REG - Strategic Minerals - Identification of Silver Mineralisation at Redmoor

Strategic MineralsAnnouncement

30/06/2025 07:00

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RNS Number : 8612O  Strategic Minerals PLC  30 June 2025

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the
European Union (Withdrawal) Act 2018.

 

 

30 June 2025

 

Strategic Minerals plc

("Strategic Minerals" or the "Company")

Identification and Clarification of Additional Silver Mineralisation at
Redmoor Through

Re-analysis of Samples from Previous Drilling Programmes

Strategic Minerals plc (AIM: SML; USOTC: SMCDF), an international mineral
exploration and production company, is pleased to announce that its wholly
owned subsidiary, Cornwall Resources Limited ("CRL"), has received positive
results from the re-analysis of 111 pulp samples from previous CRL exploration
drilling programmes, following a review of prior analytical results.

The results, combined with historical analyses, identify the mineralisation of
silver associated with copper within the Sheeted Vein System ("SVS"), within
the current Redmoor Mineral Resource Estimate ("MRE"), and in other
mineralised zones.

Highlights:

·    As part of the ongoing re-logging campaign at Redmoor, a review
process has continued to be undertaken on historical assay results, which has
resulted in the identification of elevated silver (Ag) concentrations
associated with copper (Cu) mineralisation

·    A review of 202 historical CRL drillcore assays highlighted strong Ag
mineralisation associated with Cu within identified geological structures that
form part of the SVS and the current Redmoor MRE, notable historic examples
include:

o  CRL000662: 0.75m @ 105.0 g/t Ag and 8.70% Cu from 367.25m in CRD011

o  CRL004189 + CRL004190: 1.75m @ 91.1 g/t Ag and 7.35% Cu from 413.67m in
CRD031

o  CRL002087 + CRL002088: 3.00m @ 35.8 g/t Ag and 2.60% Cu from 298.13m in
CRD020

o  CRL000371: 1.11m @ 52.4 g/t Ag and 3.79% Cu from 257.93m in CRD007

o  CRL000579: 0.86m @ 50.6 g/t Ag and 3.27% Cu from 326.14m in CRD009

·    To validate these relationships, 111 archived drillcore pulp samples
from historical drilling were selected and submitted for Ag-specific analysis

·    The re-analyses of these samples and statistical evaluation of
results indicate a strong positive relationship between copper sulphide
mineralisation at Redmoor, and Ag occurrence, notable in the historic
datasets. Key intersections include:

o  CRL003081: 1.0m @ 33.9 g/t Ag and 2.54% Cu from 491.24m in CRD022

o  CRL002527: 1.0m @ 30.5 g/t Ag and 4.06% Cu from 394.55m in CRD021

o  CRL001476: 1.1m @ 19.2 g/t Ag and 2.51% Cu from 121.35m in CRD010

·    From the available dataset, samples containing >0.5% Cu show an
average Ag grade of 18.9 g/t Ag, while those with >1.5% Cu average 32.5 g/t
Ag. These results indicate a positive correlation between copper and silver
grades, and will be investigated further as the project develops

Dennis Rowland, CRL Project Manager, commented:

"As part of the relogging and resampling programme of historical CRL drill
core at Redmoor, the geological team has continued the analysis of datasets
from historical laboratory results.  Alongside the recently announced upgrade
to historical tungsten sample results (RNS: 07/05/2025), these new results and
the ongoing investigation into the potential relationship between copper and
silver mineralisation at Redmoor highlight the unrecognised and unstudied
potential for further economic indicators for the project.

"It is our intention to continue these investigations as we progress both the
relogging and sampling campaign, and the match grant funded drilling
programme, so that new datasets are available to be included in the
remodelling of the Redmoor deposit for potential inclusion in the planned
mineral resource estimate update in Q1 2026."

