Strategic Minerals (SML) reported “exceptional” assay results from the 2018 drilling programme at its 50% owned joint venture Redmoor Tin-Tungsten Project in Cornwall.
The last four holes of its twelve-hole drilling programme had the highest-grade intercepts the company has encountered to date, which pushed the weighted average tin equivalent grade for the programme 81% higher than the current Mineral Resource.
Strategic Minerals said there is a high likelihood of substantially expanding the Mineral Resource, after high-grade intercepts of up to 26.2%, 12.45% and 10.52% of tin equivalent.
Peter Wale, Executive Director, Strategic Minerals and Director, CRL, said: “2019 is anticipated to be a watershed year for SML - this update from Redmoor sets the tone for what the Board expects to be a year of substantial progress."
He added "It is also pleasing to note that the Board's long-term view on the impact of supply and demand factors on tin prices has been reflected in the recent recovery in tin prices, which are now above $20,000 per tonne.”
Additionally, its joint venture vehicle Cornwall Resources Limited received a £138,000 research and development refund from HMRC on 3 January 2019.
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