REG - Strategic Minerals - Redmoor – Update to Previous Drilling Results
10/11/2025 07:00
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RNS Number : 8402G Strategic Minerals PLC 10 November 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.
10 November 2025
Strategic Minerals plc
("Strategic Minerals" or the "Company")
Redmoor - Update to Previous Exceptional Drilling Results
High Grade Tin Assays and Tungsten Equivalent Calculation Provide Meaningful
Increase in Total Metal Content
Further to the Company's announcement on 13 October 2025, Strategic Minerals
(AIM: SML; USOTC: SMCDF), an international mineral exploration and production
company, is pleased to announce that its wholly owned subsidiary, Cornwall
Resources Limited ("CRL"), is providing an additional analysis update for
drillhole CRD033, and new tungsten equivalent calculations, from its Redmoor
Tungsten-Tin-Copper Project ("Redmoor"), located in Cornwall, UK.
Highlights
· CRL has received tin assay results from drillhole CRD033, hole 1 of
the ongoing drilling campaign at Redmoor, providing high grade tin
intersections, including 2.00 m @ 1.06% Sn from 231.90 m, and updates through
the inclusion of tin to intersections previously reported for tungsten and
copper.
· Of significance, the tin results allow CRL to restate the sampled
intersections from CRD033, with the inclusion of a tungsten trioxide
equivalent ("WO3 Eq."), including 2.00 m @ 4.04% WO3 Eq. from 451.20 m, 6.7 m
@ 1.26% WO3 Eq. from 447.00 m, & 9.35 m @ 0.76% WO3 Eq. from 468.65 m.
· The below downhole intersections demonstrate that tin and copper
provide a meaningful contribution to total metal content, when measured on a
tungsten equivalent basis, and further increase Redmoor's high grade
assumptions: e.g. 1.00 m @ 2.33% WO3, 0.43% Cu & 0.13% Sn equating to
2.55% WO3 Eq.
· Redmoor's previous mineral resource estimate ("MRE") (2019) reported
a JORC (2012) Inferred Mineral Resource of 11.7 Mt @ 0.82% WO3 Eq. Through
additional metallurgical studies and an updated MRE, we expect to further
substantiate Redmoor's standing among the highest-grade undeveloped tungsten
projects in Europe, and, on a tungsten-equivalent basis, among the
higher-grade deposits reported globally.
· With the 9-hole programme nearing completion, CRL is awaiting assay
results from further completed drillholes, with all results expected prior to
the MRE update to be completed in Q1 2026. Assay results from drillhole CRD034
expected shortly.
Downhole Intersections:
· 4.00 m @ 0.39% Sn from 118.00 m, including:
o 2.00m @ 0.54% Sn (2.00 m @ 0.45% WO3 Eq.) from 120.00 m
· 7.60 m @ 0.32% Sn, 0.02% Cu from 227.40 m, including:
o 2.00m @ 1.06% Sn & 0.03% Cu (2.00 m @ 0.89% WO3 Eq.) from 231.90 m
· 3.05 m @ 1.43% WO3, 0.54% Cu & 0.04% Sn (3.05m @ 1.61% WO3 Eq.)
from 439.70 m, including:
o 1.30 m @ 2.34% WO3, 0.44% Cu & 0.03% Sn (1.30m @ 2.48% WO3 Eq.) from
439.70 m, and
o 0.75 m @ 1.54% WO3, 0.68% Cu & 0.05% Sn (0.75m @ 1.77% WO3 Eq.) from
442.00 m
· 6.70 m @ 1.17 WO3, 0.24% Cu & 0.02% Sn (1.26% WO3 Eq. from 447.00
m, including:
o 2.00 m @ 3.86% WO3, 0.54% Cu & 0.05% Sn (2.00m @ 4.04% WO3 Eq. from
451.20 m
· 9.35 m @ 0.51% WO3, 0.48% Cu & 0.15% Sn (9.35m @ 0.76% WO3 Eq.)
