REG - Strategic Minerals - Redmoor - Exceptional Tungsten Drilling Results
13/10/2025 07:00
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RNS Number : 0766D Strategic Minerals PLC 13 October 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.
13 October 2025
Strategic Minerals plc
("Strategic Minerals" or the "Company")
Redmoor - Exceptional Tungsten Drilling Results
Multiple mineralised intervals identified reinforcing Redmoor's status as one
of the highest-grade undeveloped tungsten deposits globally
Strategic Minerals plc (AIM: SML; USOTC: SMCDF), an international mineral
exploration and production company, is delighted to announce that its wholly
owned subsidiary, Cornwall Resources Limited ("CRL"), has received standout
drillhole assay results from the ongoing drilling campaign at its Redmoor
tungsten-tin-copper project located in Cornwall, UK.
Highlights:
Laboratory assay results for borehole CRD033, the first of the 2025 drilling
programme, confirm multiple zones of high-grade tungsten mineralisation
throughout the full 90 m thickness of the Redmoor Sheeted Vein System ("SVS")
deposit intercepted by the borehole (see Table 2 for sample intersection
details) with highlights including:
· 3.05 m @ 1.43% WO3 & 0.54% Cu from 439.70 m, including:
o 1.30 m @ 2.34% WO3 & 0.44% Cu from 439.70 m, and
o 0.75 m @ 1.54% WO3 & 0.68% Cu from 442.00 m
· 6.70 m @1.17 WO3 & 0.24% Cu from 447.00 m, including:
o 2.00 m @ 3.86% WO3 & 0.54% Cu from 451.20 m
· 9.35 m @ 0.51% WO3 & 0.48% Cu from 468.65 m, including:
o 1.00 m @ 1.42% Cu, 0.06% WO3 & 38.2 g/t Ag from 469.65 m, and
o 1.33 m @ 3.02% WO3 & 0.67% Cu from 476.67 m
· 3.40 m @ 1.24 WO3 & 0.12% Cu from 493.00 m, including:
o 1.00 m @ 4.18% WO3 & 0.19% Cu from 495.40 m
· 10.20 m @ 0.72% Cu & 0.05% WO3 from 531.80m, including:
o 2.50m @ 1.09% Cu from 531.80 m, and
o 3.00 m @ 1.24% Cu from 539.00m
· 1.00 m @ 2.33% WO3 & 0.43% Cu from 562.00m
These results reinforce Redmoor's position as Europe's highest-grade
undeveloped tungsten deposit*¹ (based on comparison with published JORC
(2012) exploration results within Europe). Contributions to the results from
copper also highlight the polymetallic nature of the deposit and indicate
potential additional value from co-products. Tin assay results are being
reviewed and are not included in this release.
Dennis Rowland, CRL Managing Director, said:
"These initial results demonstrate high tungsten grades and support Redmoor's
position as one of the highest-grade deposits globally, when compared to other
CRIRSCO (Committee for Mineral Reserves International Reporting Standards)
resources.
"It is worth highlighting that these results are from only one borehole and
yet demonstrate multiple, stacked zones of high-grade intersections within the
Redmoor SVS deposit that correlate well with existing modelled high-grade
zones and reinforce the strong grade continuity within the deposit. Results
from CRD033 further identify new zones of potentially economic mineralisation
within the Redmoor Deposit, which could contribute to the forthcoming mineral
resource estimate update.
"We are now reviewing the geological log and analytical data from borehole
CRD033. As a twin of a 1980s borehole drilled at Redmoor, this borehole has
the potential to contribute towards the validation of the 1980s datasets and
provide further project upside. Results of this review will be announced
shortly."
Charles Manners, Strategic Minerals' Executive Chairman, said:
"The 2025 drilling programme is progressing very well and already providing
impressive results, with these high-grade intersections further demonstrating
Redmoor's globally significant status.
"It is in the Board's opinion that Redmoor's value has gone unrecognised, and
our intention is to further progress the project and highlight its merits
within a global context. With tungsten prices rising significantly this
year, and a global push to secure access to critical and strategic minerals,
Redmoor is well placed as a world leading asset.
"With two rigs now mobilised and progressing through the drilling programme,
we eagerly await further results, as well as outputs from other ongoing
workstreams as part of the match grant funded project. Redmoor is undertaking
its most active period in recent history, with significant further news flow
expected over coming weeks and months."
Overview of analytical results from CRD033
CRD033 was drilled south to intersect the Redmoor SVS mineralisation. Details
of the collar and survey setup are provided in Table 1.
Table 1: Borehole collar data for CRD033
Collar Orientation at Collar Total Depth (m)
Easting (m) Northing (m) Elevation (m) Azimuth (⁰) Dip (⁰)
235802 71342 186 161 65 600.5
The results from CRD033 confirm the continuity of numerous high-grade zones,
as previously identified during the 2017-2018 diamond drilling programmes at
Redmoor, along with the identification of additional mineralised structures
outside of the current Mineral Resource estimate (MRE). Results from CRD033
illustrate the presence of 12 high-grade zones where minerals are concentrated
within discrete structures within the wider, 90 m thick, Redmoor SVS.
The full extent of the 600.50 m hole was geologically logged and sampled
(other than a small section where directional drilling was employed),
resulting in the delineation of multiple quartz-greisen vein structures
enriched in wolframite (WO3), chalcopyrite (Cu) and cassiterite (Sn), along
with other accessory minerals. Notable intervals within the SVS include 3.05
m @ 1.43% WO3 from 439.70 m, (including 1.30 m @ 2.34% WO3 from 439.70 m to
441.00 m). A second high-grade zone over a 9.35 m interval has also been
identified containing grades of 0.51% WO3 and 0.48% Cu, within this zone a
structure has been sampled returning grades of 3.02% WO3 and 0.67% Cu over
1.33 m from 476.67 m. A further high-grade zone at 493.00 m containing 3.40 m
@ 1.24% WO3, including 1.00 m @ 4.18% WO3 from 495.40 m. These results are
consistent with Redmoor's high-grade character and will be incorporated into
ongoing geological and resource evaluation work.
Reported widths are downhole. QAQC and analytical methods are summarised in
detail in the Appendix (JORC Table 1, Sections 1-2). Sampling followed CRL's
standard diamond-core protocols with half-core sampling, QAQC comprised
routine insertion of certified reference materials (~7.5%), blanks (~5%),
coarse and pulp duplicates (~5%), and umpire assays (~2.5%), around 20%
control in total, plus XRF verification of W for samples ≥0.30%. All assays
were performed by ALS Loughrea (ISO 17025). Snowden Optiro reviewed QA/QC;
Tungsten (WO₃) and copper (Cu) results have passed QA/QC checks with no
material issues identified and are reported following verification. Tin (Sn)
assay results are being reviewed and are not included in this release.
