Drilling has now started at the Hanns Camp nickel/copper sulphide prospect in Australia, Strategic Minerals (LON:SML) confirmed today.
By spending A$250,000 on exploration Strategic can take a 50% stake in Central Australian Rare Earths , the owner of the Laverton project that includes the Hanns Camp prospect.
A number of major nickel deposits have made in Australia recently and Hanns Camp is considered to be one of the most compelling greenfield nickel-sulphide exploration opportunities in the Yilgarn Craton of Western Australia, said Strategic.
Excitement over the potential has seen Strategic’s share price more than triple in the past month.
The drill programme will comprise three holes at targets at Forest, Stirling and Canning for a total a depth of 1,050m.
It will be the first nickel focused drilling at Hanns Camp since the late 1970s and it follows extensive analysis of historical records with recent electromagnetic survey data.
Each hole is spaced 800m apart and the programme expected to be completed within four to six weeks.
John Peters, Strategic’s managing director, said: "The commencement of drilling represents the hard work put into the analysis and logistics associated with identifying and testing the magnetic anomalies identified at Hanns Camp.