TIDMSML
RNS Number : 8079P
Strategic Minerals PLC
23 February 2021
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
23(rd) February 2021
Strategic Minerals plc
("Strategic Minerals", "SML" or the "Company")
Redmoor Update
Redmoor West Exploration Program focussing on Tin and Copper
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a profitable
producing mineral company, is pleased to announce that its
100%-owned subsidiary Cornwall Resources Limited ("CRL") is
commencing a trenching and auger exploration program to investigate
the possible presence of extensions of mineralisation up to 1,000 m
to the west of the presently established Redmoor resource.
Highlights:
-- Multiple prospective targets for tin and copper have been
identified as a result of a review of historic exploration data to
the west of the Redmoor deposit.
-- Historic drill intercepts report up to 1.26% tin over 2.55 m
in core, and 0.23% tin in percussion samples.
-- Significant soil anomalies feature values of up to 1,500 ppm tin and 630 ppm copper.
-- Anomalies have a similar trend to known mineralisation further east.
-- CRL to implement a low-cost combined trench and powered-auger
sampling program to assess the potential of these anomalies as
targets for future reconnaissance drilling.
As previously reported, CRL has had considerable success in
exploration on the main Sheeted Vein System (SVS) resource.
Although tungsten is known to be a key component of the SVS, the
peak single-assay result for tin was 1 m @ 5.13% (in CRD029 from
366.51 m, appendix A) and for copper was 1 m @ 10.72% (in CRD018
from 358.17 m, appendix A), highlighting the capacity of the system
to host intense mineralisation in both these metals. However, metal
distribution is not uniform; the SVS shows a particular trend of
increasing tin in the western parts of the resource. In light of
this, CRL now plan to investigate the potential in the exploration
area along strike from, and to the west of the current deposit.
This area is known from historic exploration data to contain
multiple soil geochemical targets, particularly for tin and copper.
A review of all data from the 1960s-1980s, including paper
documents only recently obtained, has been completed by the CRL
team. This included historic soil sampling, auger drilling,
percussion drilling, and five short diamond holes conducted by a
range of previous operators including Dundonian Ltd and South West
Consolidated Minerals Ltd. Several anomalies were identified during
this work, the most interesting of which includes an intercept from
core drilling in 1979, which reports grades of 1.26% tin over 2.55
m (in RM79-01 from 40.01 m, appendix B), at a depth of only 30 m
from surface.
The improved understanding of the previous work has been further
augmented by the results of CRL's recent field exploration,
including some of its collaborative academic research projects. The
combination of these datasets has allowed CRL to identify gaps in
previous operators' work, representing opportunities for potential
further discovery.
Three priority targets, primarily for tin and copper, have been
selected for follow-up. The planned program will utilise a
combination of powered-auger sampling and trenching techniques.
This will both provide the opportunity to assess the defined
targets and represents a practical test of the local viability of
these methods. It is likely that similar techniques will be
employed to follow-up anomalies identified during the forthcoming
separate Deep Digital Cornwall geochemistry program (see release
dated 15(th) February 2021). Ultimately, this work is expected to
lead to the definition of a series of additional targets suitable
for reconnaissance drilling at a later stage should the initial
exploration work be successful.
Substantial high-grade mineralisation is not expected at surface
(grade being a function of proximity to the underlying granite).
The main objectives of the program are to establish the westward
continuity of the mineralised systems and advance knowledge of the
prospective host geology with a view to optimizing and de-risking
future exploration drill targets.
The program is believed to be the first exploration trenching
work undertaken in this area, and we look forward to receiving
results derived using modern technology and analysis. Work is
planned to start in early April 2021, Covid-19 controls permitting,
and to last for around three months, leading up to the expected
start of the Deep Digital Cornwall work in the summer.
Commenting, Peter Wale, Executive Director of Strategic Minerals
and Director of CRL, said :
"From our advanced understanding of the geology of the region,
we consider it likely that the western potential of Redmoor extends
farther away from the granite intrusions which drove the
mineralisation in the area. As such, the mineralisation is likely
to be richer in those metals that are typically distributed more
distally from the source, such as tin and copper.
