(Alliance News) - Strategic Minerals PLC on Monday said its subsidiary Cornwall Resources Ltd has been notified that the Deep Digital Cornwall project has been awarded funding by the European Regional Development Fund.
The project is led by the University of Exeter's Camborne School of Mines, with Cornwall Resources and Cornish Lithium joining in 2019 as delivery partners.
The AIM-listed mineral company said Cornwall Resources will receive funding of up to GBP446,063, out of GBP3.3 million, to facilitate the use of its Redmoor exploration licence area as a field laboratory for the project.
Strategic Minerals said the field site will be used for the acquisition of new geochemistry and geophysical data. The raw data will be provided to the Deep Digital Cornwall data centre as an example dataset, while collaborative research at Redmoor will improve understanding of both local prospectivity and the wider Cornwall sub-surface.
"The Cornwall Resources team are proud and excited to play a significant role as a delivery partner generating new data for the project, which is anticipated to be one of the catalysts stimulating the resurgence of Cornish mining," said Peter Wale, executive director of Strategic Minerals and director of Cornwall Resources.
"The project is expected to meet both the needs of the data hub and to provide Cornwall Resources with further information regarding the potential for broader and additional targets in close proximity to the already internationally significant Redmoor deposit," added Wale.
Strategic Minerals shares were trading 9.6% higher in London on Monday at 0.52 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Strategic Minerals (SML)