REG - Strategic Minerals - Redmoor Critical Minerals Project Update

Strategic MineralsAnnouncement

24/06/2025 07:00

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RNS Number : 0644O  Strategic Minerals PLC  24 June 2025

 

24 June 2025

 

Strategic Minerals plc

("Strategic Minerals" or the "Company")

Redmoor Critical Minerals Project Update

Arrival of Diamond Core Drill Rig at Redmoor

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 Tungsten-Tin-Copper Project
("Redmoor").

Following the securing of match grant funding from the UK Government, through
the UK Shared Prosperity Fund, managed by the Cornwall and Isles of Scilly
Good Growth Project ("SPF Project"), and the completion of a £1,000,000
fundraise, the Company is pleased to confirm the arrival of the first of
Priority Drilling UK Ltd's diamond core drilling rigs at Redmoor.

This rig will drill the first three boreholes at Redmoor, prior to the arrival
of a second rig, which together will complete the fully funded drilling
programme, the major component of its match grant funded project. Drilling is
expected to commence within a few days following site setup.

Project Updates:

·    The first diamond core drilling rig has arrived at Redmoor, with site
setup underway

·    The drilling contract covers CRL's proposed nine borehole drill
programme for c.5,300m of new diamond core drilling. The drill programme forms
part of CRL's SPF Project, and as such 50% of the programme costs will be
recovered from the grant funding

·    Data from drilling and the ongoing relogging and sampling programme
will be utilised to inform a new JORC (2012) 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 11.7 Mt at
1.17 Tin equivalent (0.56% WO₃, 0.16% Sn, 0.50% Cu)

·    Work continues to progress on CRL's relogging and sampling of 2017
drillcore with a further three drillholes re-logged and sampled, representing
1,072.51m, with 83 new samples currently being analysed at ALS Laboratories,
Loughrea. The Company will provide an update on this work in due course. A
further 5,949.63m of drillcore remains from 17 holes for re-logging and
sampling, which will continue alongside the planned drilling programme for
2025, with data to be incorporated into the planned MRE update.

·    CRL is also awaiting analytical results from 328 soil samples
collected from the Tamar Valley Licence Area adjacent to Redmoor, which aims
to test the continuity of known mineral occurrences and generate further
targets for future exploration and improved understanding of the regional
geology.

Dennis Rowland, CRL Project Manager, commented:

"With the drill rig on site at Redmoor and setup underway, we expect to be
drilling within a matter of days. This programme, alongside the relogging and
sampling of historic CRL drillcore, is designed to further strengthen our
geological dataset prior to a Mineral Resource Estimate update of the Redmoor
tungsten-tin-copper deposit.

"With renewed significant expenditure and an expanded team, CRL can deploy
multiple workflows designed to grow the story in Cornwall and progress our
critical minerals project within the highly prospective Tamar Valley."

Figure 1: First diamond core drill rig on site at Redmoor, Cornwall

 

 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 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 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 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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