REG - Strategic Minerals - Redmoor - Drilling Update

Strategic MineralsAnnouncement

Today 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260512:nRSL8702Da&default-theme=true

RNS Number : 8702D  Strategic Minerals PLC  12 May 2026

 

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.

 

 

12 May 2026

 

Strategic Minerals plc

("Strategic Minerals" or the "Company")

Redmoor - Drilling Update

Completion of Drillhole CRD042 and Expanded Drill Programme

 

Strategic Minerals (AIM: SML; USOTC: SMCDF), an international mineral
exploration and production company, is pleased to provide an update on the
ongoing infill drilling programme at its Redmoor Tungsten-Tin-Copper Project
("Redmoor"), located in Cornwall, UK. Redmoor is being developed by the
Company's wholly owned subsidiary, Cornwall Resources Limited ("CRL").

Highlights - Drillhole CRD042

·      CRD042 was completed on 6 May having intersected the full
thickness of the Redmoor Sheeted Vein System ("SVS"), with highlights
including:

o  Successful implementation of navigational and wedge drilling to ensure
on-target intersection of the SVS, ensuring the validity of the intersection
within resource infill drill spacing requirements.

o  CRD042 intersected a long intersection containing multiple wolframite
(tungsten), cassiterite (tin) and chalcopyrite (copper) mineralised structures
typical of the SVS deposit (as visually logged and sampled by CRL geologists).

o  Figures 1-4 include photographs of mineralised intersections within
CRD042, as visually logged and sampled by CRL's geologists.

o  Drillhole intersections including mineralisation north of the SVS were
logged and sampled, and the drillhole was extended beyond its original planned
depth, to the south of the SVS, due to the presence and continuation of
mineralised structures.

o  CRD042 has been fully logged and sampled, and is scheduled to be shipped
to ALS, Loughrea, Ireland for analysis imminently, joining batches of samples
under analysis from the ongoing relogging and sampling programme.

·      Following closure of hole CRD042 and realignment of the rig, Rig
1 remains in place on the drill pad and commenced drilling at CRD043 on 7 May.
This is the second of seven planned holes from this pad (see RNS 31 March
2026).

Expanded Drilling Programme

·      Following the £4m fundraise in January (see RNS 22 January
2026), the Company reported that funds would be used to enable substantial
completion of infill drilling of the deposit for prefeasibility ("PFS")
through completing a 16,000 m drill programme.

·      Following a further £4.7m fundraise in March, (see RNS 19 March
2026), and the completion of the Mineral Resource Estimate ("MRE") update and
Economic Sensitivity Analysis (see RNS': 26 March 2026), CRL has initiated a
programme of works for PFS.

·      The total planned drilling programme now covers 22,500 m of
drilling, across at least 44 drillholes, including infill drilling of the
entire resource, and includes more recently planned upgrade drilling of the
Redmoor (JORC) Exploration Target (see RNS 26 March 2026) designed to add
additional resources.

·      Drilling will also integrate earlier sample and data collection
for the bulk of the requirements for geotechnical, metallurgical and
hydrogeological studies of the feasibility programme.

·      CRL has submitted a planning permission application to the
Minerals Planning Authority, Cornwall Council, for this drill programme which
includes the ability to mobilise an additional two drill rigs to site upon
successful grant of permissions.

 Figure 1: Example of very coarse wolframite (tungsten) and massive               Figure 2: Example of fine cassiterite (tin) in drill core (e.g. red circle)
 chalcopyrite (copper) in drill core from drillhole CRD042, as logged &           from drillhole CRD042, as logged & sampled by CRL geologists.
 sampled by CRL geologists.

 Figure 3: Example of massive chalcopyrite (copper) and very coarse wolframite    Figure 4: Example of coarse cassiterite (tin) minerals in mineralised
 (tungsten) in drill core from drillhole CRD042, as logged & sampled by CRL       exploration drill core from drillhole CRD042, as logged & sampled by CRL
 geologists.                                                                      geologists.
 The core photographs shown are selected examples of logged drill core from
 CRD042 and are not necessarily representative of all mineralisation
 encountered.

Dennis Rowland, CRL Managing Director, said:

"Drillhole CRD042 intersected the entire thickness of the Redmoor SVS, with
mineralisation visually consistent with the deposit recorded by CRL's
geologists. The drillhole also intersected mineralisation both above and below
the SVS intersection, with the hole extended due to the continued presence of
mineralisation in multiple vein structures.

"As demonstrated during the 2025 drilling programme, the zones of
mineralisation within the SVS visually logged by CRL geologists demonstrated
good correlation with subsequent analytical results, supporting confidence in
the geological logging of mineralised intersections within drill core.

"CRL's planning application for additional drill pads has been submitted and,
subject to positive outcomes, will allow for the mobilisation of additional
drill rigs soon. Our public engagement process continues for this application
and will continue throughout the programme's delivery."

