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LONDON (Alliance News) - Strategic Minerals PLC said Wednesday it received the "best results" to date from the first two holes of the Redmoor drilling programme in south-east Cornwall.
The company reported "exceptional results" which show increasing grades in almost all holes intercepting higher grades than the current high-grade inferred resource.
Managing Director John Peters said: "The initial results from the first two holes have exceeded our expectations and they reinforce the team's considered opinion that the resource grade increases at depth."
The company concluded drilling of further three holes and is in the process of analysing them.
Drilling of the final two holes has commenced and is expected to be completed in early October, with final results from the phase 1 holes expected to be released in the December quarter.
Strategic Minerals shares were trading up 4.8% at 1.62 pence each.