from 468.65 m, including (see Figure 1):
o 1.00 m @ 0.06% WO3, 1.42% Cu, 0.98% Sn (1.00m @ 1.24% WO3 Eq.) plus
38.2 g/t silver (Ag) from 469.65 m, and
o 1.33 m @ 3.02% WO3, 0.67% Cu & 0.12% Sn (1.33m @ 3.30% WO3 Eq.) from
476.67 m
· 3.40 m @ 1.24 WO3, 0.12% Cu & 0.02% Sn (3.40m @ 1.28% WO3 Eq.)
from 493.00 m, including:
o 1.00 m @ 4.18% WO3, 0.19% Cu & 0.02% Sn (1.00m @ 4.25% WO3 Eq.) from
495.40 m
· 10.20 m @ 0.05% WO3, 0.72% Cu & 0.02% Sn (10.20m @ 0.26% WO3 Eq.)
from 531.80 m, including:
o 2.50 m @ 1.09% Cu from 531.80 m,
o 1.15 m @ 0.32% WO3, 0.63% Cu & 0.02% Sn (1.15m @ 0.51% WO3 Eq.) from
495.40 m, and
o 3.00 m @ 1.24% Cu from 539.00 m
· 1.00 m @ 2.33% WO3, 0.43% Cu & 0.13% Sn (1.00m @ 2.55% WO3 Eq.)
from 562.00 m
· 4.25m @ 0.05% WO3, 0.18% Cu & 0.17% Sn (4.25m @ 0.24% WO3 Eq.)
from 589.75 m, including:
o 1.00 m @ 0.07% WO3, 0.49% Cu & 0.43% Sn (1.00m @ 0.56% WO3 Eq.) from
591.00 m
Figure 1: Highlighted high-grade intersection of multiple stacked mineralised
veins within the Redmoor SVS deposit, containing 9.35 m @ 0.51% WO3, 0.48% Cu
& 0.15% Sn (9.35 m @ 0.76% WO3 Eq.) from 468.65 m.
This high-grade intersection comprises 9 individual sample sections (small
double arrows) detailed in Appendix 1 below.
These samples were visibly logged by CRL geologists containing wolframite,
chalcopyrite and cassiterite, the principal minerals at Redmoor for tungsten,
copper and tin respectfully.
The above intersections¹ update those previously reported for tungsten (WO3)
and copper (Cu) (see RNS 13 October 2025) ² from drillhole CRD033 with the
addition of tin (Sn) values, or add new intersections based on standout tin
assays. The tin values within the sheeted vein system ("SVS") are consistent
with those previously reported at Redmoor from this more tungsten-dominant
zone of the deposit.
Dennis Rowland, CRL Managing Director, said:
"We are happy to release the updated results from drill hole CRD033, which
highlight new zones of tin-dominant mineralisation, as well as the tin
components of previously reported sheeted veins system ("SVS") intersections.
"The tungsten equivalent calculations demonstrate the potential for additional
value from co-products and reinforce the fact tungsten is the primary economic
driver at Redmoor.
"With results expected from drill hole CRD034 shortly, and with the ongoing
drilling programme progressing towards completion, we look forward to
providing further updates to shareholders."
Mark Burnett, Strategic Minerals' Executive Director, said:
"Strategic Minerals believe Redmoor is Europe's highest-grade undeveloped
tungsten deposit⁴. Contributions to the results from copper and tin
mineralisation highlight the polymetallic nature of the deposit and its
high-grade zones. The generation of a tungsten equivalent indicates the
significant potential additional value contribution from these co-products and
on a tungsten equivalent basis highlight Redmoor as one of the very
highest-grade tungsten deposits globally.
"It is worth noting that prices for these three metals have increased
significantly since the scoping study was undertaken at Redmoor in 2020. Using
the 12-month average metal prices is expected to provide confidence in
long-term market trends for these metals, whilst using conservative
assumptions compared to current market prices which continue to see
significant growth."
Overview of additional analytical results for tin from CRD033
The additional tin assay results from CRD033 confirm the polymetallic style of
mineralisation within the high-grade zones which lie within the 90 m thick
Sheeted Vein System (SVS) which contributed to the MRE produced in 2019, as
previously identified during the 2017-2018 diamond drilling programmes at
Redmoor.
