m (trench) and 0.24% copper over 39.62 m (entire length of percussion drill hole) and 0.17% copper over 162.85 m from a 2015 diamond drill hole. Results from stacked, laterally extensive skarn horizons have produced promising drill results including 1.94% copper and 0.87 g/t gold over 18.59 m (true thickness approximately 12 m). Gold-rich skarns deeper in the stratigraphic section have assayed 43.6 g/t gold over 1 m (true thickness) and 12.15 g/t gold over 2.65 m (true thickness) from intersections 360 m apart.
Terms
CAVU can earn a 70% interest in the Hopper Project by incurring expenditures totalling $5,000,000, paying Strategic a total of $700,000 cash and issuing Strategic a total of 250,000 shares, by March 31, 2025.
Technical information in this news release has been approved by Heather Burrell, P.Geo., a geologist with Archer, Cathro & Associates (1981) Limited and qualified person for the purpose of National Instrument 43-101.
About Strategic Metals Ltd.
Strategic is a project generator with a portfolio of more than 130 projects that are the product of over 50 years of focussed exploration and research by a team with a track record of major discoveries. The projects include more than 80 properties where precious metals are the major component, several promising copper prospects and a number of excellent critical metal targets. Projects available for option, joint venture or sale include drill-confirmed prospects and drill-ready targets with high-grade surface showings and/or geochemical anomalies and geophysical features that resemble those at nearby deposits.
Strategic has a current cash position of over $9 million and large shareholdings in a number of active mineral exploration companies including 38.9% of GGL Resources Corp., 33.5% of Rockhaven Resources Ltd., 19.2% of Precipitate Gold Corp. and 18.7% of Silver Range Resources Ltd. All of these companies are well funded and are engaged in promising exploration projects. Strategic also owns 21.9% of Terra CO2 Technologies Holdings Inc., a private Delaware corporation which recently completed a US$9.2 million financing to advance its environmentally-friendly, cost-effective alternative to Portland cement. The current value of Strategic's stock portfolio is approximately $25 million.
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:
Richard Drechsler
V.P. Communications
Tel:
rdrechsler@strategicmetalsltd.com
http://www.strategicmetalsltd.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
SOURCE: Strategic Metals Ltd.
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https://www.accesswire.com/639161/Strategic-Metals-Ltd-Options-Hopper-Project-Yukon
