REG - Strategic Minerals - Upgrade of Historical Tungsten Results at Redmoor

Strategic MineralsAnnouncement

07/05/2025 07:00

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RNS Number : 5806H  Strategic Minerals PLC  07 May 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.

 

 

07 May 2025

 

Strategic Minerals plc

("Strategic Minerals" or the "Company")

Upgrade of Historical Tungsten Results Through Re-analysis of Samples from
Prior Drilling at Redmoor

Strategic Minerals plc (AIM: SML; USOTC: SMCDF), an international mineral
exploration and production company, is pleased to announce that its wholly
owned subsidiary, Cornwall Resources Limited ("CRL"), has received positive
results from the re-analysis of 73 pulp samples from previous CRL exploration
drilling programmes, following a review of prior analytical techniques and
cutoff grades used to select tungsten samples for analysis using a higher
detection limit method. The results identify an overall increase in grades
which may have a positive impact on the future planned remodelling and
resource estimation process.

Highlights:

·    As part of the ongoing re-logging campaign at Redmoor, a review
process was undertaken on recent assay results.  As a result, it was
identified as prudent to reduce the analytical cutoff grade utilised to select
samples for x-ray fluorescence ("XRF"), rather than Inductively Coupled Plasma
("ICP"), analysis down from 0.5% tungsten trioxide ("WO₃") to 0.3% WO₃ for
higher levels of analytical accuracy.

·    A review of tungsten-bearing samples from CRL's 2017-2018 exploration
drilling campaigns identified 73 samples which reported WO₃ grades by ICP
analyses between 0.3 - 0.5% along with several samples which reported
>0.5%, which had not been submitted for the more appropriate XRF
analysis.  These samples were subsequently re-analysed using XRF analysis at
ALS Laboratories, Loughrea.

·    Results identified an overall increase in WO₃ grades in most of the
analysed samples, with 36 samples returning a greater than 5% increase in
WO₃ grade, including 20 samples returning a greater than 10% increase in
WO₃ grade.

·    The average increase in grade from the 73 analysed samples is 9.2%.
Alongside results from the ongoing relogging and sampling programme, the
results from this re-analysis further validate the potential for upside at
Redmoor (see Table 1 for individual sample results).

·    The majority of these samples lie within or adjacent to the
high-grade zones that form the current MRE. Following the announcement of
CRL's securing of UK Shared Prosperity Funding (see RNS dated 7 April 2025),
the relogging and sampling programme, and further re-analysis of historic
samples, will be continued alongside the fully funded exploration drilling
activities, with all results combined with the aim of producing an updated
Mineral Resource Estimate ("MRE") of the Redmoor tungsten-tin-copper deposit
within 12-months.

Commenting, Dennis Rowland, CRL Project Manager, said:

"These laboratory results highlight the significant upside created by the
decision to review, reassess, and build upon previous work undertaken at
Redmoor.  Through the re-analysis of certain tungsten sample pulps from 2017
and 2018 diamond drillcore, this low cost, high impact process has shown that
some sample results previously incorporated into Redmoor's 2019 mineral
resource estimate were underreported.

"These results further validate the potential upside within the Redmoor
deposit and will inform future planned resource modelling updates.  The
geological team continues the relogging and sampling of Redmoor's 2017 drill
core, whilst also preparing for newly announced activities, including 5,000
metres of new diamond core drilling planned for H2 2025."

Background: Re-analysis of Certain Tungsten-Bearing Samples from 2017 - 2018
Drillcore

CRL is pleased to confirm the conclusion of re-analysis and receipt of results
of 73 sample pulps from previously reported tungsten-bearing samples from its
2017 and 2018 drill programmes.

As part of the relogging and sampling programme at Redmoor, a verification
study was undertaken on the analytical process used on samples containing
anomalous tungsten values.  The standard assay suite employed by CRL is a
multi-element inductively coupled plasma mass spectrometry ("ME-ICPMS")
analysis which provides data for 48 elements used to provide the broadest
possible understanding of the Redmoor deposit.  This analysis method provides
excellent low detection of elements, but has an upper limit for certain base
metals, which are better analysed via alternate analysis above a certain
elemental abundance.  For tungsten, the additional multi element ME-XRF 15b
analytical procedure is an industry best practice approach and has been shown
to be the most accurate method in representing tungsten grades at Redmoor when
compared to the ICP-MS method, confirmed by CRL's independent quality
assurance / quality control ("QA/QC") programme on all submitted batches.