The tin assays further confirm the identification of additional mineralised
structures, particularly enriched in tin, outside of the Redmoor SVS. These
include:
· 4.00 m @ 0.39% Sn from 118.00 m
· 2.00 m @ 1.06% Sn from 231.90 m
· 1.30 m @ 0.32% Sn and 0.50% Cu from 370.30 m
· 1.00 m @ 0.98% Sn and 1.42% Cu from 469.65 m
· 1.00 m @ 0.43% Sn and 0.49% Cu from 591.00 m
See Table 1 for highlights of the downhole composites and Appendix 1 for a
full breakdown of individual sample results that contribute to the highlighted
intersections. Reported widths are downhole.
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. Analysis comprised multi-element ME-MS61
plus XRF verification of W for samples reporting ≥0.30%. Following a review
of analytical processes, CRL have implemented the addition of analytical
method ME-MS85h for Sn with XRF verification for samples reporting ≥0.14%.
All assays were performed by ALS Loughrea (ISO 17025). Snowden Optiro reviewed
QA/QC; tungsten (WO₃) tin (Sn), copper (Cu) and silver (Ag) results have
passed QA/QC checks with no material issues identified and are reported
following verification.
Tungsten Equivalent
Of significance within these results is the creation of a tungsten trioxide
equivalent (WO3 Eq.) for these intersections, using the 12-month average metal
prices for tungsten, tin, and copper, and previously reported recoverability
and payabilities. The new tungsten trioxide equivalent calculation updates
that used as part of the 2019 MRE. These equivalents demonstrate the
additional contribution from copper and tin as co-products to the overall
metal content of the mineralised zones. The 12-month average metal prices used
are higher than those applied in the 2020 Redmoor Scoping Study, reflecting
recent market conditions, while remaining conservative relative to current
spot prices. The resulting WO₃ equivalent grades are considered high in
comparison with typical tungsten projects and further emphasise the robust
tungsten-dominant nature of mineralisation at Redmoor.
The high-grade tungsten intersections within the SVS are accompanied with
varying grades of both copper and tin, consistent with Redmoor's polymetallic
character, from which tungsten equivalent grades have been calculated using a
12-month rolling price (Oct-2024 to Sep-2025) of WO₃ (APT Europe) =
US$430/mtu⁵, Sn = US$32,525/t, Cu = US$9,429/t (Table. 1), which aim to
represent the total metal concentrations of each intersected mineralised zone.
These prices compare favourably to those used in the Redmoor MRE (2019) and
Scoping Study (2020): WO₃ US$ 330/mtu, Sn US$ 22,000/t, Cu US$ 7,000/t.
Redmoor's JORC (2012) MRE (2019) reported an inferred resource of 11.7 Mt @
0.56% WO₃, 0.16% Sn & 0.50% Cu for a tin equivalent Sn(Eq)% of 1.17% or
a WO₃(EQ)% of 0.82%. These equivalents were calculated using the following
formulas:
· Sn(Eq)% = Sn% x 1 + (WO₃% x 1.43) + (Cu% x 0.40)
· WO₃(EQ)% = (Sn% x 0.7) + WO₃% + (Cu% x 0.28)
The new tungsten trioxide equivalent calculation, using the updated metal
price assumptions is:
· WO₃ (EQ)% = WO₃%+(Sn% x 0.82) + (Cu% x 0.27)
Recovery and payability calculations are based on those used in the Redmoor
Mineral Resource estimate ("MRE") (2019): WO₃ recovery 72%, total Sn
recovery 68% & total Cu recovery 85%, and payability assumptions of 81%,
90% and 90% respectively. The ongoing metallurgical testworks programme aims
to update these assumptions ahead of the forthcoming MRE update in Q1 2026.
The results from borehole CRD033 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 ranks as the highest grade, undeveloped tungsten
deposit in Europe*⁶, and amongst the highest grade globally. The tungsten
equivalent grades further support these assumptions and highlight the tungsten
dominance of the deposit, alongside the additional economic contributions to
the project from co-products.
Figure 2: 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.
Clarification Notes:
Note¹: See Table 2 for sample intersection details for intersection
composites.
Note²: These results add to and update the previous exceptional drilling
results reported for tungsten and copper in RNS: 13/10/2025, through the
addition of tin assay results, and the calculation of a tungsten equivalent
value for certain drill hole intersections.
Note³: Commodity price assumptions for Redmoor MRE (2019): 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.
