Strategic Minerals (SML) the resource company focused on projects prospective for battery materials, has reported a significant resource update at its Redmoor tin, tungsten and copper project in Cornwall.
After the company’s 2018 drilling programme, it’s resource consultant Paul Gribble of Geologica updated the mineral resource estimate reporting a 200% increase in contained metal, a 160% increase in resource tonnes and a 17% in tin equivalent grade.
The inferred Tin Equivalent reported by the company now amounts to 137,000 tonnes, three times more than the 45,000 tonnes previously reported.
Shares in SML were up 4.69% on the day of the announcement
The company told investors that on a contained metal basis and a grade basis, the Redmoor Mineral Resource ranks “as one of the leading undeveloped tin-tungsten mining projects in the world”.
The major part of the resource is the Sheeted Vein System (SVS), which has now been reported to extend over a strike length of over 1,000 metres and an approximate 650m down dip.
Commenting, Peter Wale, Executive Director, Strategic Minerals and Director, CRL, said: “In the Company's view, the independent assessment of the inferred tin equivalent resource highlights the world class potential of the Redmoor project and sets an important milestone.”
He added: “SML considers that there remains serious target potential to the west along strike, as well as down dip. While this may provide an opportunity for future expansion of the resource, CRL's key focus, in the short term, will remain the area reported”
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