Background: Re-analysis of Historical Pulp Samples from 2017 to 2018 Drillcore
to Identify Silver Mineralisation Associated with Copper

As part of the ongoing re-logging and sampling campaign at Redmoor, a review
process has continued to be undertaken on historical assay results, which has
resulted in the identification of elevated silver (Ag) concentrations
associated with copper (Cu) mineralisation. Through a review of the additional
geological and mineralogical information gained from the current re-logging
programme, coupled with a statistical and geochemical analysis of historical
analytical data, a positive correlation between copper sulphide mineralisation
and the presence of silver was observed.

Consequently, a batch of 111 historical pulp samples from CRL's 2017 and 2018
drill core samples were sent to ALS Laboratories, Loughrea, Ireland.  The
samples were assayed using ALS method ME-ICP61 (multi-acid digestion followed
by ICP-AES), specific for trace-level and low-grade silver analysis.
Laboratory quality assurance / quality control ("QAQC") protocols were
applied, including the use of Ag specific certified reference materials
("CRM"s), blanks, and pulp duplicates. All QAQC data was checked by CRL and
returned results within acceptable tolerance limits. The results of this
analysis confirmed the co-occurrence of silver with copper sulphide
mineralisation and identified additional, higher-grade Ag and Cu samples, as
highlighted by the following samples:

·    CRL003081: 1.0m @ 33.90 g/t Ag and 2.54% Cu from 491.24m in CRD022

o  CRL003080 - CRL003082: now grading at 4.2m @ 29.50 g/t Ag and 2.30% Cu
from 490.04m in borehole CRD022*

·    CRL002527: 1.0m @ 30.50g/t Ag and 4.06% Cu from 394.55m in CRD021

·    CRL001476: 1.1m @ 19.20 g/t Ag and 2.51% Cu from 121.35m in CRD010

·    CRL002644: 0.4m @ 15.90 g/t Ag and 0.66% Cu from 367.10m in CRD023

·    CRL003206: 2.0m @ 13.60 g/t Ag and 0.29% Cu from 321.06m in CRD026

*Combined historical and recent assay results into a single result.

Compilation and statistical evaluation of results indicate a strong positive
relationship between Cu and Ag grades within the SVS. Figure 1 is a scatter
plot of Ag and Cu grades within samples that occur within modelled
mineralisation only. This suggests a link with the SVS and East-West lode
mineralisation, that is the primary target for developing the Redmoor Project.
This association is thought to be separate from the known historical Redmoor
lead (Pb) and silver (Ag) N-S lode that intersects the CRL defined tungsten
trioxide ("WO(3)"), tin ("Sn") and Cu mineralised SVS (Figure 2).

These results are exploratory in nature.  No assumptions have been made
regarding the potential recoverability, payability, or economic contribution
of silver within the Redmoor deposit. Further metallurgical and economic
studies are required. A copper domain metallurgical study is planned as part
of the 2025 SPF and SML-funded drilling program, which will evaluate the
potential for silver recovery as a by-product from copper mineralisation at
Redmoor.

All results are exhibited in Table 1, appended to the RNS, showing the
original copper result and the re-analysed silver result. Some of these
results may form part of highlight intersections, composite high-grade zones,
or individual sample lengths previously reported through RNS releases from
2017 and 2018, and therefore may have an effect on these previously reported
intersections.

Figure 1 Relationship between Silver Grade (Ag, ppm/g/t) and Copper Grade
(Cu, %) in Modelled Mineralised Zones at Redmoor.

Figure 2 Plan view of the Redmoor currently defined SVS (blue), Redmoor
historical workings, including N-S Pb-Ag lode (brown) and all drilling within
the Redmoor Project area filtered by Ag > 20 g/t and coloured by Ag.

Relogging and Sampling Programme Status

Work continues to progress regarding the re-logging and sampling of the 2017
drillcore with a further three drillholes re-logged and sampled, representing
1072.51m so far relogged, with 83 new samples currently being analysed at ALS
Laboratories, Loughrea. A further 5,949.63m of drillcore is remaining from 17
holes for re-logging and sampling, which will continue alongside the planned
drilling programme for 2025.