Following review of recent assay results from the ongoing re-logging campaign
at Redmoor (see RNS' dated 3 August 2024, 2 December 2024 and 11 February
2025), it was identified that it was prudent to analyse samples which report
grades, from analysis using the ME-ICP81 methodology, above 0.3% WO3 with the
ME-XRF 15b analysis method.

Subsequent review of tungsten-bearing samples from CRL's 2017-2018 exploration
drilling campaigns identified 73 samples which reported tungsten trioxide
(WO3) grades between 0.3-0.5% and several which had reported over 0.5%, which
had not previously undergone the appropriate XRF analysis.  These samples
were subsequently re-analysed using XRF analysis at ALS Laboratories,
Loughrea.

These samples represent previous tungsten sample results from within or close
to the modelled high-grade zones within the Redmoor sheeted vein system, which
form part of the current JORC (2012) inferred MRE.  As such, it is envisaged
that increases in reported tungsten grades may have a positive impact on the
future planned remodelling and resource estimation process.

With the lowering of the threshold used to select samples for XRF analysis,
all samples that previously reported, and may in the future report, grades
below 0.3% WO3 will remain unaffected by this modification to the analysis
methodology.

Results:

Results show that of the 73 samples, 36 samples returned a greater that 5%
increase in WO3 grade including 20 samples returned a greater than 10%
increase in WO3 grade.

As Figure 1 illustrates, the re-assays showed an excellent reproducibility
across the entire grade range and overall illustrate that the samples
re-analysed by the XRF method average 9.2% higher than when originally
analysed by the ICP-MS method. Further, it is noted that there is a positive
bias in that the higher the WO(3) grade, the higher the percentage increase in
re-analysis.

Figure 1. WO3% Comparison By Method for Re-Assayed pulps (all data)

Figure 2 shows the majority of the data at more typical grade ranges for the
deposit (0.2-1.2%) and illustrates that while not all samples reported higher
values, the vast majority (84% of the dataset), returned a higher value by XRF
analysis.

Figure 2. WO3% Comparison by Method for Re-Assayed pulps (0.2-1.2% WO(3))

Overall, this process represents a positive improvement in tungsten grades of
samples analysed and these results will be utilised to define the analysis
strategy in all future sampling campaigns.

All results are exhibited in Table 1, appended to the RNS, showing the
original WO3 result, the re-analysed XRF WO3 result, the difference in grades,
and the percentage change.  Some of these results may form part of highlight
intersections, composite high-grade zones, or individual sample lengths
previously reported through RNS releases from 2017 and 2018, and therefore any
change in WO3 result may have an effect on these previously reported
intersections.

Relogging and Sampling Programme Status

The entirety of the 2018 drill core, comprising 12 holes for 7,375m has now
been relogged. A total of 340 samples, representing 485.57m of new sample
length, were collected from the 2018 core, adding additional data and
identifying further mineralised intersections (see RNS dated 11 February
2025).

Work continues to progress in re-logging and sampling the 2017 drill core with
a further two drillholes representing 709m so far relogged, and additional new
samples selected from both drillholes for future analysis. A further 6,313m of
drillcore is remaining from 18 holes for re-logging and sampling.

Competent Person Statement:

Information in this announcement pertaining to Reporting of Sampling
Techniques and Data and Exploration Results has been reviewed and approved by
Mr James McFarlane, BSc (Hons), MSc, MCSM, CGeol FGS, FNEIMME, CEng QMR FIMMM,
RPGeo MAIG, FIQ. Mr McFarlane holds a BSc with Honours from The University of
Wales, Aberystwyth in Environmental Earth Science and an MSc in Mining Geology
from Camborne School of Mines, University of Exeter, he is also a Master of
the Camborne School of Mines (MCSM). Mr McFarlane is a Fellow and Chartered
Geologist with the Geological Society of London (CGeol FGS), a Chartered
Engineer (CEng) and Fellow of the Institute of Materials, Minerals and Mining
(FIMMM) through which he is also Qualified for Minerals Reporting (QMR). Mr
McFarlane is a Member of the Australian Institute of Geoscientists (MAIG), and
through which is Registered Professional Geoscientist in the joint fields of
Mining and Mineral Exploration (RPGeo). Mr McFarlane is also a Fellow of the
Institute of Quarrying (FIQ). Mr McFarlane is acting as an independent
consultant and has been retained by the Cornwall Resources Limited to provide
independent technical support. Mr McFarlane has sufficient experience relevant
to the style of mineralisation and type of deposit under consideration, and to
the activity which he is undertaking to qualify as a Competent Person as
defined by the 2012 Edition of the Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and
under the AIM Rules.

