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LONDON (Alliance News) - Strategic Minerals PLC on Wednesday said it and its partners have agreed to move to phase two drilling at its Redmoor tin-tungsten project.
This decision follows further successful phase one drilling at Redmoor, located in Cornwall.
Results included 22 metres at 1.00% tin equivalent, including 2 metres at 4.3% tin equivalent, and 6 metres at 2.6% tin equivalent in another hole.
Strategic said these holes include some of its best results yet, showing the potential to increase both resource tonnages and grade at Redmoor.
Joint venture partners Strategic, Cornwall Resources Ltd, and New Age Exploration Ltd have agreed to put in GBP121,250 each to fund the phase two drilling, which will look to extend the resource at Redmoor ahead of a feasibility study in 2019.
Strategic's Managing Director John Peters commented: "The latest drilling results from Redmoor continue to deliver notably exciting high-grade tin equivalent values. This has encouraged both Strategic and New Age to commit and fund additional drilling to further document and support higher grade tonnage for the proposed feasibility study in 2019.
"The quality of the technical work completed by CRL has delivered exceptional results highlighted by the high-grade intersections which will be converted into a resource estimate in early in 2019."
Strategic's shares were 3.9% higher on Wednesday, quoted at 1.51 pence each.
