Drilling to commence at Redmoor Project, Cornwall

RNS Number : 2813Y

Strategic Minerals PLC

02 March 2017

 

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2 March 2017

Strategic Minerals plc

("Strategic Minerals" or the "Company" or "SML")

Drilling to commence at Redmoor Tin/Tungsten Project in Cornwall

Contract signed with Energold Drilling

Strategic Minerals PLC (AIM: SML; USOTC; SMCDY), the diversified mineral production and development company, is pleased to announce that Cornwall Resources Limited, its joint venture company with New Age Exploration Limited ("NAE"), has completed the necessary arrangements for drilling to commence on site at its Redmoor Tin/Tungsten Project, Cornwall ('Redmoor') and has signed a contract with Energold Drilling for a two phase drilling programme aimed at extending the defined high grade resource at Redmoor.

The first phase of the drilling programme will see 13 holes drilled followed by a second phase of 10 additional holes. There is provision for a further six holes subject to additional planning and land owner approvals.

In light of approval from local government bodies (both Cornwall Council and Callington Town Council), support shown at community meetings, as well as land access having been acquired and the signing of the drilling contract, mobilisation has commenced and the first exploration hole is expected to be drilled at the end of March 2017. 

Commenting, Peter Wale, Director of both Strategic Minerals and Cornwall Resources Limited, said:

"The early commencement of the drilling programme is a key milestone in our plans to develop Redmoor into a producing mine. The aim of the programme is to confirm and extend the high grade resource at Redmoor.

"We are particularly pleased that arrangements to undertake the drilling programme were prepared with support from the local community. The work of our highly experienced exploration team (notably Jeff Harrison, Community Advisor and Brett Grist, newly appointed Exploration Manager) has placed us ahead of schedule and ensured that drilling will occur in more favourable climate conditions.  The speed with which this has been achieved is also a credit to our joint venture partners NAE and their Managing Director Gary Fietz, who have played a major role in preparing for drilling.

"The Company expects to complete both phases of the drilling programme this year and anticipates being in a position to update the market on the results from initial drill holes in the third quarter of 2017."

For further information, please contact:

Strategic Minerals plc John Peters Managing Director www.strategicminerals.net Follow Strategic Minerals on: Twitter:   @SML_Minerals  LinkedIn: www.linkedin.com/company/strategic-minerals-plc	[phone]
SP Angel Corporate Finance LLP Nominated Adviser and Joint Broker Ewan Leggat Laura Harrison	[phone]
Optiva Securities Limited Joint Broker Graeme Dickson	[phone]
Yellow Jersey PR Financial PR Felicity Winkles Alistair de Kare-Silver Joe Burgess	[phone]

Notes to Editors

Strategic Minerals Plc is an AIM-quoted, diversified mineral development and production company with projects in the United States of America, the UK and Australia. The Company is focused on acquiring and developing cash generative, high quality projects which meet local market demand for commodities and utilising this cash flow to undertake value added exploration. 

In September 2011, Strategic Minerals purchased its first cash generating asset; the Cobre magnetite tailings dam project in New Mexico, USA which it brought into production in 2012 and which continues to provide a revenue stream for the Company. The portfolio was expanded in January 2016 with the acquisition of shares in Central Australian Rare Earths Pty Ltd, which holds tenements in Western Australia and the Northern Territory that are prospective for nickel sulphides, gold and rare earths. In May 2016, an additional exploration asset was acquired when the company entered into an agreement with New Age Exploration Limited to acquire up to 50% of the Redmoor Tin/Tungsten project in Cornwall, UK. This 50% acquisition has now been completed.

 

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