Note⁴: Based on a comparison with published JORC (2012) exploration results
from projects within Europe.
Note⁵: 1 mtu equals 10kg WO₃, therefore US$430/mtu equals US$43,000/t
WO₃.
Note⁶: As 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.
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.
Table 1: Highlights of downhole composite sample intervals returned from
recently received results from borehole CRD033 now including Sn results, and
calculated WO3% Eq. Composited values use a downhole length weighted average
of grades.
CRD033 From (m) To (m) Interval (m) WO3 % Cu % Sn % WO3 eq. % Comments
Sample Start
CRL004984-85 118.00 122.00 4.00 0.01 0.01 0.39 0.33 Lode-Style Cu Mineralisation
incl. CRL004985 120.00 122.00 2.00 0.01 0.01 0.54 0.45 Lode-Style Cu Mineralisation
CRL005055-59 227.40 235.00 7.60 0.01 0.02 0.32 0.27 Lode-Style Cu Mineralisation
incl. CRL005058 231.90 233.90 2.00 0.01 0.03 1.06 0.89 Lode-Style Cu Mineralisation
CRL005141-48 365.15 372.65 7.50 0.04 0.27 0.08 0.18 Lode-Style Cu Mineralisation
incl. CRL005144 367.60 368.10 0.50 0.00 0.50 0.03 0.16 Lode-Style Cu Mineralisation
incl. CRL005147 370.30 371.60 1.30 0.05 0.50 0.32 0.45 Lode-Style Cu Mineralisation
CRL005191 430.00 431.00 1.00 0.31 0.36 0.09 0.49 S.V.S Mineralisation
CRL005199-5202 439.70 442.75 3.05 1.43 0.54 0.04 1.61 S.V.S Mineralisation
incl. CRL005199 439.70 441.00 1.30 2.34 0.44 0.03 2.48 S.V.S Mineralisation
incl. CRL005202 442.00 442.75 0.75 1.54 0.68 0.05 1.77 S.V.S Mineralisation
CRL005207-13 447.00 453.70 6.70 1.17 0.24 0.02 1.26 S.V.S Mineralisation
incl. CRL005212 451.20 453.20 2.00 3.86 0.54 0.05 4.04 S.V.S Mineralisation
CRL005227-36 468.65 478.00 9.35 0.51 0.48 0.15 0.76 S.V.S Mineralisation
incl. CRL005228 469.65 470.65 1.00 0.06 1.42 0.98 1.24 S.V.S Mineralisation
incl. CRL005234 474.45 475.20 0.75 0.52 0.21 0.05 0.62 S.V.S Mineralisation
incl. CRL005236 476.67 478.00 1.33 3.02 0.67 0.12 3.30 S.V.S Mineralisation
CRL005244 487.25 488.95 1.70 0.90 0.08 0.01 0.93 S.V.S Mineralisation
CRL005249-52 493.00 496.40 3.40 1.24 0.12 0.02 1.28 S.V.S Mineralisation
incl. CRL005252 495.40 496.40 1.00 4.18 0.19 0.02 4.25 S.V.S Mineralisation
CRL005264 509.70 510.70 1.00 0.32 0.52 0.10 0.54 S.V.S Mineralisation
CRL005271-76 518.50 524.50 6.00 0.03 0.29 0.02 0.12 S.V.S Mineralisation
incl. CRL005271 518.50 519.50 1.00 0.00 0.49 0.03 0.16 S.V.S Mineralisation
incl. CRL005273 520.45 521.50 1.05 0.14 0.47 0.03 0.29 S.V.S Mineralisation
incl. CRL005276 523.50 524.50 1.00 0.01 0.49 0.02 0.16 S.V.S Mineralisation
CRL005285-94 531.80 542.00 10.20 0.05 0.72 0.02 0.26 S.V.S Mineralisation
incl. CRL005285-86 531.80 534.30 2.50 0.05 1.09 0.01 0.35 S.V.S Mineralisation
incl. CRL005288 535.10 536.25 1.15 0.32 0.63 0.02 0.51 S.V.S Mineralisation
incl. CRL005292-94 539.00 542.00 3.00 0.01 1.24 0.04 0.37 S.V.S Mineralisation
incl. CRL005294 541.00 542.00 1.00 0.00 2.80 0.06 0.81 S.V.S Mineralisation
CRL005298-99 548.00 550.00 2.00 0.01 0.54 0.02 0.17 S.V.S Mineralisation
CRL005304 556.00 557.00 1.00 0.08 0.63 0.04 0.29 S.V.S Mineralisation
CRL005309 562.00 563.00 1.00 2.33 0.43 0.13 2.55 S.V.S Mineralisation
CRL005335-37 589.75 594.00 4.25 0.05 0.18 0.17 0.24 Skarn-Style Sn Mineralisation
incl. CRL005336 591.00 592.00 1.00 0.07 0.49 0.43 0.56 Skarn-Style Sn Mineralisation
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
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Investor Relations
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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.
