The AIM-quoted miner wants to firm up and expand on recent studies which led to the inferred resource at Redmoor almost doubling to 4.5mln tonnes at 1.0% tin equivalent.
“Given the mining history of the tenements within Cornwall Resources Limited's holding, the company and NAE believe that a truly compelling mining proposition can be established,” said managing director John Peters.
“However, the process of determining the quantity of additional resource tonnes is dependent on the results of future drilling. The company and NAE have therefore decided that an incremental drilling programme is the optimal manner by which to advance the project.”
Strategic, along with its joint venture partner, New Age Exploration, has committed to a phased programme of between 5,000-10,000 metres in total, with phase I initially funded for 4,000m.
Indications are that deeper holes could result in improved grades, the company said.
Strategic is providing £332,000 to cover its half of the programme costs and to underwrite New Age’s equity call should it not be in a position to subscribe for this equity by the end of August.
Priority Drilling Limited has already been contracted and drilling iex expected to start in June.
Drilling and assaying is expected to be completed this year.