Strategic Minerals plc (AIM: SML; USOTC: SMCDY), the diversified mineral development and production company, is pleased to announce that the internationally respected mining consultancy, SRK Consulting UK (“SRK”), has updated its original 2015 Resource Statement for the Company’s Redmoor Tin-Tungsten Project in Cornwall, UK (“Redmoor”), which is being undertaken through its joint venture vehicle, Cornwall Resources Limited (“CRL”).
Highlights
· 4.5Mt high-grade Inferred Mineral Resource @ 1.00% Tin Equivalent (SnEq)**
· Increase of almost 100% over the high-grade Inferred Mineral Resource previously reported in 2015.
· Resource defined in high-grade zones within the Sheeted Vein System (“SVS”)
· Continuity of the SVS which hosts the high-grade zones now confirmed over a strike length of c.1,000m and for c.450m down dip, and which remains open at depth over much of its length
· Identification of a high-grade Exploration Target within the SVS of between 4 and 6 Mt with a grade of between 0.9 and 1.3% SnEq which extends down-dip below the resource***
· Additional high-grade exploration potential identified both below and to the west of the Exploration Target envelope and to the north in the Kelly Bray Lode with high definition geophysics survey (ground magnetometer/gradiometer) being undertaken at the western opportunity
· Preparation of a phased drilling programme commenced aimed at:
1. conversion of a large portion of the Exploration Target into a mineral resource
2. improving confidence in the mineral resource to the Indicated Resource level
3. testing other opportunities beyond the exploration target envelope
· Scoping level mineral processing (Fairport Engineering Ltd (UK)) and underground mining studies (Mining One (Australia)) underway
** Actual resource comprising 0.37% of Tungsten (WO3), 0.25% of Tin (Sn) and 0.57% of Copper (Cu), refer page 3 for the equivalent metal calculation.
*** It should be noted that this target is conceptual in nature, that there is currently insufficient data to define a mineral resource within this volume, and that it is uncertain if further exploration will result in the determination of a mineral resource.
Managing Director of Strategic Minerals, Mr John Peters, commented:
“The Inferred Mineral Resource estimate and Exploration Target provide another milestone on the path to the creation, again, of a working tin mine in the area. It also demonstrates the potential for the Redmoor Project to host sufficient high-grade tungsten, tin and copper mineralisation to support an underground mining project. We believe that the 1.0% tin equivalent resource grade is truly world class.
“Exciting potential exists to increase the resource at this project and work is currently underway to bring it into Pre-Feasibility Study level in 2019.”