Table 2: Highlights of downhole composite sample intervals returned from
recently received results from borehole CRD033, showing interval lengths and
subsequent assay results for WO(3) & Cu. Composited values use a downhole
length weighted average of grades.
CRD033 From (m) To Interval (m) WO3 Cu Comments
Sample Start (m) % %
CRL005141-48 365.15 372.65 7.50 0.04 0.27 Lode-Style Cu Mineralisation
incl. CRL005144 367.60 368.10 0.50 0.00 0.50 Lode-Style Cu Mineralisation
incl. CRL005145 370.30 371.60 1.30 0.05 0.50 Lode-Style Cu Mineralisation
CRL005199-5202 439.70 442.75 3.05 1.43 0.54 S.V.S Mineralisation
incl. CRL005199 439.70 441.00 1.30 2.34 0.44 S.V.S Mineralisation
incl. CRL005202 442.00 442.75 0.75 1.54 0.68 S.V.S Mineralisation
CRL005207-13 447.00 453.70 6.70 1.17 0.24 S.V.S Mineralisation
incl. CRL005212 451.20 453.20 2.00 3.86 0.54 S.V.S Mineralisation
CRL005227-36 468.65 478.00 9.35 0.51 0.48 S.V.S Mineralisation
incl. CRL005228 469.65 470.65 1.00 0.06 1.42 S.V.S Mineralisation
incl. CRL005234 474.45 475.20 0.75 0.52 0.21 S.V.S Mineralisation
incl. CRL005236 476.67 478.00 1.33 3.02 0.67 S.V.S Mineralisation
CRL005244 487.25 488.95 1.70 0.90 0.08 S.V.S Mineralisation
CRL005249-52 493.00 496.40 3.40 1.24 0.12 S.V.S Mineralisation
incl. CRL005252 495.40 496.40 1.00 4.18 0.19 S.V.S Mineralisation
CRL005264 509.70 510.70 1.00 0.32 0.52 S.V.S Mineralisation
CRL005271-76 518.50 524.50 6.00 0.03 0.29 S.V.S Mineralisation
incl. CRL005271 518.50 519.50 1.00 0.00 0.49 S.V.S Mineralisation
incl. CRL005273 520.45 521.50 1.05 0.14 0.47 S.V.S Mineralisation
incl. CRL005276 523.50 524.50 1.00 0.01 0.49 S.V.S Mineralisation
CRL005285-94 531.80 542.00 10.20 0.05 0.72 S.V.S Mineralisation
incl. CRL005285-86 531.80 534.30 2.50 0.05 1.09 S.V.S Mineralisation
incl. CRL005288 535.10 536.25 1.15 0.32 0.63 S.V.S Mineralisation
incl. CRL005292-94 539.00 542.00 3.00 0.01 1.24 S.V.S Mineralisation
CRL005298-99 548.00 550.00 2.00 0.01 0.54 S.V.S Mineralisation
CRL005304 556.00 557.00 1.00 0.08 0.63 S.V.S Mineralisation
CRL005309 562.00 563.00 1.00 2.33 0.43 S.V.S Mineralisation
CRL005335-37 589.75 594.00 4.25 0.05 0.18 Skarn-Style Mineralisation
incl. CRL005336 591.00 592.00 1.00 0.07 0.49 Skarn-Style Mineralisation
The high-grade tungsten intervals are accompanied by varying copper grades,
consistent with Redmoor's polymetallic character. CRD033 results are
considered by the Company to be high grade for tungsten and, on an indicative
basis, compare favourably with published grades from undeveloped projects in
Europe, supporting CRL's understanding that Redmoor is the highest grade,
undeveloped tungsten deposit in Europe*¹, and amongst one of the highest
grade globally.
*¹As far as CRL is aware following a review of active exploration projects
with undeveloped assets in Europe, which have reported CRIRSCO-compliant
resources, Redmoor has the highest tungsten grade.
Additional mineralised zones were also identified within CRD033 outside of the
SVS and were logged as different mineralisation styles to those within the SVS
(Table 2). Examples of these additional mineralised zones can be seen in
samples CRL005141 to CRL005148, where mafic volcanic units contain
"lode-style" copper mineralisation, with intersections reporting 1.30 m @
0.50% Cu from 370.30 m, and 0.50 m @ 0.50% Cu from 367.60 m. At the base of
CRD033, "skarn-style" mineralisation was identified with chalcopyrite and
visible cassiterite logged by CRL geologists and verified using a handheld
pXRF, with 4.25 m @ 0.18% Cu from 589.75 m, including 1.00m @ 0.49% Cu from
591.00 m. These mineralised bodies lie outside the SVS deposit and current
Redmoor JORC (2012) MRE and will be the subject of further evaluation to
determine significance and prospectivity, alongside the addition of pending
tin results.
A review of CRD033, drilled as a twin to the 1982 SWM hole RM82-22, is
underway to assess data comparability and support validation of the historical
dataset and use in the forthcoming Mineral Resource estimate update and future
drill programmes. This will be supported by results from further twin
boreholes following receipt of laboratory results.
Figure 1 shows a plan view of all drilling carried out to date at Redmoor (in
black), and the trace of CRD033 (in red). The current SVS model of
high-grade zones is shown in gold dipping steeply to the north.
Figure 1: Plan view of existing Redmoor boreholes (in black), including CRL
(CRD) and SWM (RM) boreholes, and the trace of CRD033 (in red), highlighting
its path as a twin borehole. The current SVS model of high-grade zones is
shown in gold dipping steeply to the north.
Figure 2 shows a cross-section view from north (left) to south (right) of
CRD033 only. The trace is coloured by WO(3), showing the sample results from
top to bottom of the borehole, and includes an analytical gap where
directional drilling was used meaning no core was recovered. Figure 2 also
displays the currently interpreted high-grade zones within the SVS (modelled
prior to CRD033) which are coloured in red for reference. Higher grade sample
results are shown to correlate well with the modelled high-grade zones
produced prior to these results, aiding in the validation of the new model.
Figure 2: Cross=section of CRD033 showing WO₃ analytical results, and
wireframes for SVS high grade zones
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)
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Email: strategicminerals@vigoconsulting.com
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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 has
entered into an exclusive Call Option with South Pacific Mineral Investments
Pty Ltd trading as Cuprum Metals to acquire 100% of 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.