Mark Burnett, Strategic Minerals' Executive Director, said:

"The completion of drillhole CRD042 and successful intersection of a long
section of visually logged abundant mineralisation within the SVS is positive.
The newly expanded infill and expansion drilling programme, alongside data and
sample collection for feasibility study components, is well underway and
expected to shift into a new gear upon successful completion of the permitting
process.

"Two additional rigs from Priority Drilling are booked and on standby for
mobilisation to Redmoor and will join the programme as soon as permissions are
secured. This marks the first use of three drill rigs at Redmoor and
highlights the success of previous operations in stakeholder engagement and
effective operations. The Redmoor team is expanding, with new geologists and
supporting team members joining the programme to ensure high quality delivery
at pace in order to advance Europe's highest-grade, undeveloped, tungsten
resource".

Programme Update

Exploration drilling at Redmoor is underway, with drillhole CRD042 completed
on 6 May having intersected the full thickness of the Redmoor SVS. CRD042 saw
further successful implementation of navigational and wedge drilling to ensure
on-target intersection of the SVS, ensuring the validity of the intersection
within resource infill drill spacing requirements. Each infill drillhole is
designed to meet strict tolerance guidance for the planned intersect point
within the deposit to ensure it meets the requirements for the infill spacing
for potential resource conversion.

CRD042 intersected a long intersection containing multiple wolframite
(tungsten), cassiterite (tin) and chalcopyrite (-copper) mineralised
structures typical of the SVS deposit, with structures consistent with those
visually logged and sampled by CRL geologists. The drillhole intersections
included mineralisation in the hangingwall (above/in front) of the SVS, and in
the footwall of the SVS (below/behind), with the drillhole extended beyond its
original planned depth due to the presence and continuation of these
mineralised intersections.

Sample batches are being shipped to ALS, Loughrea, Ireland for analysis, with
samples from CRD042 scheduled for shipping imminently.

Following closure of hole CRD042 and realignment of the rig, Rig 1 remains in
place on the drill pad and commenced CRD043 on 8 May (Figure 5). This is the
second of the planned holes from this pad (see RNS: 31 March 2026).

Following two fundraises, (see RNS: 22 January 2026 and RNS: 19 March 2026),
and the positive results of the MRE update (see RNS: 26 March 2026), the
Company has initiated implementation of its prefeasibility study work
programmes. This includes the decision to increase the fully funded drill
programme to include all infill drilling required to convert the Inferred
Mineral Resource to an Indicated Mineral Resource, additional expansion
drilling into the Redmoor (JORC) Exploration Target, and drilling and sample
data collection for feasibility study testworks for geotechnical,
metallurgical, and hydrogeological studies, bringing these programmes forward
earlier into the delivery timeline. The total drilling programme now covers
22,500 m of drilling, across at least 44 drillholes.

CRL has submitted a planning permission to the Planning Authority, Cornwall
Council, for this drill programme, including the ability to mobilise an
additional two drill rigs to site upon successful grant of permissions. These
additional drill rigs, supplied by Priority Drilling UK Ltd, are booked and on
standby for mobilisation.

Further programme updates will be delivered soon, and throughout the delivery
timeline.

Figure 5: Rowan Thorne, CRL Exploration Manager, and Laurie Hassall, CRL's
external Competent Person, on site at Redmoor on drilling Pad A as the final
drill core run from CRD042 was being extracted ahead of hole surveying and
closure.

 

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:                       @StrategicMnrls (https://x.com/StrategicMnrls)
 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                            +44 (0) 203 829 5000

 Zeus Capital Limited

 Joint Broker

 Harry Ansell/Katy Mitchell

 Vigo Consulting                                                          +44 (0) 207 390 0234
 Investor Relations
 Ben Simons/Seb Weller/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 26 March 2026:

 Resource category  Domain         Tonnage  NSR       WO(3) Eq grade  WO(3) grade  Sn grade  Cu grade  Ag grade

(Mt)
(US$/t)
(%)
(%)
(%)
(%)
(g/t)
 Inferred           Tungsten HGDs  7.30     499       0.98            0.83         0.12      0.53      7.0
                    Tin HGDs       1.95     208       0.44            0.14         0.50      0.50      7.6
                    Cu Domain SVS  8.02     196       0.40            0.28         0.13      0.34      4.3
                    Low Grade SVS  0.12     125       0.25            0.17         0.10      0.16      2.7
 Total Inferred                    17.40    324       0.65            0.49         0.17      0.44      5.8
 Total Mineral Resources           17.40    324       0.65            0.49         0.17      0.44      5.8
 The preceding statement of Mineral Resources conforms to the Australasian Code
 for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC
 Code) 2012 Edition. All tonnages reported are dry metric tonnes. Minor
 discrepancies may occur due to rounding to appropriate significant figures.

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 has
entered into an exclusive Call Option with South Pacific Mineral Investments
Pty Ltd trading as Cuprum Metals to acquire 100% of the project.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDSFFFWFEMSELI



            Copyright 2019 Regulatory News Service, all rights reserved