Mr McFarlane consents to the inclusion in this announcement of the matters
based on this information in the form and context in which it appears. Mr
McFarlane confirms that the Company is not aware of any new information or
data that materially affects the information included in the relevant market
announcements, and that the form and context in which the information has been
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:                       @SML_Minerals (https://twitter.com/SML_Minerals)
 LinkedIn:                https://www.linkedin.com/company/strategic-minerals-plc
                          (https://www.linkedin.com/company/strategic-minerals-plc)

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 Nominated Adviser and Broker
 Matthew Johnson/Charlie Bouverat/Grant Barker

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 Joint Broker
 Harry Ansell/Katy Mitchell

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 Investor Relations
 Ben Simons/Peter Jacob/Anna Sutton
 Email:                   strategicminerals@vigoconsulting.com
                          (mailto:strategicminerals@vigoconsulting.com)

 

 

Notes to Editors

About Strategic Minerals Pls 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 Compliant
(2012) 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. In April 2025, the
Company signed a non-binding Heads of Agreement to grant an option to Axis
Mining & Minerals Pty Ltd to acquire the Leigh Creek Copper Mine.

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)

Appendix: Table of Results

Table 1: Original ICP-MS results compared with new XRF assay results for WO(3)
and associated changes in WO(3) grade.

 Drill Hole  Sample ID     From (m)  To (m)            Interval (m)  Original Result      New Results
             WO3 % ICP-MS            WO3 % ME-XRF 15b                Change in Grade (%)
 CRD031      CRL004189     413.67    414.55            0.88          0.40                 0.95    137.50
 CRD009      CRL000530     257.52    258.87            1.35          0.59                 1.15    94.92
 CRD012      CRL001569     156.75    157.62            0.87          0.62                 0.91    46.77
 CRD022      CRL003082     492.24    494.24            2.00          0.38                 0.54    42.11
 CRD031      CRL004219     475.83    476.83            1.00          0.57                 0.69    21.05
 CRD022      CRL003027     405.00    406.00            1.00          0.55                 0.65    18.18
 CRD013      CRL001681     340.19    340.83            0.64          0.40                 0.46    15.00
 CRD007      CRL000357     245.67    246.15            0.48          0.28                 0.32    14.29
 CRD026      CRL003223     445.97    447.97            2.00          0.43                 0.49    13.95
 CRD025      CRL002882     361.97    362.97            1.00          0.44                 0.50    13.64
 CRD018      CRL000965     317.25    318.25            1.00          0.46                 0.52    13.04
 CRD006      CRL001355     307.34    307.97            0.63          0.48                 0.54    12.50
 CRD028      CRL003333     464.97    465.97            1.00          0.48                 0.54    12.50
 CRD031      CRL004245     538.95    539.95            1.00          0.49                 0.55    12.24
 CRD015      CRL001801     343.74    344.74            1.00          3.63                 4.07    12.12
 CRD012      CRL001546     122.07    124.07            2.00          0.59                 0.66    11.86
 CRD017      CRL001915     230.50    231.45            0.95          1.19                 1.33    11.76
 CRD031      CRL004249     542.85    543.85            1.00          0.52                 0.58    11.54
 CRD018      CRL002000     365.17    367.17            2.00          0.81                 0.90    11.11
 CRD025      CRL002824     281.15    282.15            1.00          0.39                 0.43    10.26
 CRD019      CRL002444     507.05    508.05            1.00          0.40                 0.44    10.00
 CRD015      CRD001794     333.04    335.04            2.00          0.42                 0.46    9.52
 CRD019      CRL002470     540.55    541.55            1.00          0.43                 0.47    9.30
 CRD016      CRL000889     317.98    318.98            1.00          0.47                 0.51    8.51
 CRD028      CRL003330     462.63    463.63            1.00          0.38                 0.41    7.89
 CRD019      CRL002435     494.10    495.10            1.00          0.39                 0.42    7.69
 CRD030      CRL003489     549.07    550.07            1.00          0.67                 0.72    7.46
 CRD021      CRL002570     605.23    606.23            1.00          0.42                 0.45    7.14