Sample details include sample number, intersected depths and interval length.
Results are reported for WO₃, Cu and Sn values, with a calculation to
represent total metal on a WO₃ Equivalent (WO₃.eq) basis.
Sample Start From (m) To Interval (m) WO3 Cu Sn WO3.Eq
(m) % % % %
CRL004984-85
CRL004984 118.00 120.00 2.00 0.01 0.02 0.24 0.21
CRL004985 120.00 122.00 2.00 0.01 0.01 0.54 0.45
CRL005055-59
CRL005055 227.40 229.00 1.60 0.01 0.02 0.09 0.09
CRL005056 229.00 230.00 1.00 0.00 0.01 0.07 0.06
CRL005057 230.00 231.90 1.90 0.00 0.00 0.01 0.02
CRL005058 231.90 233.90 2.00 0.01 0.03 1.06 0.89
CRL005059 233.90 235.00 1.10 0.01 0.01 0.04 0.05
CRL005141-48
CRL005141 365.15 365.88 0.73 0.06 0.36 0.07 0.21
CRL005142 365.88 366.65 0.77 0.03 0.29 0.05 0.15
CRL005143 366.65 367.60 0.95 0.04 0.05 0.03 0.07
CRL005144 367.60 368.10 0.50 0.00 0.50 0.03 0.16
CRL005145 368.10 369.55 1.45 0.08 0.21 0.04 0.17
CRL005146 369.55 370.30 0.75 0.02 0.10 0.02 0.06
CRL005147 370.30 371.60 1.3 0.05 0.50 0.32 0.45
CRL005148 371.60 372.65 1.05 0.01 0.23 0.01 0.09
CRL005191 430.00 431.00 1.00 0.31 0.36 0.09 0.49
CRL005199-5202
CRL005199 439.70 441.00 1.30 2.34 0.44 0.03 2.48
CRL005201 441.00 442.00 1.00 0.16 0.57 0.04 0.35
CRL005202 442.00 442.75 0.75 1.54 0.68 0.05 1.77
CRL005207-13
CRL005207 447.00 448.00 1.00 0.12 0.38 0.03 0.25
CRL005208 448.00 449.70 1.70 0.00 0.01 0.00 0.00
CRL005209 449.70 450.20 0.5 0.01 0.08 0.02 0.05
CRL005211 450.20 451.20 1.00 0.00 0.02 0.01 0.02
CRL005212 451.20 453.20 2.00 3.86 0.54 0.05 4.04
CRL005213 453.20 453.7 0.50 0.03 0.15 0.02 0.09
CRL005227-36
CRL005227 468.65 469.65 1.00 0.14 0.27 0.07 0.27
CRL005228 469.65 470.65 1.00 0.06 1.42 0.98 1.24
CRL005229 470.65 471.40 0.75 0.17 0.94 0.08 0.49
CRL005231 471.40 472.15 0.75 0.00 0.02 0.01 0.01
CRL005232 472.15 473.65 1.5 0.00 0.02 0.01 0.02
CRL005233 473.65 474.45 0.8 0.00 0.33 0.03 0.12
CRL005234 474.45 475.20 0.75 0.52 0.21 0.05 0.62
CRL005235 475.2 476.67 1.47 0.01 0.52 0.04 0.18
CRL005236 476.67 478.00 1.33 3.02 0.67 0.12 3.30
CRL005244 487.25 488.95 1.70 0.90 0.08 0.01 0.93
CRL005249-52
CRL005249 493.00 494.00 1.00 0.01 0.21 0.04 0.10
CRL005251 494.00 495.40 1.4 0.00 0.00 0.00 0.00
CRL005252 495.40 496.40 1.00 4.18 0.19 0.02 4.24
CRL005264 509.70 510.70 1.00 0.32 0.52 0.10 0.54
CRL005271-76
CRL005271 518.50 519.50 1.00 0.00 0.49 0.03 0.16
CRL005272 519.50 520.45 0.95 0.01 0.11 0.01 0.04
CRL005273 520.45 521.50 1.05 0.14 0.47 0.03 0.29
CRL005274 521.50 522.60 1.10 0.00 0.03 0.00 0.01
CRL005275 522.60 523.50 0.90 0.00 0.19 0.01 0.06
CRL005276 523.50 524.50 1.00 0.01 0.49 0.02 0.16
CRL005285-94
CRL005285 531.80 533.80 2.00 0.06 1.07 0.01 0.36
CRL005286 533.80 534.30 0.50 0.02 1.155 0.02 0.34
CRL005287 534.30 535.10 0.80 0.00 0.04 0.01 0.02
CRL005288 535.10 536.25 1.15 0.32 0.63 0.02 0.51
CRL005289 536.25 537.00 0.75 0.00 0.02 0.01 0.01
CRL005291 537.00 539.00 2.00 0.01 0.08 0.01 0.04