Furthermore, CRL is awaiting results from 328 soil samples collected during
the winter period, which aim at identifying new mineralised structures in the
Redmoor region and generating further targets for future exploration and
improved geological understanding of the regional geology.

Change in CRL Competent Person

As part of ongoing procurement for CRL's match grant funded UK Shared
Prosperity Fund project, CRL have procured the services of Snowden Optiro for
geoservices including; programme oversight, data review and analysis,
modelling, reporting, and provision of Competent Person services.

CRL would like to thank James Mcfarlane of R2C Mining for his previous support
and services as competent person.

Competent Person Statement:

The information in this announcement that relates to Sampling Techniques and
Data and Exploration Results has been reviewed and approved by Mr Laurie
Hassall, MSci (Geology), FIMMM, QMR, FGS, who is a full-time employee of
Snowden Optiro.  Mr Hassall holds a Master of Science degree in Geology from
the University of Southampton and is a Fellow of the Institute of Materials,
Minerals and Mining (FIMMM), through which he is also accredited as Qualified
for Minerals Reporting (QMR).  He is also a Fellow of the Geological Society
of London (FGS).

Snowden Optiro has been engaged by Cornwall Resources Limited to provide
independent technical advice.  Mr Hassall, a full-time employee of Snowden
Optiro, is acting as the Competent Person and is independent of Cornwall
Resources Limited.  He has sufficient experience that is relevant to the
style of mineralisation and type of deposit under consideration, and to the
activity being undertaken, to qualify as a Competent Person as defined in the
2012 Edition of the Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves (JORC Code), and under the AIM Rules.

Mr Hassall consents to the inclusion in this announcement of the matters based
on his information, in the form and context in which it appears.  He confirms
that, to the best of his knowledge, there is no new information or data that
materially affects the information contained in previous market announcements,
and that the form and context in which the information is presented has not
been materially modified.

 

 For further information, please contact:

 Strategic Minerals plc                                                   +44 (0) 207 389 7067
 Mark Burnett
 Executive Director
 Website:                 www.strategicminerals.net (http://www.strategicminerals.net)
 Email:                   info@strategicminerals.net (mailto:info@strategicminerals.net)

 Follow Strategic Minerals on:
 X:                       @SML_Minerals (https://twitter.com/SML_Minerals)
 LinkedIn:                https://www.linkedin.com/company/strategic-minerals-plc
                          (https://www.linkedin.com/company/strategic-minerals-plc)

 SP Angel Corporate Finance LLP                                           +44 (0) 20 3470 0470
 Nominated Adviser and Broker
 Matthew Johnson/Charlie Bouverat/Grant Barker

 Vigo Consulting                                                          +44 (0) 207 390 0234
 Investor Relations
 Ben Simons/Peter Jacob/Anna Sutton
 Email:                   strategicminerals@vigoconsulting.com
                          (mailto:strategicminerals@vigoconsulting.com)

 

 

Notes to Editors

About Strategic Minerals Plc and Cornwall Resources Limited

Strategic Minerals plc (AIM: SML; USOTC: SMCDY) is an AIM-quoted, producing
minerals company, actively developing strategic projects in the UK, United
States and Australia.

In 2019, the Company completed the 100% acquisition of Cornwall Resources
Limited ("CRL") and the Redmoor Tungsten-Tin-Copper Project.

