REG - Strategic Minerals - Redmoor Critical Minerals Project Update

Strategic MineralsAnnouncement

22/05/2025 07:00

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RNS Number : 6886J  Strategic Minerals PLC  22 May 2025

 

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

 

 

22 May 2025

 

Strategic Minerals plc

("Strategic Minerals" or the "Company")

Redmoor Critical Minerals Project Update

Fully funded project activities advancing at pace with drilling to commence in
late June

Strategic Minerals plc (AIM: SML; USOTC: SMCDF), an international mineral
exploration and production company, is pleased to provide an update from its
wholly owned subsidiary, Cornwall Resources Limited ("CRL").  CRL is
exploring for resources of tungsten, tin, and copper in its Tamar Valley
licence areas in east Cornwall, with a key focus on its Redmoor Project.

Following the securing of a match grant funded investment from the UK
Government, through its UK Shared Prosperity Fund, managed by the Cornwall and
Isles of Scilly Good Growth Project ("SPF Project"), and the successful
completion of a £1,000,000 fundraise by Strategic Minerals Plc, CRL is now
advancing its fully funded project activities at pace and can provide an
update and timeline as follows below.

Project Updates:

·    Drilling pre-commencement and enabling activities, including
procurement and contracting are advancing on schedule.

·    Contracting for drilling services is progressing ahead of an end of
June start date for drilling at Redmoor.

·    Nine new boreholes are planned for a total of c.5,300 metres of
diamond core drilling.  The drilling programme will last for up to six
months, with all boreholes targeting the Redmoor resource and exploration
target.  Data from drilling and the ongoing relogging and sampling programme,
will be utilised to inform a new JORC compliant Mineral Resource Estimate
("MRE") for Redmoor, expected to be completed in Q1 2026.  This will be the
first update since Redmoor's JORC compliant MRE (2019) of 11.7Mt at 1.17% Tin
equivalent (0.56% WO₃, 0.16% Sn, 0.50% Cu).

·    CRL has obtained Planning Permission and landowner consent for its
drilling activities.  CRL is actively engaged with its local communities, and
the dissemination of information is underway, including via planned public
information sessions.

·    CRL has expanded its technical team, with five new staff members
contracted.

·    The historical core relogging and sampling programme continues, with
a further 83 samples from two boreholes from CRL's 2017 drill programme
shipped to ALS Loughrea, Ireland, for analysis.  Following the
reconfiguration of CRL's core logging facilities, undertaken as part of the
SPF Project, and the hiring of new geological staff, the programme is expected
to accelerate and be fully completed in 2025 alongside new borehole drilling.

·    Additional exploration activities are also ongoing, including 328 new
soil samples collected and prepared for shipment to ALS Loughrea, Ireland, for
analysis.  Samples were taken from within CRL's Duchy of Cornwall licensed
mineral rights area, in fields adjacent to CRL's Redmoor Minerals licence,
with the aim of identifying potential extensions of soil anomalies and
mineralisation.

Dennis Rowland, CRL Project Manager, commented:

"CRL's aim is to maximise outputs from its SPF Project, including producing an
updated Mineral Resource Estimate with data flowing through to an updated
economic model. By the end of Q1 2026, these activities, along with a delivery
plan and costings, will have been completed to form an investment ready
business case.

It is worth noting that the most recent MRE at Redmoor was completed in 2019,
and the economic assessment, as part of CRL's internal Scoping Study, was
undertaken in 2020.  Since then, there have been significant shifts in global
markets and commodity prices, with increased recognition of the importance of
critical minerals. The Company believes that Redmoor's resource stands out in
comparison to most tungsten projects due to the high-grade of
tungstenmineralisation, alongside the presence of tin and copper.

With activities underway to deliver the SPF Project aimed at advancing CRL's
critical minerals project at Redmoor, alongside further regional exploration,
we look forward to a significant increase in news output from the project."

 

 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

 Zeus Capital Limited                                                     +44 (0) 203 829 5000
 Joint Broker
 Harry Ansell/Katy Mitchell

 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 Pls 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 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 ("LCCM") situated in the copper rich belt of South Australia.  The
Company continues seek opportunities to monetise the asset and has signed a
non-binding Heads of Agreement to grant an option to acquire the project.

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)

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