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 1: Individual Sample Results Table for Composites
Individual Laboratory Results Per Sample used to form highlighted composite intervals
(Sample ranges and numbers in bold represent those listed in Table 2, above.
Results include sample number, intersected depths and interval length, and
WO₃ and Cu values. WO₃ is calculated from W results by applying a factor
of 1.26 to the result)
Sample Start From (m) To Interval (m) WO3 Cu
(m) % %
CRL005141-48
CRL005141 365.15 365.88 0.73 0.06 0.36
CRL005142 365.88 366.65 0.77 0.03 0.29
CRL005143 366.65 367.60 0.95 0.04 0.05
CRL005144 367.60 368.10 0.50 0.00 0.50
CRL005145 368.10 369.55 1.45 0.08 0.21
CRL005146 369.55 370.30 0.75 0.02 0.10
CRL005147 370.30 371.60 1.3 0.05 0.50
CRL005148 371.60 372.65 1.05 0.01 0.23
CRL005199-5202
CRL005199 439.70 441.00 1.30 2.34 0.44
CRL005201 441.00 442.00 1.00 0.16 0.57
CRL005202 442.00 442.75 0.75 1.54 0.68
CRL005207-13
CRL005207 447.00 448.00 1.00 0.12 0.38
CRL005208 448.00 449.70 1.70 0.00 0.01
CRL005209 449.70 450.20 0.5 0.01 0.08
CRL005211 450.20 451.20 1.00 0.00 0.02
CRL005212 451.20 453.20 2.00 3.86 0.54
CRL005213 453.20 453.7 0.50 0.03 0.15
CRL005227-36
CRL005227 468.65 469.65 1.00 0.14 0.27
CRL005228 469.65 470.65 1.00 0.06 1.42
CRL005229 470.65 471.40 0.75 0.17 0.94
CRL005231 471.40 472.15 0.75 0.00 0.02
CRL005232 472.15 473.65 1.5 0.00 0.02
CRL005233 473.65 474.45 0.8 0.00 0.33
CRL005234 474.45 475.20 0.75 0.52 0.21
CRL005235 475.2 476.67 1.47 0.01 0.52
CRL005236 476.67 478.00 1.33 3.02 0.67
CRL005244 487.25 488.95 1.70 0.90 0.08
CRL005249-52
CRL005249 493.00 494.00 1.00 0.01 0.21
CRL005251 494.00 495.40 1.4 0.00 0.00
CRL005252 495.40 496.40 1.00 4.18 0.19
CRL005264 509.70 510.70 1.00 0.32 0.52
CRL005271-76
CRL005271 518.50 519.50 1.00 0.00 0.49
CRL005272 519.50 520.45 0.95 0.01 0.11
CRL005273 520.45 521.50 1.05 0.14 0.47
CRL005274 521.50 522.60 1.10 0.00 0.03
CRL005275 522.60 523.50 0.90 0.00 0.19
CRL005276 523.50 524.50 1.00 0.01 0.49
CRL005285-94
CRL005285 531.80 533.80 2.00 0.06 1.07
CRL005286 533.80 534.30 0.50 0.02 1.155
CRL005285-86
CRL005287 534.30 535.10 0.80 0.00 0.04
CRL005288 535.10 536.25 1.15 0.32 0.63
CRL005289 536.25 537.00 0.75 0.00 0.02
CRL005291 537.00 539.00 2.00 0.01 0.08
CRL005292-94
CRL005292 539.00 540.00 1.00 0.00 0.90
CRL005293 540.00 541.00 1.00 0.01 0.01
CRL005294 541.00 542.00 1.00 0.00 2.80
CRL005298-99
CRL005298 548.00 549.00 1.00 0.00 0.31
CRL005299 549.00 550.00 1.00 0.01 0.77
CRL005304 556.00 557.00 1.00 0.08 0.63
CRL005309 562.00 563.00 1.00 2.33 0.43
CRL005335-37
CRL005335 589.75 591.00 1.25 0.06 0.14
CRL005336 591.00 592.00 1.00 0.07 0.49
CRL005337 592.00 594.00 2.00 0.04 0.05
Appendix 2: JORC Code, 2012 Edition -Table 1
Redmoor Tungsten-Tin-Copper Project
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections)
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or CRL 2025 drilling
specific specialised industry standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma sondes, or handheld XRF · Diamond drill core was aligned prior to splitting and halved
instruments, etc). These examples should not be taken as limiting the broad using a core saw, based on geological boundaries and differing mineralised
meaning of sampling. structures, typically of 1 m sample length, and up to 2 m in less mineralised
zones. Sections that did not appear mineralised were not sampled, however
· Include reference to measures taken to ensure sample representivity CRD033 was sampled in its entirety to collect a full geochemical profile of
and the appropriate calibration of any measurement tools or systems used. the orebody.
· Aspects of the determination of mineralisation that are Material to · Drilling was aligned as close as possible to perpendicular to the
the Public Report. SVS.
· In cases where 'industry standard' work has been done this would be
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to produce a 30 g charge for fire CRL 2017-2018 drilling
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or · Core was aligned prior to splitting and halved using a core saw,
mineralisation types (eg submarine nodules) may warrant disclosure of detailed based on geological boundaries, typically of 1 m sample length, and up to 2.5
information. m in less mineralised zones. Sections that did not appear mineralised were not
sampled.
· Drilling was orientated where possible to intersect the target as
closely as possible to perpendicular. The deposit contains multiple different
mineralisation sets, and so for this reason and limitations of access, not all
holes comply with this.
SWM 1980-1983 drilling
· In addition to CRL drilling, South West Minerals (SWM) completed
a diamond-core surface programme in 1980-1983. These data are used alongside
CRL drilling within the Redmoor database. Historical SWM assays were
retrospectively verified at the time by Robertson Research International with
independent check assays at Alfred H. Knight, and later by SRK/NAE core
resampling; Snowden Optiro's 2025 review and twin-hole work provide additional
verification for use in current reporting
· The drilling was orientated to intersect the mineralisation at
high angles with the exception, in many cases, of Johnson's Lode as this dips
in the opposite direction to the other lodes and SVS. The holes were sampled
for assaying and density measurements.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary CRL drilling
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type, · For the 2025 campaign, all drilling was carried out by diamond
whether core is oriented and if so, by what method, etc). core drilling, of HQ to NQ diameter (63.5-47.6mm).
