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(Alliance News) - Strategic Minerals PLC on Monday said subsidiary Cornwall Resources Ltd has finalised grant funding for more than GBP764,000 from the UK government.
The London-based miner has projects in South Australia, the US state of New Mexico, and the UK.
It said the funding was secured from the UK Shared Prosperity Fund and will be matched equally by company expenditure up to a total project spend of GBP1.5 million.
The funds will go towards new exploration activities, including borehole drilling, to support the development of Strategic Minerals' Redmoor tungsten-tin-copper project in Cornwall, England.
This will be the first new exploration drilling at the project since 2018.
It also "opens the door" for more potential follow-on investments in Redmoor in the future, Strategic Minerals noted.
"The grant funding investment through the CIOS Good Growth programme will seek to enable the accelerated development of Redmoor and improve our ability to highlight its world-class, high-grade, polymetallic tungsten resource. We look forward to announcing results as the project progresses," said Chair Charles Manners.
"Match funding by Strategic Minerals unlocks the grant funding from the CIOS Good Growth programme, and continues to support our improved outlook, secured through operational and management changes.
"The company has committed to scaling the opportunity in Cornwall, and this project marks the first steps in relaunching the company and highlighting the world-class potential of the Redmoor tungsten-tin-copper project."
Shares in Strategic Minerals closed up 0.5% at 0.38 pence in London on Monday.
By Emily Parsons, Alliance News reporter
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