Strategic Minerals (LSE:SML) has completed drillhole CRD042 at its Redmoor tungsten, tin and copper project in Cornwall, with the company reporting extensive mineralisation across the Sheeted Vein System and beyond the main target structure.
The drillhole intersected significant occurrences of wolframite, cassiterite and chalcopyrite mineralisation, reinforcing confidence in the scale and continuity of the Redmoor deposit. Strategic Minerals also highlighted the successful use of navigational and wedge drilling techniques to achieve the tighter infill spacing required for ongoing resource development work.
Samples from drillhole CRD042 have now been sent for laboratory analysis, while drilling operations have already advanced to hole CRD043 from the same drill pad.
Supported by £8.7 million in funding raised earlier this year and a recent resource upgrade, the company has expanded its fully funded Redmoor drilling campaign to 22,500 metres across a minimum of 44 drillholes.
The enlarged programme is intended to complete infill drilling, improve the project’s exploration target and provide technical data for geotechnical, metallurgical and hydrogeological studies that will contribute to a future prefeasibility study.
Cornwall Resources, the company’s wholly owned subsidiary, has also submitted planning applications to deploy two additional drilling rigs, which are currently on standby pending approvals. Management believes the addition of further rigs could accelerate project development timelines and strengthen Redmoor’s strategic importance within the European critical minerals supply chain.
The company’s outlook is supported by improving financial performance during 2024 and favourable technical momentum indicators. However, valuation metrics remain demanding due to a relatively high price-to-earnings ratio and the lack of dividend support, while overbought technical conditions may increase short-term volatility risks.
More about Strategic Minerals plc
Strategic Minerals plc is an international mineral exploration and production company focused on the development of critical metals projects. Through its subsidiary Cornwall Resources Limited, the group is advancing the Redmoor tungsten, tin and copper project in Cornwall, which is regarded as one of Europe’s highest-grade undeveloped tungsten resources and is positioned to support regional supply chain security for critical minerals.
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