· Core was oriented through all of the core drilled where possible,
using a Reflex ACTx system.
· For the 2018 campaign, all drilling was carried out by diamond
core drilling, of HQ to NQ diameter (63.5-47.6mm).
· Core was oriented through the majority of the core drilled, using
a Reflex ACT III system.
· For the 2017 campaign, all drilling was carried out by diamond
core drilling, of HQ3 to BTW diameter (61-42mm).
· Core was generally oriented within the mineralised zone, using a
Reflex ACT II system.
SWM drilling
· All historic drillholes were completed using HQ, NQ or BQ diamond
core.
· The holes were primarily orientated to intersect the northerly
dipping vein system from the north, however a small number were orientated to
intercept southerly dipping lodes.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and CRL 2025 drilling
results assessed.
· Recovery was generally good through mineralisation and entirety
· Measures taken to maximise sample recovery and ensure representative of the drill holes, and typically better than 95%. All core was joined,
nature of the samples. measured by run length, and correlated to core blocks, and recoveries were
measured for each run drilled within 24 hours of being drilled.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of · Core recoveries were checked against drilling records to ensure
fine/coarse material. consistency.
· Broken ground where structures were encountered and any core loss
recorded clearly logged as such.
· Other than where broken ground is encountered, no negative
relationship was seen between recovery and mineralisation.
CRL 2018 drilling
· Recoveries were generally good through mineralisation, and
typically better than 90%. Recoveries were measured for each run drilled,
normally within 24 hours of the hole being drilled.
· Voids where encountered were clearly logged as such.
· Other than where an area may have been mined, as mentioned above,
no negative relationship was seen between recovery and mineralization and this
has been reviewed by Snowden Optiro.
CRL 2017 drilling
· Recoveries were generally good through mineralisation, and
typically better than 90%. Recoveries were measured for each run drilled,
normally within 24 hours of the hole being drilled.
· Triple Tube drilling was used where possible given available
equipment and core diameter, to enable precise definition of recovery.
· Voids where encountered were clearly logged as such.
· Other than where an area may have been mined, as mentioned above,
no negative relationship was seen between recovery and grade.
SWM drilling
· All historic drillholes were completed using HQ, NQ or BQ diamond
core. Core recovery was recorded on the logs and the results suggest that the
core recovery was relatively high, typically ranging from 80% to 100%, the
higher losses being in areas of poor ground. Snowden Optiro is not aware of
specific measures taken to reduce core loss but where excessive losses were
experienced holes were typically and often re-drilled. There is no apparent
relationship between core loss and grade.
Logging · Whether core and chip samples have been geologically and CRL drilling
geotechnically logged to a level of detail to support appropriate Mineral
Resource estimation, mining studies and metallurgical studies. · All drill core was digitally logged producing detailed structural
logs recording Alpha and Beta angles using a Kenometer, recording each
· Whether logging is qualitative or quantitative in nature. Core (or individual vein and structural zone, alteration zones and geotechnical
costean, channel, etc) photography. characteristics.
· The total length and percentage of the relevant intersections logged. · Select samples were taken for petrographic studies in order to
support observations and clarify mineralogical observations.
· All core was photographed and referenced to downhole geology
using Leapfrog software.
· Voids and broken ground, where encountered, were clearly logged
as such.
· Logging template improvements were made for the 2025 drilling,
that included capturing separate lithology, structural, alteration and
mineralisation tables
SWM drilling
· Detailed geological core logging and recording of the features of
the core was undertaken as part of the historic drilling campaign and these
logs remain available for review.
· Mineralogical descriptions are qualitative but detailed. Details
of all relevant intersections are separately noted.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core CRL 2025 drilling
taken.
· Sawn half core was used for all samples submitted to the
· If non-core, whether riffled, tube sampled, rotary split, etc and laboratory. The remaining half-core is preserved in the core trays as a
whether sampled wet or dry. record.
· For all sample types, the nature, quality and appropriateness of the · The routine sample procedure is always to take the half core to
sample preparation technique. the left of the orientation line looking down the hole.
· Quality control procedures adopted for all sub-sampling stages to · The halved samples were submitted to ALS Loughrea laboratory.
maximise representivity of samples.
· All samples, typically in the range 2-7 kg were dried and finely
· Measures taken to ensure that the sampling is representative of the crushed to better than 95 % passing a 2 mm screen. A split of 1000 g was taken
in situ material collected, including for instance results for field and pulverised to better than 85 % passing a 75 micron screen.
duplicate/second-half sampling.
· Once assay results are received, the results from certified
· Whether sample sizes are appropriate to the grain size of the reference material, and blank samples are compared with expected certified
material being sampled. concentrations and the corresponding duplicate samples are compared to
ascertain whether the sampling is representative.
· Copies of internal laboratory QC validating that the targeted
particle size was being achieved were received and reviewed.
· Sample sizes are considered appropriate for the style and type of
mineralisation, if halved core is used.
CRL 2017-2018 drilling
· Sawn half core was used for all samples submitted to the
laboratory. The remaining half-core is preserved in the core trays as a
record.
· The routine sample procedure was always to take the half core to
the left of the orientation line looking down the hole.
· The halved samples were submitted to ALS Loughrea laboratory.
· For holes CRD001 to CRD013, samples, typically in the range 3-7
kg were dried and finely crushed to better than 70 % passing a 2 mm screen. A
split of up to 250 g was taken and pulverized to better than 85 % passing a 75
micron screen.
· For holes CRD014 onwards, samples, typically in the range 3-7 kg
were dried and finely crushed to better than 95 % passing a 2 mm screen. A
split of 1000 g was taken and pulverized to better than 85 % passing a 75
micron screen.
· Copies of internal laboratory QC validating that the targeted
particle size was being achieved were received.
· % of samples were re-assayed as coarse reject duplicates.
· Once assay results were received, the results from duplicate
samples were compared with the corresponding routine sample to ascertain
whether the sample preparation steps were not introducing bias or imprecision.
· Sample sizes are considered appropriate for the style and type of
mineralisation, if halved core is used.
· CRL 2025 new samples.