The Redmoor Project is situated within the historically significant Tamar
Valley Mining District in Cornwall, United Kingdom, with a JORC (2012)
Compliant Inferred Mineral Resource Estimate published 14 February 2019:

 Cut-off (SnEq%)          Tonnage (Mt)  WO(3)  Sn    Cu    Sn Eq(1)  WO(3) Eq

                                        %      %     %     %         %
 >0.45 <0.65              1.50          0.18   0.21  0.30  0.58      0.41
 >0.65                    10.20         0.62   0.16  0.53  1.26      0.88
 Total Inferred Resource  11.70         0.56   0.16  0.50  1.17      0.82

1 Equivalent metal calculation notes; Sn(Eq)% = Sn% x 1 + WO3% x 1.43 + Cu% x
0.40. WO(3)(EQ)% = Sn% x 0.7 + WO(3) + Cu% x 0.28.  Commodity price
assumptions: WO3 US$ 33,000/t, Sn US$ 22,000/t, Cu US$ 7,000/t.  Recovery
assumptions: total WO3 recovery 72%, total Sn recovery 68% & total Cu
recovery 85% and payability assumptions of 81%, 90% and 90% respectively

More information on Cornwall Resources can be found at:
https://www.cornwallresources.com (https://www.cornwallresources.com)

In September 2011, Strategic Minerals acquired the distribution rights to the
Cobre magnetite project in New Mexico, USA, through its wholly owned
subsidiary Southern Minerals Group.  Cobre has been in production since 2012
and continues to provide a sustainable revenue stream for the Company.

In March 2018, the Company completed the acquisition of the Leigh Creek Copper
Mine situated in the copper rich belt of South Australia.  The Company
continues seek opportunities to monetise the asset.

About the CIOS Good Growth Fund and UK Shared Prosperity Fund

This project is part-funded by the UK Government through the UK Shared
Prosperity Fund.  Cornwall Council is responsible for managing projects
funded by the UK Shared Prosperity Fund through the Cornwall and the Isles of
Scilly Good Growth Programme (https://ciosgoodgrowth.com/) .

Cornwall and Isles of Scilly has been allocated £184 million for local
investment through the Shared Prosperity Fund
(https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus/uk-shared-prosperity-fund-prospectus)
.  This new approach to investment is designed to empower local leaders and
communities, so they can make a real difference on the ground where it's
needed the most.

UK Shared Prosperity Fund

The UK Shared Prosperity Fund proactively supports delivery of the
UK-government's five national missions: pushing power out to communities
everywhere, with a specific focus to help kickstart economic growth and
promoting opportunities in all parts of the UK.

For more information, visit

https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus
(https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus)

For more information, visit https://ciosgoodgrowth.com
(https://ciosgoodgrowth.com)

Appendix: Table of Results

Table 1: Results of recent re-analysis of historical diamond drillcore pulp
samples outlining presence of silver with copper within the Redmoor Project.

