THE BOURSE WHISPERER: Strategic Materials, the 100 per cent-owned subsidiary of ASX-listed Strategic Elements, has secured the exploration rights to the Wicklow Tungsten Block, located approximately 60 kilometres southwest of Dublin, Ireland.
The Wicklow Tungsten Block contains an extensive tungsten system Strategic Elements claims to be potentially up to 10km in strike length.
Two previous owners of Wicklow have conducted exploration work that has taken the project to the drill testing stage.
The company is confident it can benefit from the exploration work and expenditure already invested into the project.
This includes various positive feasibility studies, off-take agreements and successful debt financing arrangements, which have all recently been achieved.
“This asset fits in extremely well within our existing portfolio,” Strategic Elements managing director Charles Murphy said in the company’s announcement to the Australian Securities Exchange.
“As in New Zealand, Ireland provides a very secure mining system, has low levels of corruption and is a low cost country in which to operate.
“Some of the geological aspects of the Wicklow Tungsten Block are also very familiar.
“Also as in New Zealand, we have identified an excellent exploration team to work with that has deep knowledge of the local geology combined with significant global experience.”
Strategic Elements said it now intends forming a separate subsidiary to specifically expedite progress of its projects with exposure to tungsten and gold.
The 100 per cent-owned new entity will focus on generating tungsten/gold prospects with proven mineralisation.
The company intends moving the Wicklow Tungsten Block to this new entity.
The subsidiary company, Strategic Materials will continue to remain tightly focused on its Australian and New Zealand rare earths projects.
Strategic Elements said this company structure will enable it to continue generating prospects, market its rare earths and tungsten/gold activities to specific sets of investors/partners and prepare for any future corporate activity.