SWM drilling
· Historic SWM core was generally sampled at ~2 m intervals using
two methods: split half-core and geochemical chip sampling. Chip samples
(material washed from the core barrel) are considered non-representative and
are not used for estimation; only split-core samples are retained for
verification and modelling work. Sample-type codes in the database distinguish
SC (split core), G (chip), and SCG (split core for Sn/W with chip for other
analytes). Contemporary QAQC (standards/blanks/duplicates) was not implemented
in 1980-83; however, Robertson Research International undertook retrospective
checks with Alfred H. Knight (c.10% of samples) and re-assayed Redmoor
submissions following identification and correction of an analytical issue,
providing reasonable confidence in the WO₃ data. SRK/NAE later performed
limited core resampling.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and CRL 2025 drilling
laboratory procedures used and whether the technique is considered partial or
total. · Analysis by method ME-MS61 was carried out using a HF-HNO3-HClO4
acid digestion, HCl leach, and analysed with a combination of ICP-MS and
· For geophysical tools, spectrometers, handheld XRF instruments, etc, ICP-AES, including Sn, Cu, and W. The upper and lower detection limits have
the parameters used in determining the analysis including instrument make and previously been tested and predetermined by CRL and confirmed acceptable for
model, reading times, calibrations factors applied and their derivation, etc. the target elements of Sn, Cu, and W. A limited number of samples were also
analysed for Cu, Pb and Zn by method OG62.
· Nature of quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of · Where grades by method ME-MS61 exceed 0.30% W, as previously
accuracy (ie lack of bias) and precision have been established. determined by internal review, an additional assay for high grade W by method
ME-XRF15b was subsequently carried out. These results replace relevant W
values for ME-MS61. Where grades by method ME-MS61 exceed 500 ppm Sn, an
additional assay for high grade Sn was carried out using ME-XRF15b.
· The laboratory shared their internal QC data on blanks, pulp
duplicates and CRMs. CRL also inserted 7.5% CRMs to test WO₃, Sn and Cu
analyses and 5% blanks along with 5% coarse and pulp duplicates, as a further
control.
· CRM standards were reproducible and within analytical ranges as
certified; CRL's blanks show no significant contamination issues and the
assays of the laboratory standards, which cover a range of metal values for
each of Sn, Cu, WO₃, show no material bias.
· 2.5 % of samples are selected for umpire assays at an independent
laboratory and project-specific CRMs for WO₃ and Sn to maintain long-term
analytical confidence.
CRL 2017-2018 drilling
· Analysis by method ME-ICP81x was carried out using a sodium
peroxide fusion for decomposition and then analysed by ICP-AES for 34
elements, including Sn, Cu, and W. The upper and lower detection limits are
considered acceptable for the target elements of Sn, Cu, and W. A limited
number of samples were also analysed for silver by method Ag-ICP61.
· Assay method selection (2017-2018): Where WO₃ by ME-ICP81x
exceeded 0.50% WO₃, samples were re-analysed by XRF (ME-XRF15b) and the XRF
results replaced the corresponding ICP values for reporting and resource
evaluation.
· Pulp re-assay and updated trigger (2024/2025): Following a
review, the XRF trigger was lowered to 0.30% WO₃. CRL re-assayed 73 pulps by
XRF at ALS; results showed an ~9% average increase in WO₃ relative to the
original ICP assays (with the majority returning higher grades). This work
confirms XRF as the preferred method for samples ≥0.30% WO₃ and supports
its use for future estimation and reporting.
· The laboratory shared their internal QC data on blanks, pulp
duplicates and standards. CRL also inserted 5% each of blanks, standards and
coarse duplicates, as a further control.
· While there was some spread in the repeatability of the 2017
coarse rejects the results are acceptable and to industry guidelines; CRL's
blanks show no significant contamination issues and the assays of the
laboratory standards, which cover a range of metal values for each of Sn, Cu,
W, show no bias subject to the protocol above being used.
SWM drilling
· Historic SWM drill core was predominantly sampled at ~2 m
intervals using two methods: split half-core and geochemical chip sampling.
Chip samples are interpreted to comprise material washed from the core barrel
and are concentrated in low-grade or unmineralised zones; due to
representativity limitations they are not recommended for use in grade
estimation. For verification and estimation, Snowden Optiro advises using
split-core samples only.
· Historical SWM assay data were generated by RRI using XRF and
colorimetric methods; subsequent check work by Alfred H. Knight provide a
basis for confidence in the original WO₃ results.
· No additional information is available on the quality control
programmes used for the historic drilling.
· SRK/NAE re-sampled selected SWM core in 2012-2013 for
verification. Snowden Optiro reviewed these results and concluded that the
quarter-core versus quarter-core methodology was sub-optimal for the coarse,
nuggety wolframite mineralisation at Redmoor. Future verification was
recommended to employ half-core versus half-core resampling to maintain
equivalent sample support, or through twin hole verification.
Verification of sampling and assaying · The verification of significant intersections by either independent CRL 2025 drilling
or alternative company personnel.
· Internal review of all assay and QA/QC data was undertaken
· The use of twinned holes. internally by CRL geologists and Exploration Manager, with review undertaken
externally by Snowden Optiro.
· Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic) protocols. · CRL previously undertook analytical checks and reviews on
historical pulp samples, confirming the necessity for lower trigger limits for
· Discuss any adjustment to assay data. W analysis (from 0.5% to 0.3%), with ME-XRF 15b analyses showing an increase
in W grade in a majority of samples, these results were incorporated into the
revised assay database. Checks for Sn trigger limits were tested, which were
kept at 500 ppm.
CRL 2018 drilling
· Geologica UK previously validated the 2018 drilling database
against laboratory certificates. In 2025, Snowden Optiro completed an
additional independent check of the 2017-2018 assay data against original lab
files. CRL in 2024/2025 also undertook targeted pulp re-assays (XRF) to
confirm WO₃ grades
· Snowden Optiro consider the dataset fit for Mineral Resource
estimation.
CRL 2017 drilling
· SRK previously reviewed the database and laboratory certificates
and confirmed significant intersections. In 2025, Snowden Optiro re-reviewed
these data as part of a comprehensive assessment of previous datasets,
confirming the earlier conclusions and data integrity.
· Snowden Optiro received copies of CRL's database and laboratory
analysis certificates and reviewed the significant intersections.
· SRK conducted a site visit and audit in 2017. Snowden Optiro
completed multiple site visits (2025) and reviewed data entry,
chain-of-custody and verification procedures. CRL maintains routine off-site
backups; Snowden Optiro also recommended (and CRL is implementing) migration
to a secure relational database and standardisation of historic SWM and CRL
datasets.
· Within significant intercepts, values at detection limits were
replaced with 0.5 of the detection limit value. Where duplicate assays exist
the primary sample assay is used.
· CRL's 2017-2018 diamond drilling data and QAQC results have been
independently reviewed by Snowden Optiro; no material issues were identified,
and the dataset is considered fit for use in resource estimation.