 Drill Hole  Sample ID  From (m)  To (m)  Interval (m)  Cu (%)  Ag (g/t)
 CRD022      CRL003081  491.24    492.24  1.00          2.54    33.9
 CRD021      CRL002527  394.55    395.55  1.00          4.06    30.5
 CRD010      CRL001476  121.35    122.45  1.10          2.51    19.2
 CRD023      CRL002644  367.10    367.50  0.40          0.66    15.9
 CRD026      CRL003206  321.06    323.06  2.00          0.29    13.6
 CRD004      CRL001224  210.45    210.90  0.45          0.40    13.4
 CRD026      CRL003285  571.80    572.80  1.00          0.39    10.8
 CRD023      CRL002678  579.52    580.52  1.00          0.10    10.5
 CRD011      CRL000672  359.20    360.20  1.00          0.67    10.1
 CRD011      CRL000657  359.20    360.20  1.00          0.67    9.9
 CRD011      CRL000645  313.75    314.72  0.97          0.08    9.4
 CRD003      CRL001002  57.42     57.88   0.46          0.49    9.2
 CRD027      CRL002982  431.93    432.95  1.02          0.42    9.2
 CRD004      CRL001226  212.30    212.85  0.55          0.17    8.9
 CRD022      CRL003031  409.50    411.00  1.50          1.23    8.6
 CRD015      CRL001751  273.74    275.75  2.01          0.69    8.3
 CRD015      CRL001820  368.30    369.66  1.36          0.53    7.8
 CRD029      CRL004028  325.98    326.98  1.00          0.51    7.8
 CRD009      CRL000496  217.85    218.63  0.78          0.62    7.6
 CRD018      CRL000939  236.18    237.18  1.00          0.26    7.2
 CRD013      CRL001637  274.56    275.55  0.99          0.03    7.0
 CRD013      CRL001675  333.05    333.77  0.72          0.33    6.7
 CRD015      CRL001811  355.02    357.02  2.00          0.21    5.9
 CRD018      CRL002021  387.17    388.17  1.00          0.30    5.6
 CRD031      CRL004206  449.09    450.40  1.31          0.33    5.4
 CRD011      CRL000653  343.15    344.40  1.25          0.07    5.3
 CRD032      CRL003556  545.28    546.28  1.00          0.06    5.3
 CRD019      CRL001976  411.00    413.00  2.00          0.34    5.0
 CRD015      CRL001807  351.51    353.07  1.56          0.10    4.7
 CRD018      CRL002013  379.17    381.17  2.00          0.34    4.7
 CRD003      CRL001076  181.57    183.57  2.00          0.18    4.3
 CRD011      CRL000654  344.40    345.55  1.15          0.28    4.2
 CRD030      CRL003506  595.20    597.20  2.00          0.45    4.2
 CRD013      CRL001646  292.80    294.72  1.92          0.21    4.1
 CRD015      CRL001842  279.06    281.22  2.16          0.15    4.0
 CRD015      CRL001809  353.07    354.05  0.98          0.12    3.8
 CRD027      CRL002965  407.65    408.70  1.05          0.12    3.7
 CRD028      CRL003303  361.12    363.12  2.00          0.34    3.7
 CRD003      CRL001128  251.54    252.46  0.92          0.06    3.6
 CRD015      CRL001806  350.37    351.25  0.88          0.15    3.6
 CRD003      CRL001086  195.08    196.08  1.00          0.38    3.2
 CRD005      CRL000237  372.10    372.60  0.50          0.19    3.1
 CRD007      CRL000307  102.90    104.47  1.57          0.18    3.1
 CRD003      CRL001003  57.88     58.60   0.72          0.07    3.1
 CRD004      CRL001163  109.27    110.07  0.80          0.21    3.1
 CRD006      CRL001336  288.08    288.80  0.72          0.07    3.1
 CRD023      CRL002677  577.52    579.52  2.00          0.05    3.1
 CRD031      CRL004257  554.04    556.04  2.00          0.17    3.0
 CRD031      CRL004258  556.04    558.61  2.57          1.90    3.0
 CRD003      CRL001072  176.24    177.24  1.00          0.38    2.9
 CRD005      CRL000126  63.32     64.09   0.77          0.09    2.8
 CRD001      CRL000008  35.55     35.80   0.25          0.09    2.7
 CRD002      CRL000071  237.50    238.18  0.68          0.07    2.6
 CRD021      CRL002536  414.35    415.35  1.00          0.02    2.6
 CRD016      CRL000810  180.70    181.70  1.00          0.22    2.4
