Strategic Minerals Corporation's (ASX:SMC) major shareholder QGold has further increased its investment, moving to 61.33% from 58.9% with the purchase of an additional 20,058,222 shares for around $700,000.
Earlier in the week the company reported infill and extensional gold drilling results at the Big Vein South prospect within its Woolgar project in Queensland.
Results of the first 6 holes included one of 92 metres at 2.3 g/t gold from 136 metres.
Another saw 83 metres at 2.9 g/t gold from 164 metres and 87 metres at 2 g/t gold from 162 metres.
It is expected that the Woolgar goldfield area will continue to show further potential for resource and target expansion with only a small proportion of vein-hosting areas having been explored to date.
Assays for 8 further holes are still pending, and once all results are received, a new resource estimate will be calculated.
Planning for a second phase of drilling is underway, as is magnetometry to improve target definition.
