SML completes drilling at Australian magnetite prospect

16 November 2011 (Last Updated November 16th, 2011 18:30)

Strategic Minerals (SML) has completed 3,588m of reverse circulation and 864m of diamond drilling at the Iron Glen magnetite prospect in Queensland, Australia.

Strategic Minerals (SML) has completed 3,588m of reverse circulation and 864m of diamond drilling at the Iron Glen magnetite prospect in Queensland, Australia.

The firm has finished all the field work and is awaiting the final analytical results, which will include Davis tube recovery tests, by the end of 2011.

SML has also completed its third payment on the rail spur upgrade at the Cobre Stockpile project in New Mexico, US.

The firm is currrently carrying out works to clear the track vegetation and complete initial surveys, with the rail upgrade programme expected to complete on-schedule.

These works will allow SML to commence rail-freighting magnetite from the stockpile to potential US and offshore customers by the end of the first quarter of 2012.