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LONDON (Alliance News) - Strategic Minerals PLC on Tuesday said recent results from its drilling programme at the Redmoor tin-tungsten project in Cornwall showed evidence of high-grade zones.
Shares in the operating minerals company were down 7.4% at 1.25 pence on Tuesday.
These results were from the final three holes of its 2018 phase one drilling programme and the first hole of phase two drilling. All drilling was undertaken by Strategic Minerals' 50% owned Cornwall Resources Ltd joint venture vehicle.
At hole CRD028, the first of the phase two drilling, intercepts of 30%, 16%, and 13% tin equivalent were found.
The final phase one drilling, at hole CRD02, found 11 metres at 1.1% tin equivalent from 277.2 metres including 2.1 metres at 3.0% tin equivalent.
In addition, at hole CRD026, 10.31 metres at 1.2% tin equivalent was found from 518.6 metres, including 1.6 metres at 3.3% tin equivalent .
Finally, at hole CD027, 9.1 metres at 1.2% tin equivalent from 442.4 metres was identified, including 1.0 metres at 4.2% tin equivalent.
These results are the highest intercepts drilled so far at Redmoor.
Strategic Minerals said that a bonus phase two hole is now planned, funded from within the current budget.
"The sustained superb assay results from Redmoor which have surpassed our expectations continue to highlight exciting high-grade tin equivalent values," said Strategic Minerals Executive Director Peter Wale.
"We have great confidence for the potential to both increase the resource tonnage and grade at Redmoor and demonstrate the scope for it to become a notably attractive project when these results are converted into a resource estimate early in 2019," Wale added.