 CRD009      CRL000577     322.94    324.45            1.51          0.44                 0.47    6.82
 CRD009      CRL000581     328.53    329.9             1.37          0.45                 0.48    6.67
 CRD022      CRL003042     424.25    425.25            1.00          0.52                 0.55    5.77
 CRD029      CRL004100     547.74    548.74            1.00          0.56                 0.59    5.36
 CRD023      CRL002695     618.10    620.10            2.00          0.38                 0.40    5.26
 CRD016      CRL000893     321.40    322.90            1.50          0.39                 0.41    5.13
 CRD025      CRL002904     418.26    419.26            1.00          0.39                 0.41    5.13
 CRD011      CRL000629     230.26    231.44            1.18          0.59                 0.62    5.08
 CRD015      CRD001787     326.01    327.02            1.01          2.22                 2.33    4.95
 CRD015      CRD001777     311.99    312.99            1.00          2.03                 2.13    4.93
 CRD022      CRL003073     475.98    477.98            2.00          0.44                 0.46    4.55
 CRD024      CRL003191     632.00    633.10            1.10          0.44                 0.46    4.55
 CRD009      CRL000476     190.33    191.36            1.03          0.45                 0.47    4.44
 CRD018      CRL000994     358.17    359.17            1.00          3.42                 3.57    4.39
 CRD010      CRL001477     122.45    124.45            2.00          0.71                 0.74    4.23
 CRD027      CRL002984     432.95    434.02            1.07          0.49                 0.51    4.08
 CRD023      CRL002648     372.67    373.67            1.00          0.52                 0.54    3.85
 CRD015      CRD001771     302.65    303.86            1.21          0.57                 0.59    3.51
 CRD026      CRL003263     527.41    528.91            1.50          0.61                 0.63    3.28
 CRD009      CRL000531     258.87    259.97            1.10          0.62                 0.64    3.23
 CRD013      CRL001695     364.56    366.38            1.82          0.38                 0.39    2.63
 CRD022      CRL003010     328.52    330.52            2.00          0.38                 0.39    2.63
 CRD025      CRL002806     258.19    259.19            1.00          0.39                 0.40    2.56
 CRD017      CRL001890     187.45    189.45            2.00          0.83                 0.85    2.41
 CRD009      CRL000430     115.36    115.82            0.46          0.43                 0.44    2.33
 CRD002      CRL000106     297.14    298.42            1.28          0.44                 0.45    2.27
 CRD022      CRL003080     490.04    491.24            1.20          0.44                 0.45    2.27
 CRD014      CRL000704     144.46    145.34            0.88          0.48                 0.49    2.08
 CRD027      CRL002995     449.02    450.02            1.00          0.49                 0.50    2.04
 CRD009      CRL000435     120.12    120.75            0.63          0.49                 0.49    0.00
 CRD016      CRL000792     105.32    106.32            1.00          0.45                 0.45    0.00
 CRD016      CRL000838     243.27    244.27            1.00          0.58                 0.58    0.00
 CRD020      CRL002126     355.76    356.76            1.00          0.40                 0.40    0.00
 CRD025      CRL002829     287.15    288.15            1.00          0.47                 0.47    0.00
 CRD024      CRL003193     642.03    643.03            1.00          0.39                 0.39    0.00
 CRD028      CRL003328     460.63    461.63            1.00          0.42                 0.42    0.00
 CRD017      CRL001886     182.61    184.61            2.00          0.59                 0.58    -1.69
 CRD027      CRL002991     445.02    446.02            1.00          0.49                 0.48    -2.04
 CRD022      CRL003017     340.98    342.98            2.00          0.48                 0.47    -2.08
 CRD020      CRL002144     380.07    381.07            1.00          0.40                 0.39    -2.50
 CRD021      CRL002602     686.70    688.70            2.00          0.39                 0.38    -2.56
 CRD025      CRL002886     369.97    370.97            1.00          0.47                 0.45    -4.26
 CRD025      CRL002819     277.15    278.15            1.00          0.52                 0.49    -5.77
 CRD020      CRL002120     347.75    348.76            1.01          0.47                 0.41    -12.77
 CRD026      CRL003255     518.60    520.00            1.40          0.61                 0.52    -14.75

 

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