Strategic Minerals Plc (LON:SML) has received approval from the Western Australian government for a programme of works at the Hanns Camp properties.
Hanns Camp is prospective for cobalt, nickel laterites and nickel sulphides.
Strategic Minerals will now undertake a 2,000 metre drill programme designed to identify the extent of cobalt and nickel laterite deposits at Hanns Camp.
Drilling is to commence and expected to complete in the third quarter of this year, and will be fully funded by cash flow from the company’s Cobre magnetite tailings dam project in New Mexico.
"The granting of the Permit of Work by the West Australian Government has provided us the opportunity to complete the first stage of our drill programme within the third quarter of 2017 as previously outlined in our 26 June RNS,” said Strategic Minerals managing director, John Peters.
"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."