Strategic Minerals PLC (SML) is continuing to develop the Redmoor project through a process of relogging and sampling drillcore and other activities undertaken by its subsidiary Cornwall Resources.
Assay results returned by ALS Laboratories in Ireland have helped identify new zones of potentially economic tungsten-tin-copper mineralisation within the Redmoor deposit and outside of the current resource estimate.
Four new mineralised zones have been identified from examination of core from three holes drilled in 2019.
Among the highlights are tungsten trioxide grades of 0.94% WO3 over 4.12 metres from 606.75 metres, and 0.81% WO3 over 1.5 metres from 305.15 metres.
Elevated concentrations of up to 0.25% tin over 1.39 metres from 552.55metres were also reported.
The assay data also includes newly identified intercepts of potentially economic mineralisation including copper grades of up to 1.19% over 1.65 metres from 360.40 metres.
Meanwhile, Cornwall Resources has also completed a new mineral rights agreement.
View from VOX
This is a very promising development, showing that scope and scale of Redmoor could be bigger than previously outlined. Project manager for Cornwall Resources, Dennis Rowland, talked of deploying “fresh eyes” and “improved methodologies” to achieve these results. Another way of putting that, though is to say that significant value has been added to the project at low cost, which is an important factor in these lean times for junior mining. That said, Strategic Minerals does have significant revenues from its North American operations, so the company remains in a better position than many of its peers.
Also worth bearing in mind that UK retail investors love a local story, so if Redmoor really can be developed into something sizeable, the support might well be significant. An update to the existing resource now looks likely.