REG - Strategic Minerals - Start of Drilling at Redmoor Project

Strategic MineralsAnnouncement

26/06/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250626:nRSZ4576Oa&default-theme=true

RNS Number : 4576O  Strategic Minerals PLC  26 June 2025

 

 

 

26 June 2025

 

Strategic Minerals plc

("Strategic Minerals" or the "Company")

Start of Drilling at Redmoor Critical Minerals Project

 

Strategic Minerals plc (AIM: SML; USOTC: SMCDF), an international mineral
exploration and production company, is pleased to provide an update from its
wholly owned subsidiary, Cornwall Resources Limited ("CRL"). The Company is
pleased to announce the commencement of CRL's fully funded and permitted
9-borehole drill programme for c.5,300m of new diamond core drilling at the
Redmoor Tungsten-Tin-Copper Project ("Redmoor").

CRL is exploring for resources of tungsten, tin, and copper in its Tamar
Valley licence areas in east Cornwall, with a key focus on Redmoor.

The rig has commenced drilling the first of the three boreholes located at the
current drilling pad, on Redmoor Road in Kelly Bray, Callington (Figure 1),
with these three boreholes expected to take up to three months to complete.
An additional rig will then join the programme for up to a further three
months, to support the completion of the 9-borehole programme.

Data from drilling and the ongoing relogging and sampling programme will be
utilised to inform a new JORC (2012) compliant Mineral Resource Estimate
("MRE") for Redmoor, expected to be completed in Q1 2026. This will be the
first update since Redmoor's JORC (2012) compliant MRE published in 2019 of
11.7 Mt at 1.17% Tin equivalent (0.56% WO₃, 0.16% Sn, 0.50% Cu).  Since
that update, there have been significant shifts in global markets and
commodity prices, with increased recognition of the importance of critical
minerals. The Company believes that Redmoor's resource stands out in
comparison to most tungsten projects due to the high-grade of tungsten
mineralisation, alongside the presence of tin and copper.

This drill programme follows the securing of match grant funding from the UK
Government, through the UK Shared Prosperity Fund, managed by the Cornwall and
Isles of Scilly Good Growth Project (the "SPF Project"), and the completion of
a £1,000,000 fundraise by Strategic Minerals. As the drill programme forms
part of CRL's SPF Project, 50% of the programme costs will be recovered from
the grant funding.

Dennis Rowland, CRL Project Manager, commented:

"This is an important moment for the Company, for Cornwall, and for the UK.
 The drilling now underway is the first exploration drilling at Redmoor since
2018 and aims to enable the accelerated development of a potentially important
new domestic source of critical minerals. Tungsten is essential in various
high-performance applications, from industrial tools to aerospace and defence.
 We are excited to highlight through this drill programme the potential of
Redmoor as a strategically important, high-grade, polymetallic tungsten
resource right here in the UK.  We look forward to announcing results as the
programme advances."

 Figure 1: Images showing the first drill pad site at Redmoor, Cornwall, as
 drilling commenced

 

 For further information, please contact:

 Strategic Minerals plc                                                   +44 (0) 207 389 7067
 Mark Burnett
 Executive Director
 Website:                 www.strategicminerals.net (http://www.strategicminerals.net)
 Email:                   info@strategicminerals.net (mailto:info@strategicminerals.net)

 Follow Strategic Minerals on:
 X:                       @SML_Minerals (https://twitter.com/SML_Minerals)
 LinkedIn:                https://www.linkedin.com/company/strategic-minerals-plc
                          (https://www.linkedin.com/company/strategic-minerals-plc)

 SP Angel Corporate Finance LLP                                           +44 (0) 20 3470 0470
 Nominated Adviser and Broker
 Matthew Johnson/Charlie Bouverat/Grant Barker

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

 Vigo Consulting                                                          +44 (0) 207 390 0234
 Investor Relations
 Ben Simons/Peter Jacob/Anna Sutton
 Email:                   strategicminerals@vigoconsulting.com
                          (mailto:strategicminerals@vigoconsulting.com)

 

Notes to Editors

About Strategic Minerals Plc and Cornwall Resources Limited

Strategic Minerals plc (AIM: SML; USOTC: SMCDY) is an AIM-quoted, producing
minerals company, actively developing strategic projects in the UK, United
States and Australia.

In 2019, the Company completed the 100% acquisition of Cornwall Resources
Limited and the Redmoor Tungsten-Tin-Copper Project.

The Redmoor Project is situated within the historically significant Tamar
Valley Mining District in Cornwall, United Kingdom, with a JORC (2012)
Compliant Inferred Mineral Resource Estimate published 14 February 2019:

 Cut-off (SnEq%)          Tonnage (Mt)  WO(3)  Sn    Cu    Sn Eq(1)  WO(3) Eq

                                        %      %     %     %         %
 >0.45 <0.65              1.50          0.18   0.21  0.30  0.58      0.41
 >0.65                    10.20         0.62   0.16  0.53  1.26      0.88
 Total Inferred Resource  11.70         0.56   0.16  0.50  1.17      0.82

1 Equivalent metal calculation notes; Sn(Eq)% = Sn% x 1 + WO3% x 1.43 + Cu% x
0.40. WO(3)(EQ)% = Sn% x 0.7 + WO(3) + Cu% x 0.28.  Commodity price
assumptions: WO3 US$ 33,000/t, Sn US$ 22,000/t, Cu US$ 7,000/t.  Recovery
assumptions: total WO3 recovery 72%, total Sn recovery 68% & total Cu
recovery 85% and payability assumptions of 81%, 90% and 90% respectively

More information on Cornwall Resources can be found at:
https://www.cornwallresources.com (https://www.cornwallresources.com)

In September 2011, Strategic Minerals acquired the distribution rights to the
Cobre magnetite project in New Mexico, USA, through its wholly owned
subsidiary Southern Minerals Group.  Cobre has been in production since 2012
and continues to provide a sustainable revenue stream for the Company.

In March 2018, the Company completed the acquisition of the Leigh Creek Copper
Mine situated in the copper rich belt of South Australia.  The Company
continues seek opportunities to monetise the asset and has signed a
non-binding Heads of Agreement to grant an option to acquire the project.

About the CIOS Good Growth Fund and UK Shared Prosperity Fund

This project is part-funded by the UK Government through the UK Shared
Prosperity Fund.  Cornwall Council is responsible for managing projects
funded by the UK Shared Prosperity Fund through the Cornwall and the Isles of
Scilly Good Growth Programme (https://ciosgoodgrowth.com/) .

Cornwall and Isles of Scilly has been allocated £184 million for local
investment through the Shared Prosperity Fund
(https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus/uk-shared-prosperity-fund-prospectus)
.  This new approach to investment is designed to empower local leaders and
communities, so they can make a real difference on the ground where it's
needed the most.

UK Shared Prosperity Fund

The UK Shared Prosperity Fund proactively supports delivery of the
UK-government's five national missions: pushing power out to communities
everywhere, with a specific focus to help kickstart economic growth and
promoting opportunities in all parts of the UK.

For more information, visit

https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus
(https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus)

For more information, visit https://ciosgoodgrowth.com
(https://ciosgoodgrowth.com)

 

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

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