Strategic Minerals Plc (LON:SML) and its joint venture partners have sanctioned a second phase of drilling at the Redmoor tin-tungsten project in Cornwall.
The joint venture partners have committed a further £121,250 each to undertake additional phase 2 drilling following further high-grade exploration results from the first phase.
READ: Strategic Minerals reports best drilling results to date from Redmoor
Strategic Minerals (SML) said assay results from two further holes from the Phase 1 drilling programme continue to show interception of high-grade zones within the sheeted vein system (SVS), highlights of which are:
- CRD023: 22.49 metres (m) @ 1.00% SnEq (tin equivalent) from 667.10 m, including 2.00 m @ 4.25% SnEq
- CRD024: 6.21 m @ 1.46% SnEq from 499.42 m, including 1.00 m @ 4.11% SnEq
- CRD024: 5.62 m @ 1.83% SnEq from 567.94 m, including 1.00 m @ 7.74% SnEq
- CRD024: 6.00 m @ 2.61% SnEq from 583.95 m, including 3.00 m @ 4.45% SnEq
The company said results from these holes include the highest-grade, length-averaged results yet and highlight the potential to both increase the resource tonnage and grade at Redmoor.
The phase 2 drilling programme will kick off after completion of the phase 1 programme and will seek to extend further the Redmoor high-grade inferred resource in preparation for the pre-feasibility study (PFS) next year.
Results from the phase 2 programme are expected to be available in the first quarter of next year.
SML’s share of the drilling costs will be £121,500, which it will fund from internal sources.
"The latest drilling results from Redmoor continue to deliver notably exciting high-grade tin equivalent values. This has encouraged both SML and NAE [joint venture partner, New Age Exploration] to commit and fund additional drilling to further document and support higher grade-tonnage for the proposed PFS in 2019,” said John Peters, the managing director of SML.
“The quality of the technical work completed by CRL [Cornwall Resources Limited] has delivered exceptional results highlighted by the high-grade intersections which will be converted into a resource estimate in early in 2019," Peters added.