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LONDON (Alliance News) - Strategic Minerals PLC on Wednesday said latest results from its drilling programme at the Redmoor tin-tungsten project are "exceptional".
Every hole in the 12-hole programme was successful, Strategic said, with most beating expectations.
As a result, the company said there is a "high likelihood" of a "substantially" increased mineral resource, with results expected in the first quarter of 2019.
The average tin grade is 81% higher than the current resource, it added. Tin grades include up to 5.1% tin.
Strategic has found intercepts of up to 26%, 12%, and 11% tin equivalent, with some of the latest holes showing the highest grades to-date.
The programme was completed on time and under budget, with a good environmental and safety record.
Executive Director Peter Wale said: "These impressive assay results show great scope to increase both the resource tonnage and grade at Redmoor. We anticipate this update and the expected resource upgrade will add further support to the renaissance of mining in Cornwall."
"2019 is anticipated to be a watershed year for Strategic - this update from Redmoor sets the tone for what the board expects to be a year of substantial progress."
Shares were down 0.5% on Wednesday at a price of 1.84 pence each.