CRL005292 539.00 540.00 1.00 0.00 0.90 0.06 0.29
CRL005293 540.00 541.00 1.00 0.01 0.01 0.01 0.02
CRL005294 541.00 542.00 1.00 0.00 2.80 0.06 0.81
CRL005298-99
CRL005298 548.00 549.00 1.00 0.00 0.31 0.00 0.10
CRL005299 549.00 550.00 1.00 0.01 0.77 0.01 0.24
CRL005304 556.00 557.00 1.00 0.08 0.63 0.04 0.29
CRL005309 562.00 563.00 1.00 2.33 0.43 0.13 2.55
CRL005335-37
CRL005335 589.75 591.00 1.25 0.06 0.14 0.13 0.20
CRL005336 591.00 592.00 1.00 0.07 0.49 0.43 0.56
CRL005337 592.00 594.00 2.00 0.04 0.05 0.06 0.10
Note*⁷: WO₃ is calculated from W results by applying a factor of 1.26 to
the result)
Note*⁸: Tungsten equivalent metal calculation: WO₃ (EQ)% = WO₃%+(Sn% x
0.82) + (Cu% x 0.27)
Commodity price assumptions: WO₃ US$ 43,000/t, Sn US$ 32,525/t, Cu US$
9,429/t. Using the 12-month average to September 2025. Recovery assumptions:
total WO₃ recovery 72%, total Sn recovery 68% and total Cu recovery 85%.
Payability assumptions of 81%, 90% and 90% respectively
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 using a
instruments, etc). These examples should not be taken as limiting the broad core saw, based on geological boundaries and differing mineralised structures,
meaning of sampling. 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 CRD033 was
· Include reference to measures taken to ensure sample representivity and sampled in its entirety to collect a full geochemical profile of the orebody.
the appropriate calibration of any measurement tools or systems used.
· Drilling was aligned as close as possible to perpendicular to the
· Aspects of the determination of mineralisation that are Material to the SVS.
Public Report.
CRL 2017-2018 drilling
· In cases where 'industry standard' work has been done this would be
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m · Core was aligned prior to splitting and halved using a core saw,
samples from which 3 kg was pulverised to produce a 30 g charge for fire based on geological boundaries, typically of 1 m sample length, and up to 2.5
assay'). In other cases more explanation may be required, such as where there m in less mineralised zones. Sections that did not appear mineralised were not
is coarse gold that has inherent sampling problems. Unusual commodities or sampled.
mineralisation types (eg submarine nodules) may warrant disclosure of detailed
information. · 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 air CRL drilling
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 core
whether core is oriented and if so, by what method, etc). 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 of
· Measures taken to maximise sample recovery and ensure representative the drill holes, and typically better than 95%. All core was joined, measured
nature of the samples. 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 geotechnically CRL drilling
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 laboratory.