SWM drilling
· Historical SWM drilling (1980-1983) was completed prior to the
routine implementation of QAQC procedures; however, records show that the
primary laboratory, Robertson Research International (RRI), conducted internal
check analyses. RRI submitted approximately 10 % of samples for independent
check assays at Alfred H. Knight Laboratories. All Redmoor samples since April
1980 were re-assayed due to an issue with a faulty x-ray tube. Snowden Optiro
considers this an appropriate historical verification step providing
reasonable confidence in the WO₃ data.
· SRK re-sampled selected SWM core in 2012-2013 for verification.
Snowden Optiro reviewed these results and concluded that the quarter-core
versus quarter-core methodology was sub-optimal for the coarse, nuggety
wolframite mineralisation at Redmoor. Snowden Optiro recommended twin drilling
as a better and more appropriate technique for verification.
· Snowden Optiro and CRL jointly planned a programme of twin-hole
drilling, designed to verify the SWM dataset through direct comparison of
lithology, structure, and assay tenor. The first of these, CRD033 (twin of
RM82-22) as reported in this RNS, provides an encouraging result, confirming
the same mineralised zones and no systematic grade bias.
· Snowden Optiro has undertaken side-by-side sectional reviews and
statistical checks (including Q-Q plots, depth-aligned paired analyses, and
grade-threshold comparisons) as part of its independent verification process.
· Collar locations for selected SWM holes (e.g., RM80-05 and
RM80-05B) were verified in the field by Snowden Optiro using handheld GPS;
down-hole survey data and the -8° magnetic-to-grid correction were checked
and confirmed as appropriate.
· Through recent re-modelling work, Snowden Optiro has
independently checked relevant original logs against those captured in the
current database and conformable with the level of data captured in the SRK
digitisation and that no material transcription errors have taken place.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar CRL 2025 drilling
and down-hole surveys), trenches, mine workings and other locations used in
Mineral Resource estimation. · Planned collar locations were recorded as six-figure grid
references, together with RL values in meters, in the British National Grid
· Specification of the grid system used. (OSGB) coordinate system.
· Quality and adequacy of topographic control. · Final collar coordinates were recorded using a Reach RS2 GPS
receiver, with variation from planned position within 10 m.
· Downhole surveys were conducted using the Reflex EZ-Trac system,
as a minimum every 30m downhole. A multi-shot survey, using the Reflex EZ-Trac
system, is collected when drill diameter is reduced from HQ to NQ diameter and
at the end of hole, with survey readings taken every 3m up hole. Aluminium
extension rods were used to minimise magnetic error.
· Data were synchronised with the online IMDEX HUB-IQ online data
management system, with survey data reviewed by CRL geologists and QA/QC
parameters checked to validate survey data.
· Initial collar set up was conducted using an optical sighting
compass, at least 10m from the rig, for azimuth, and an inclinometer on the
rig for inclination; azimuth was checked prior to drill rig set up and
following set up of drill pad and levelling of dril rig.
CRL 2018 drilling
· Planned collar locations were recorded as six-figure grid
references, together with RL values in meters, in the British National Grid
(OSGB) coordinate system. These were surveyed using a real-time corrected DGPS
operated by a professional survey company, 4D Civil Engineering Surveying Ltd
(4D-CES). Final pick -up of actual hole positions is completed on completion
of each site; variation from planned positions is generally <5 m.
· Downhole surveys were conducted using the Reflex EZ-Trac system,
as a minimum every 50m downhole. Aluminium extension rods were used to
minimise magnetic error.
· Initial collar set up was conducted using an optical sighting
compass, at least 10m from the rig, for azimuth, and an inclinometer on the
rig for inclination.
CRL 2017 drilling
· Collar locations were recorded as six-figure grid references,
together with RL values in metres, in the British National Grid (OSGB)
coordinate system. These were surveyed using a real-time corrected DGPS
operated by a professional survey company.
· Downhole surveys were conducted using the Reflex EZ-Trac system,
as a minimum every 50m downhole. Aluminium extension rods were used to
minimise magnetic error.
· Initial collar set up was conducted using an optical sighting
compass, at least 10m from the rig, for azimuth, and an inclinometer on the
rig for inclination.
SWM drilling
· Historic drillhole logs present collar locations as six-figure
grid references in British National Grid (OSGB) coordinate system. In the
absence of RL data, SRK has projected collars on to (2005) Lidar topographic
survey data.
· Downhole surveys were typically recorded using either acid tube
test or single shot survey camera, with readings taken at approximately every
50 m.
· Historic plans of the drilling and drillhole traces have been
digitised and Snowden Optiro have reviewed database collars vs georeferenced
plans and is satisfied with the coordinate positions.
Data spacing and distribution · Data spacing for reporting of Exploration Results. CRL 2025 drilling
· Whether the data spacing and distribution is sufficient to establish · The programme aimed to extend previously identified
the degree of geological and grade continuity appropriate for the Mineral mineralisation, confirm validity of SWM drilling and its use in a Mineral
Resource and Ore Reserve estimation procedure(s) and classifications applied. Resource estimate, and identify mineralisation within the exploration target
area as defined in the 2020 Scoping Study .
· Whether sample compositing has been applied.
· Twinned drill hole spacing is typically 10-25 m apart, and
reasonably follow the same azimuth and dip.
· Data spacing provides an acceptable degree of geological and
grade continuity for Mineral Resource estimation in the Inferred category.
· Samples were composited to 2 m for continuity analysis and
estimation.
CRL 2018 drilling
· The programme aimed to extend previously identified
mineralisation.
· Data spacing is typically 70/80-150m apart, and locally less.
· Data spacing provides an acceptable degree of geological and
grade continuity for Mineral Resource estimation in the Inferred category.
· Samples were composited to 2m for continuity analysis and
estimation.
CRL 2017 drilling
· The programme aimed at extending and improving continuity of
previously identified mineralisation.
· The data spacing varies depending on the target, within the SVS
this is 100-150m apart, and often less.
· Compositing was applied in order to calculate intersected width
equivalents, on an interval length weighted-average basis.
SWM drilling
· The drillholes and sample intersections are typically some
100-150m apart in the main lodes and lode systems of interest which has
provided a reasonable indication of continuity of structure for the SVS,
Johnson's Lode and the Great South Lode. All individual sample assays remain
available.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of CRL 2025 drilling
possible structures and the extent to which this is known, considering the
deposit type. · Drillholes in the programme target the SVS and as secondary
target ancillary lodes, such as Johnsons lode.
