Strategic Minerals (AIM:SML) has pushed its resource infill drilling programme at the Redmoor Tungsten-Copper-Tin Project past 7,500 metres across 13 completed drillholes, with a new hole intersecting mineralised veining within the underlying granite for the first time.
The AIM and US OTC-listed exploration and production company, developing Redmoor in Cornwall through its wholly owned subsidiary Cornwall Resources, said the programme has completed 11 of a planned 42 infill resource drillholes, plus two additional metallurgical holes, and remains on time and within budget.
Every completed hole has intersected the Redmoor Sheeted Vein System and its modelled high-grade zones, with wolframite, chalcopyrite and cassiterite visually logged by Cornwall Resources geologists.
Drillhole CRD054, drilled from Rig 2 on Pad 1, intersected vein system mineralisation within the underlying granite body for the first time, downdip of the currently modelled high-grade domains, with visible wolframite and chalcopyrite; the company said that, should similar intersections be confirmed by assay in subsequent holes, this could warrant further investigation of the resource potential beneath the current model.
Samples from four drillholes, CRD045, CRD046, CRD048 and CRD053, totalling 728, are being analysed at an external laboratory, with a further 155 samples from CRD054 in transit.
Drilling at Rig 3 on Pad 5, testing the western portions of the Redmoor resource, has also identified new cassiterite-bearing structures north of the modelled resource and the North Tin Zone, with results pending analysis.
The drilling update follows the company's updated JORC Inferred Mineral Resource at Redmoor, published in May, of 17.4 million tonnes at 0.65% tungsten-equivalent, underpinned by an after-tax net present value of $1.54 billion and a 40% internal rate of return.
"The Programme is on time, within budget, and delivering excellent results," said Dennis Rowland, Cornwall Resources managing director, adding that the team has completed 11 of the 42 planned infill holes and two metallurgical holes while also collecting geotechnical samples for future mine design.
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Rowan Thorne, Cornwall Resources exploration manager, said it was "highly encouraging" that a drillhole had for the first time intersected vein system mineralisation downdip within the underlying granite, and that this "could warrant further investigation of the resource potential."
The company said it is moving toward publishing a new mineral resource estimate update and initiating advanced metallurgical testwork to support a future feasibility study.
Rig 1 is expected to move drill pads before a short pause over the Christmas holidays, with Rigs 2 and 3 continuing toward their fourth holes.
The update comes after Strategic Minerals completed the sale of its Leigh Creek Copper Mine to Cuprum Metals, receiving total cash consideration of A$750,000 following Foreign Investment Review Board approval, with proceeds earmarked to fund continued advancement of Redmoor.