Strategic Minerals receives approval for Hanns Camp works

Mineral production and development company Strategic Minerals has received approval from the Western Australian government for a series of works on several properties within the Hanns Camp nickel-copper project.

The exploration programme will involve around 2,000 metres of drilling in the Hanns Camp tenements near Laverton, WA with the intention of identifying the extent of both cobalt and nickel laterite deposits within the camp, following on from its initial drilling in May last year.

Set to begin in the third quarter of 2017, drilling will be funded in full by cash flow from StratMins' Cobre dam project in New Mexico, USA, the company's first cash-generating asset.

Managing director John Peters said, "The sustained strong sales performance of Cobre, continues to provide the Company the opportunity to internally fund this programme, along with its planned stage two programme, without diluting existing shareholders."

As of 0940 BST stock in Strategic had dropped 3.94% to 1.89p