· If non-core, whether riffled, tube sampled, rotary split, etc and The remaining half-core is preserved in the core trays as a record.
whether sampled wet or dry.
· The routine sample procedure is always to take the half core to the
· For all sample types, the nature, quality and appropriateness of the left of the orientation line looking down the hole.
sample preparation technique.
· The halved samples were submitted to ALS Loughrea laboratory.
· Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples. · All samples, typically in the range 2-7 kg were dried and finely
crushed to better than 95 % passing a 2 mm screen. A split of 1000 g was taken
· Measures taken to ensure that the sampling is representative of the in and pulverised to better than 85 % passing a 75 micron screen.
situ material collected, including for instance results for field
duplicate/second-half sampling. · Once assay results are received, the results from certified reference
material, and blank samples are compared with expected certified
· Whether sample sizes are appropriate to the grain size of the material concentrations and the corresponding duplicate samples are compared to
being sampled. 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 laboratory CRL 2025 drilling
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
· For geophysical tools, spectrometers, handheld XRF instruments, etc, digestion, HCl leach, and analysed with a combination of ICP-MS and ICP-AES,
the parameters used in determining the analysis including instrument make and including Sn, Cu, and W. The upper and lower detection limits have previously
model, reading times, calibrations factors applied and their derivation, etc. been tested and predetermined by CRL and confirmed acceptable for the target
elements of Sn, Cu, and W. A limited number of samples were also analysed for
· Nature of quality control procedures adopted (eg standards, blanks, Cu, Pb and Zn by method OG62.
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established. · Additional analysis for Sn is undertaken using method ME-MS85h to
successfully analyse for Sn in resistant minerals such as cassiterite,
allowing for a true analysis for Sn contained in the resource.
· Where grades by method ME-MS61 exceed 0.30% W, as previously
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-MS85h exceed 1,400 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 for 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 or CRL 2025 drilling
alternative company personnel.
· Internal review of all assay and QA/QC data was undertaken internally
· The use of twinned holes. 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 W analysis
· Discuss any adjustment to assay data. (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 and CRL 2025 drilling
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 (OSGB)
· Specification of the grid system used. 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 drill 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 mineralisation,
the degree of geological and grade continuity appropriate for the Mineral confirm validity of SWM drilling and its use in a Mineral Resource estimate,
Resource and Ore Reserve estimation procedure(s) and classifications applied. 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 Bray
agreements or material issues with third parties such as joint ventures, and approximately 0.5km north of the town of Callington in Cornwall in the
partnerships, overriding royalties, native title interests, historical sites, United Kingdom.
wilderness or national park and environmental settings.
· In October 2012, NAE Resources (UK) Limited acquired a 100% interest
· The security of the tenure held at the time of reporting along with any in the Redmoor Tin-Tungsten Project through an Exploration License and Option
known impediments to obtaining a licence to operate in the area. 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 parties. · Historical exploration was completed by South West Minerals (SWM)
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
Borehole ID CRD033
Easting (m) 235802
o elevation or RL (Reduced Level - elevation above sea level in metres) of the Northing (m) 71342
drill hole collar Elevation (m) 186
Azimuth (⁰) 161
o dip and azimuth of the hole Dip (⁰) 65
Total Depth (m) 600.5
o down hole length and interception depth
CRL 2018 drilling
o hole length.
· Drillhole collar data including position, RL, azimuth, inclination,
· If the exclusion of this information is justified on the basis that the and length was provided in the CRL release dated 24 January 2019.
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why CRL 2017 drilling
this is the case.
· 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, 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 Recovery Payability
WO(3) $430/mtu 72% 78%
(APT)
Cu $9,429/t 85% 90%
Sn $32,525/t 68% 90%
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 the
should be a clear statement to this effect (eg 'down hole length, true width evaluation of this geometry as presently understood. It is recommended that
not known'). 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 interpreted
intercepts should be included for any significant discovery being reported 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 reported · All relevant new information has been presented in the announcement.
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 Recovery Payability
WO(3) $430/mtu 72% 78%
(APT)
Cu $9,429/t 85% 90%
Sn $32,525/t 68% 90%
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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