 CRD002      CRL000107  298.42    299.00  0.58          0.15    2.3
 CRD011      CRL000670  215.22    215.72  0.50          0.16    2.2
 CRD003      CRL001007  95.00     95.61   0.61          0.19    2.2
 CRD031      CRL004138  246.50    248.51  2.01          0.15    2.2
 CRD014      CRL000789  266.40    267.22  0.82          0.12    1.9
 CRD003      CRL001115  229.97    231.30  1.33          0.17    1.9
 CRD006      CRL001290  210.70    211.17  0.47          0.09    1.9
 CRD008      CRL001432  397.38    399.33  1.95          0.18    1.9
 CRD003      CRL001111  225.14    225.72  0.58          0.03    1.7
 CRD012      CRL001515  50.64     51.32   0.68          0.01    1.6
 CRD012      CRL001533  103.84    105.77  1.93          0.07    1.6
 CRD012      CRL001535  107.30    108.20  0.90          0.13    1.6
 CRD011      CRL000651  340.02    341.93  1.91          0.05    1.5
 CRD012      CRL001534  105.77    107.30  1.53          0.13    1.3
 CRD011      CRL000652  341.93    343.15  1.22          0.01    1.2
 CRD001      CRL001150  219.27    222.22  2.95          0.01    1.2
 CRD029      CRL004027  295.34    296.40  1.06          0.10    1.2
 CRD002      CRL000058  111.00    113.00  2.00          0.01    1.0
 CRD018      CRL000938  235.18    236.18  1.00          0.05    1.0
 CRD003      CRL001068  169.24    170.74  1.50          0.15    1.0
 CRD001      CRL000002  26.35     27.09   0.74          0.06    0.9
 CRD014      CRL000782  257.95    259.30  1.35          0.09    0.9
 CRD001      CRL000048  252.00    254.00  2.00          0.14    0.8
 CRD002      CRL000061  149.25    150.65  1.40          0.31    0.8
 CRD011      CRL000617  206.12    207.12  1.00          0.13    0.8
 CRD003      CRL001114  228.14    229.97  1.83          0.09    0.8
 CRD008      CRL001438  408.82    409.98  1.16          0.07    0.8
 CRD019      CRL001949  280.98    281.98  1.00          0.07    0.8
 CRD001      CRL000047  250.33    252.00  1.67          0.10    0.7
 CRD022      CRL003024  316.15    318.50  2.35          0.01    0.7
 CRD031      CRL004127  177.72    180.12  2.40          0.07    0.7
 CRD005      CRL000124  54.29     54.81   0.52          0.04    0.6
 CRD005      CRL000160  164.70    165.10  0.40          0.19    0.6
 CRD009      CRL000414  35.35     35.99   0.64          0.08    0.6
 CRD011      CRL000627  227.50    228.70  1.20          0.03    0.6
 CRD003      CRL001124  246.27    247.60  1.33          0.10    0.6
 CRD004      CRL001170  129.41    130.00  0.59          0.02    0.6
 CRD001      CRL000028  209.00    211.00  2.00          0.03    0.5
 CRD002      CRL000065  162.80    163.07  0.27          0.03    0.5
 CRD005      CRL000131  70.34     70.75   0.41          0.01    0.5
 CRD005      CRL000148  130.62    131.62  1.00          0.01    0.5
 CRD005      CRL000156  145.88    146.08  0.20          0.02    0.5
 CRD005      CRL000197  78.20     79.28   1.08          0.04    0.5
 CRD005      CRL000204  127.93    130.62  2.69          0.01    0.5
 CRD011      CRL000616  204.12    206.12  2.00          0.07    0.5
 CRD011      CRL000681  186.35    187.47  1.12          0.12    0.5
 CRD014      CRL000783  259.30    261.14  1.84          0.06    0.5
 CRD003      CRL001123  244.49    245.80  1.31          0.04    0.5
 CRD013      CRL001703  419.62    420.60  0.98          0.01    0.5
 CRD015      CRL001713  185.81    186.62  0.81          0.04    0.5
 CRD020      CRL002068  256.05    258.05  2.00          0.04    0.5
 CRD021      CRL002543  426.66    428.68  2.02          0.01    0.5
 CRD027      CRL002920  218.25    220.25  2.00          0.05    0.5
 CRD024      CRL003192  633.10    635.10  2.00          0.26    0.5
 CRD026      CRL003204  166.66    167.71  1.05          0.02    0.5
 CRD030      CRL003430  384.62    386.62  2.00          0.07    0.5

 

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