Strategic Elements Ltd (ASX:SOR) will fund a drill program at the Aorangi gold mine on the South Island of New Zealand, where previous exploration intersected up to 5,324.5 g/t gold.
Results from archives reveal assays of 663.8 g/t gold over 0.75 metres which included 5,324.5 g/t gold over 0.25 metres.
Aorangi closed in 1914, having produced 26,000 ounces of gold at a head grade of 46 g/t gold.
The company’s focus remains on its printable memory ink technology but it deems the gold project to be too valuable to not drill at the least.
Charles Murphy, managing director, commented: “However, Aorangi was a high grade, narrow vein gold mine where the gold was free milling.
“These types of projects are rare, especially those that have no modern exploration at all.”
Strategic Elements has three 100% owned subsidiaries:
- AAM (flagship): Developing nanocube memory technology for potential use in bendable electronic devices;
- Strategic Minerals: Working to re-open a 100 year old high grade goldfield in New Zealand; and
- Maria Resources: Preparing first exploration program at the Officer Project in Western Australia.
The four hole drill program at Aorangi comes after the company has been granted an exploration permit giving it exclusive rights to explore for an initial period of five year.
The granted exploration permit and planned drill program targeting historical bonanza grade gold leverage Strategic to gold exploration success.
Furthermore, it gives the company exposure to the gold market during a time of high prices, with the NZD gold price currently trading at NZ$1,815 per ounce.
Historical information suggests Aorangi has good exploration potential with reported gold mineralisation continuing beneath the old mine.
The company is ultimately looking for larger partners to acquire the projects at the right valuation.
Memory is at the heart of electronics, however current memory capacity of printed electronics and smart systems is limited.
The company has shown through proof of concept prototypes that its technology can:
- be coated and inkjet printed;
- the memory cells are reliable;
- with good speed;
- are transparent; and
- can function on surfaces other than silicon such as plastic and glass materials.
The team at the University of New South Wales are currently focused on development and testing of the ability to bend or flex the nanocube memory ink.
Nanocube commercialisation strategy
The company’s strategy is to focus technical development on those tasks that enable partnerships to be formed.
Strategic is currently in discussions with potential collaboration and development partners.
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