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LONDON (Alliance News) - Strategic Minerals PLC on Thursday said a mineral resource update from its Redmoor tin-tungsten mine in Cornwall has trebled the previous contained metal indication.
The drilling programme at Redmoor is being undertaken by Strategic Minerals' 50% owned joint venture firm Cornwall Resources Ltd and "has indicated three times the contained metal reported in the 2018 mineral resource calculation".
Inferred tin equivalent contained metal at Redmoor is now 137,000 tonnes compared to only 45,000 tonnes before.
The inferred mineral resource is now 11.7 million tonnes at 1.2% tin equivalent, which includes a trebling of the contained metal estimate and a more than doubling of its resource tonnage estimate.
Strategic Minerals said this makes Redmoor "one of the leading undeveloped tin-tungsten mining projects in the world" on the basis of contained metal and grade.
"The significantly upgraded resource statement validates the strong drilling results received during the 2018 programme. This provides the company and its joint venture partner, New Age Exploration Ltd, confidence to progress towards the goal of restarting mining at Redmoor," said Strategic Minerals Chief Executive Peter Wale.
"In addition, apart from the area drilled sufficiently to be included in the inferred resource, [Strategic Minerals] considers that there remains serious target potential to the west along strike, as well as down dip," Wale added.
Shares in Strategic Minerals were up 0.1% at 1.601 pence on Thursday.
