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(Sharecast News) - Strategic Minerals announced on Monday that its wholly-owned subsidiary Cornwall Resources (CRL) has been notified that the 'Deep Digital Cornwall' project, led by the University of Exeter's Camborne School of Mines (CSM), has been awarded funding by the European Regional Development Fund (ERDF), through the Ministry of Housing, Communities, and Local Government.
The AIM-traded firm said CRL and Cornish Lithium are delivery partners in the Deep Digital Cornwall project.
It said the Redmoor exploration licence area would be used as a field laboratory for the collection of geochemical and geophysical data, which would also provide CRL with information relevant to a number of new prospects within its mineral rights.
CRL would receive up to £0.45m of grant funding for its part in the project from the ERDF, in return for a contribution of 20% from its existing budget.
It said the transaction was a "strong alignment" with its objectives for Redmoor, one of which was the continued expansion of its understanding of the geology at the "highly prospective" site.
CRL would also benefit from access to international-level research and collaboration concerning the use of digital exploration data, through CSM, and described the grant as "positive support" for Cornwall and its natural resources sector from the Ministry of Housing, Communities and Local Government and ERDF.
"The award of this grant funding, organised through collaboration with Camborne School of Mines, will ensure that Cornwall and its rich mineral potential are positioned at the cutting edge of developments in digital data capture, management and interpretation," said Strategic Minerals executive director Peter Wale.
"The project is expected to meet both the needs of the data hub and to provide CRL with further information regarding the potential for broader and additional targets in close proximity to the already internationally significant Redmoor deposit."
At 1543 GMT, shares in Strategic Minerals were up 22.32% at 0.58p.
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