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a · All drillholes were drilled perpendicular to the SVS with the
sampling bias, this should be assessed and reported if material. objective of collecting drill core that best represents mineralised zones and
give the best representation of the geology, mineralisation and geometry of
the orebody.
· Drilling has confirmed the continuity of previously drilled
High-Grade zones and the continuity of geological structures containing
mineralisation. Furthermore, twinned drill holes have confirmed the continuity
of WO₃, Sn and Cu grade along logged geological structures.
CRL 2018 drilling
· Drillholes in the programme target the SVS and as secondary
targets ancillary lodes such as Kelly Bray lode.
· In order to minimize impact on local residents, some holes were
drilled oblique to the mineralisation.
· Notwithstanding this, the SVS mineralisation is interpreted to be
a broad tabular mineralised zone. The orientation of the drilling is believed
to be appropriate for the evaluation of this geometry as presently understood.
CRL 2017 drilling
· Drillholes in the programme targeted the SVS, Johnson's Lode,
Great South Lode, and Kelly Bray Lode, each of which has different dips.
· Some holes hit more than one of the above, and therefore could
not be perpendicular to all mineralisation.
· In order to minimize impact on local residents, some holes were
drilled oblique to the mineralisation.
· Notwithstanding this, the SVS mineralisation is interpreted to be
a broad tabular mineralised zone with an internal plunge component. The
orientation of the drilling is believed to be appropriate for the evaluation
of this geometry as presently understood. It is recommended that this be
further assessed during subsequent drilling.
· Intercepts are reported as apparent thicknesses except where
otherwise stated. The data spacing varies depending on the target, within the
SVS this is 100-150m apart, and often less.
SWM drilling
· The drillholes and sample intersections are typically some
100-150m apart in the main lodes and lode systems of interest which has
provided a reasonable indication of continuity of structure for the SVS,
Johnson's Lode and the Great South Lode. All individual sample assays, and
some of the drill core, remain available.
· The drillholes were orientated to intersect the SVS and Great
South Lode at intersection angles of between 45 and 90 degrees. Two or three
holes were though often drilled from one site to limit the number of drill
sites needed and also the intersection angles with Johnson's Lode are
shallower then ideal due to the different orientation of this structure. Full
intersections are however available in all cases so there should be no
material bias and the differences between intersected and true lode widths has
been accounted for in SRK's evaluation procedures.
Sample security · The measures taken to ensure sample security. CRL drilling
· All drill core is stored at CRL's warehouse/office in Kelly Bray
Callington, with no possible access from the public. All core is securely
stored on racking and recorded, with historical pulp and coarse reject samples
stored at CRL's office for any future review.
SWM Drilling
· All remaining SWM drill core is in CRL's custody and is stored on
private land, for which CRL has continued access.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. CRL drilling
· Snowden Optiro audited CRL's sampling, logging, and QAQC
procedures during a comprehensive review in 2025 and found them to meet
industry best practice.
· Snowden Optiro undertook six site visits to CRL's Redmoor Project
to review and audit drilling, logging, density measurement and sampling
practices, as well as standard operating procedures and is satisfied that CRL
are performing all to a high standard.
· SRK previously audited CRL's 2017 drilling programme (June 2017)
and identified no significant issues.
SWM drilling
· No external audit of the historical SWM QAQC is known other than
those undertaken by SRK and Snowden Optiro.
Section 2 Reporting of Exploration Results
(Criteria in this section apply to all succeeding sections)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · The Project is located immediately south of the village of Kelly
agreements or material issues with third parties such as joint ventures, Bray and approximately 0.5km north of the town of Callington in Cornwall in
partnerships, overriding royalties, native title interests, historical sites, the United Kingdom.
wilderness or national park and environmental settings.
· In October 2012, NAE Resources (UK) Limited acquired a 100%
· The security of the tenure held at the time of reporting along with interest in the Redmoor Tin-Tungsten Project through an Exploration License
any known impediments to obtaining a licence to operate in the area. and Option Agreement with the owner of mineral rights covering a large area of
approximately 23km² that includes the Redmoor Project. The Exploration
License was granted for an initial period of 15 years with modest annual
payments. On 14 November 2016, NAE Resources (UK) Limited changed its name to
Cornwall Resources Limited (CRL).
· On 26 May 2016 Strategic Minerals Plc (SML) entered into an
option agreement with NAE to buy a 50% interest in CRL. In March 2019, the
Company entered into arrangements to acquire the balance of CRL, and this was
completed on 24 July 2019.
· On 21 April 2022, SML announced a 10-year extension of CRL's
Redmoor Exploration Licence until October 2037.
· CRL also has the option to a 25-year Mining Lease, extendable by
a further 25 years which can be exercised at any time during the term of the
Exploration License. The Mining Lease permits commercial extraction of the
minerals subject to obtaining planning and other approvals required and is
subject to a 3% Net Smelter Return royalty payable to the mineral right owner
once commercial production has commenced. CRL also has a pre-emptive right
over the sale of the mineral rights by the vendor. Surface land access for
exploration drilling and mining over some of the Redmoor deposit is also
included in these agreements.
· In addition to the Redmoor exploration licence, CRL holds further
licence agreements with two other mineral rights owners, including the Duchy
of Cornwall, for a total mineral rights area within the historic Tamar Valley
Mining District of 91.67km2.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other · Historical exploration was completed by South West Minerals (SWM)
parties. between 1980 and 1983, consisting of diamond drilling and limited underground
channel sampling of Redmoor adit. Data from this programme form part of the
current geological and assay database. Verification of these data has included
laboratory check assays by Alfred H. Knight (1980), SRK/NAE core resampling
(2012-2013), and ongoing twin-hole validation by CRL under Snowden Optiro
supervision (2025).
· The Redmoor area was the subject of underground development and
processing from the 18th century to around 1946.
· Snowden Optiro is unaware of any exploration undertaken by
parties other than South West Minerals (SWM).
Geology · Deposit type, geological setting and style of mineralisation. · The geology of the Redmoor Project is typical of other
established mining areas of Cornwall. Tin, tungsten and metal sulphide
mineralisation is spatially related to granite intrusions which have caused
mineral containing fluids to transport and deposit tin, tungsten and copper
bearing minerals along fractures and faults in surrounding rocks.
· At Redmoor the mineralisation occurs both in discrete veins
(lodes) and within a stockwork and sheeted zone of numerous closely spaced
quartz veins known as the Sheeted Vein System (SVS).