"Redmoor is, in its own right, a world-class undeveloped deposit
(with a JORC (2012) compliant inferred resource of 11.7 mt @ 1.17%
Sn Eq) and is understood to remain open at depth and along strike.
The proposed work programme is designed to increase our confidence
in the strike continuity of the main Redmoor system; to investigate
a number of separate tin and copper lode-style targets; and to act
as a precursor to further work associated with the recent Deep
Digital Cornwall grant.
"Accordingly, the proposed western trenching and auger exercise
represents a cost-effective program as a first step in assessing
the wider potential for tin and copper at Redmoor."
For further information, please contact:
+61 (0) 414 727
Strategic Minerals plc 965
John Peters
Managing Director
Website: www.strategicminerals.net
Email: info@strategicminerals.net
Follow Strategic Minerals on:
Vox Markets: https://www.voxmarkets.co.uk/company/SML/
Twitter: @SML_Minerals
LinkedIn: https://www.linkedin.com/company/strategic-minerals-plc
+44 (0) 20 3470
SP Angel Corporate Finance LLP 0470
Nominated Adviser and Broker
Matthew Johnson
Ewan Leggat
Charlie Bouverat
Appendix A
Interval WO(3) Sn Eq
Hole ID From (m) To (m) Length (m)* Cu (%) Sn (%) W (%) (%) (%)
CRD029 366.51 367.51 1.00 0.10 5.13 0.01 0.01 5.19
CRD018 358.17 359.17 1.00 10.73 0.2 2.72 2.72 8.37
--------- ------- ------------- ------- ------- ------ ------ ------
Individual CRL assay intervals mentioned in release.
*lengths are apparent thicknesses
Appendix B
Pre-CRL intercepts mentioned in release.
Interval Sn WO(3) Sn Eq
Hole ID From (m) To (m) Length (m)* Cu (%) (%) W (%) (%) (%)
RM79_01 40.10 41.90 1.80 0.35 1.40 0.01 0.01 1.56
--------- ------- ------------- ------- ----- ------ ------ ------
RM79_01 41.90 42.65 0.75 0.30 0.90 0.02 0.03 1.06
--------- ------- ------------- ------- ----- ------ ------ ------
Interval 40.10 42.65 2.55 0.34 1.25 0.01 0.01 1.41
--------- ------- ------------- ------- ----- ------ ------ ------
*lengths are apparent thicknesses
Notes to Editors
Strategic Minerals plc:
Strategic Minerals plc is an AIM-quoted, profitable operating
minerals company. It has operations in the United States of America
and Australia along with a development project in the UK. The
Company is focused on utilising its operating cash flows, along
with capital raisings, to develop high quality projects aimed at
supplying the metals and minerals the Board considers likely to
benefit from future supply and demand factors.
In September 2011, Strategic Minerals acquired the distribution
rights to the Cobre magnetite tailings dam project in New Mexico,
USA, a cash-generating asset, which it brought into production in
2012 and which continues to provide a revenue stream for the
Company. This operating revenue stream is utilised to cover company
overheads and invest in progressing the Company's development
projects.
In May 2016, the Company entered into an agreement with New Age
Exploration Limited and, in February 2017, acquired 50% of the
Redmoor Tin and Tungsten project in Cornwall, UK. The bulk of the
funds from the Company's investment were utilised to complete an
initial drilling programme that year. This programme resulted in a
significant upgrade of the resource. This was followed in 2018 with
a 12-hole drilling programme which resulted in the resource update
announced in February 2019. In March 2019, the Company entered into
arrangements to acquire the balance of the Redmoor Tin and Tungsten
project. This was completed on 24 July 2019.
In March 2018, the Company completed the acquisition of the
Leigh Creek Copper Mine situated in the copper rich belt of South
Australia and brought the project into production in April
2019.
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