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Assays indicate Redmoor among world's top tin/tungsten projects says Strategic Minerals

A second phase of drilling is now planned that will see a further three to six holes

picture of Cornwall
Emphasis has shifted to highgrade zones at Redmoor

Strategic Minerals Plc (LON:SML) has reported good tin grades from first drilling at the Redmoor prospect in Cornwall, but their nature has meant a shift in approach going forward.

John Peters, managing director, said the assays from ten of the 14 holes drilled so far suggest a better (and easier) mining prospect may be the high-grade zones within the sheeted vein system rather than following lodes. 

READ: Strategic Minerals PLC extends drilling at Redmoor

WATCH: Boss encourage by early drill results at Redmoor

A second phase of drilling is now planned that will see a further three to six holes by the end of the year with the aim of a resource update early in 2018.

Reviewing 1980’s drilling results had also identified 31 significant intercepts within SVS high-grade zones, Strategic Minerals added.

Cornwall Resources Limited (CRL) is carrying out the work at Redmoor, which has tungsten potential as well as tin.

WATCH: 'We'll do it' - Strategic Minerals' John Peters on their 5-year £100mln market cap target

CRL is a joint venture between Strategic and NAE, which has committed £150,000 to the phase 2 drill programme.

Assay results from the holes drilled so far included 14.8m at 1% tin at a depth of 246m and 28.2m at 0.81% from 299m.

Tin prices have stabilised recently, while tungsten is rising rapidly. 

Shares were down 0.35% to 2.29p late in Thursday trading.

--Updates for share price and video link--

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Price: 0.425 GBX

AIM:SML
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Market Cap: £7.28 m
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