Strategic Minerals (AIM:SML), in an operations update, told investors it had $10.76m of cash at the end of May and said resource infill drilling at its Redmoor Tungsten‑Tin‑Copper Project in Cornwall has intersected the full extent of the sheeted vein system in early holes.
The AIM‑quoted mining group said the available cash substantially funds the business through to completion of the Redmoor prefeasibility study.
"We remain well positioned to accelerate development at Redmoor," Mark Burnett, Executive Director of Strategic Minerals, said.
Drill holes
CRD042 was completed on 6 May at 464.40m and identified wolframite, cassiterite and chalcopyrite with 248 samples from that hole at ALS for analysis, CRD043 commenced had reached a depth of c.500m and was extended as mineralisation continued, and CRD044 will commence imminently as a daughter hole targeting deeper parts of the vein system.
Cornwall Resources said it is re‑logging historical 2017-19 core and has sent a further batch of 289 historical samples and 59 samples from CRD001 to ALS, is awaiting TOMRA ore‑sorting amenability results and is working with Snowden Optiro on metallurgical and geotechnical sampling to inform PFS studies.
Strategic Minerals agreed a three‑month extension to the Leigh Creek transaction timetable to 31 August for the A$1.75m second instalment and said the counterparty is engaging international funding partners and offtake groups.
The group has also invested in a Caterpillar D6 bulldozer at its Cobre magnetite stockpile to support earthworks and tailings‑dam maintenance, expected to reduce rental costs and improve year‑round capability.