Drill hole Information · A summary of all information material to the understanding of the CRL 2025 drilling
exploration results including a tabulation of the following information for
all Material drill holes: · Drillhole collar data including position, RL, azimuth,
inclination, and length is provided below for CRD033:
o easting and northing of the drill hole collar
Easting (m) Northing (m) Elevation (m) Azimuth (⁰) Dip (⁰) Total Depth (m)
235802 71342 186 161 65 600.5
o elevation or RL (Reduced Level - elevation above sea level in metres) of the
drill hole collar
o dip and azimuth of the hole CRL 2018 drilling
o down hole length and interception depth · Drillhole collar data including position, RL, azimuth,
inclination, and length was provided in the CRL release dated 24 January 2019.
o hole length.
CRL 2017 drilling
· If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not detract from the · Drillhole collar data including position, RL, azimuth,
understanding of the report, the Competent Person should clearly explain why inclination, and length were reported in the CRL releases dated 7 September, 1
this is the case. November, and 11 December 2018.
· Depths of intercepts were reported in the releases dated 7
September, 1 November, and 11 December 2018.
· Figures previously presented in the 26 November 2015 announcement
show the relative location and orientation of the drilling completed by SWM.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, CRL 2025 drilling
maximum and/or minimum grade truncations (eg cutting of high grades) and
cut-off grades are usually Material and should be stated. · Weighted average intercepts were calculated using sample
weighting by length of sample interval.
· Where aggregate intercepts incorporate short lengths of high grade
results and longer lengths of low grade results, the procedure used for such · No high cut was thought to be appropriate.
aggregation should be stated and some typical examples of such aggregations
should be shown in detail. · Internal dilution is accepted where a geological basis is thought
to exist for reporting a wider package, for example within the SVS.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated. · For the 2025 drilling, results are expressed in WO(3) equivalent
values. The formula used is WO₃Eq = WO₃ + (Sn × 0.82) + (Cu × 0.27).
· The assumptions for this calculation are:
Metal Price Payability Recovery
Sn $32,525/t 90% 68%
Cu $9,429/t 90% 85%
WO(3) $430/mtu (APT) 78% 72%
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of CRL drilling
Exploration Results.
· The SVS mineralisation is interpreted to be a broad tabular
· If the geometry of the mineralisation with respect to the drill hole mineralised zone with an internal plunge component, which is currently being
angle is known, its nature should be reported. evaluated.
· If it is not known and only the down hole lengths are reported, there · The orientation of the drilling is believed to be appropriate for
should be a clear statement to this effect (eg 'down hole length, true width the evaluation of this geometry as presently understood. It is recommended
not known'). that this be further assessed during subsequent drilling.
· Intercepts are reported as apparent thicknesses except where
otherwise stated.
SWM drilling
· Full intersections are available in all cases so there should be
no material bias and the differences between intersected and true lode widths
were accounted for in consultant SRK's evaluation procedures.
Diagrams · Appropriate maps and sections (with scales) and tabulations of · Appropriate maps, plans, sections and other views of the
intercepts should be included for any significant discovery being reported interpreted mineralisation are included in the announcement.
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · The announcement presents all of the salient exploration data that
practicable, representative reporting of both low and high grades and/or supports the results presented and where summarised is done so in such a way
widths should be practiced to avoid misleading reporting of Exploration as to convey all of the results in a balanced manner.
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · All relevant new information has been presented in the announcement.
reported including (but not limited to): geological observations; geophysical
survey results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work · The nature and scale of planned further work (eg tests for lateral · The announcement summarises the geological and other work currently
extensions or depth extensions or large-scale step-out drilling). underway and planned and the current considerations regarding the potential of
the licence area.
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
CRL 2018 drilling
· Drillhole collar data including position, RL, azimuth,
inclination, and length was provided in the CRL release dated 24 January 2019.
CRL 2017 drilling
· Drillhole collar data including position, RL, azimuth,
inclination, and length were reported in the CRL releases dated 7 September, 1
November, and 11 December 2018.
· Depths of intercepts were reported in the releases dated 7
September, 1 November, and 11 December 2018.
· Figures previously presented in the 26 November 2015 announcement
show the relative location and orientation of the drilling completed by SWM.
Data aggregation methods
· In reporting Exploration Results, weighting averaging techniques,
maximum and/or minimum grade truncations (eg cutting of high grades) and
cut-off grades are usually Material and should be stated.
· Where aggregate intercepts incorporate short lengths of high grade
results and longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated.
CRL 2025 drilling
· Weighted average intercepts were calculated using sample
weighting by length of sample interval.
· No high cut was thought to be appropriate.
· Internal dilution is accepted where a geological basis is thought
to exist for reporting a wider package, for example within the SVS.
· For the 2025 drilling, results are expressed in WO(3) equivalent
values. The formula used is WO₃Eq = WO₃ + (Sn × 0.82) + (Cu × 0.27).
· The assumptions for this calculation are:
Metal Price Payability Recovery
Sn $32,525/t 90% 68%
Cu $9,429/t 90% 85%
WO(3) $430/mtu (APT) 78% 72%
Relationship between mineralisation widths and intercept lengths
· These relationships are particularly important in the reporting of
Exploration Results.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
· If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width
not known').
CRL drilling
· The SVS mineralisation is interpreted to be a broad tabular
mineralised zone with an internal plunge component, which is currently being
evaluated.
· The orientation of the drilling is believed to be appropriate for
the evaluation of this geometry as presently understood. It is recommended
that this be further assessed during subsequent drilling.
· Intercepts are reported as apparent thicknesses except where
otherwise stated.
SWM drilling
· Full intersections are available in all cases so there should be
no material bias and the differences between intersected and true lode widths
were accounted for in consultant SRK's evaluation procedures.
Diagrams
· Appropriate maps and sections (with scales) and tabulations of
intercepts should be included for any significant discovery being reported
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
· Appropriate maps, plans, sections and other views of the
interpreted mineralisation are included in the announcement.
Balanced reporting
· Where comprehensive reporting of all Exploration Results is not
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results.
· The announcement presents all of the salient exploration data that
supports the results presented and where summarised is done so in such a way
as to convey all of the results in a balanced manner.
Other substantive exploration data
· Other exploration data, if meaningful and material, should be
reported including (but not limited to): geological observations; geophysical
survey results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
· All relevant new information has been presented in the announcement.
Further work
· The nature and scale of planned further work (eg tests for lateral
extensions or depth extensions or large-scale step-out drilling).
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
· The announcement summarises the geological and other work currently
underway and planned and the current considerations regarding the potential of
the licence area.
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