Strategic Minerals (AIM:SML) has begun what it calls the largest continuous diamond drilling programme undertaken from surface in Cornwall this century, after mobilising two further rigs at its Redmoor Tungsten-Tin-Copper Project.
The AIM and USOTC-listed exploration and production company has now secured final planning clearance for a 22,500 metre campaign, which it aims to complete in the second quarter of 2027.
Redmoor sits in Cornwall and is being developed through Strategic Minerals' wholly owned subsidiary, Cornwall Resources. Three rigs are now drilling across seven approved pad locations, targeting at least 44 resource infill holes and nine metallurgical holes.
Mark Burnett, Strategic Minerals' Executive Director, said the scale of the programme "reflects the opportunity at Redmoor" and the company's push to advance the project through feasibility studies "as expeditiously as possible".
Alongside the drilling update, the company granted share options over 13.15m shares to CRL employees and directors, tied to 2025-26 performance targets and staff retention as Redmoor moves toward development.
The options carry a 4p exercise price, an 11% premium to the 4 August closing mid-market price, and vest in two equal tranches after one and two years.
Executive Chair Charles Manners now holds 77.2m options in total, while Burnett holds 97.2m and Non-Executive Director Philip Haydn-Slater holds 10.75m.
Drillholes CRD046 and CRD047 are already underway, with completion of the full 22,500 metre programme targeted for the second quarter of 2027.
News Intelligence what this means for the company
Strategic Minerals has mobilised three diamond rigs at Redmoor to execute a 22,500-metre drilling campaign targeting completion in Q2 2027, following final planning clearance. The company has also granted 13.15m share options to directors and staff at 4p exercise price (11% above the 4 August closing price), vesting over two years and tied to 2025–26 performance. This represents a material step-up in drilling intensity at the project, which the company describes as Britain's largest continuous diamond drilling campaign from surface this century, but the announcement contains no new assay results, resource updates, or feasibility milestones to assess progress toward production.
The expanded drilling programme and director option grants signal management confidence in Redmoor's development trajectory and commitment to staff retention through the feasibility phase. However, without new geological or economic data, the announcement does not materially alter the investment case—execution risk on the 22,500m programme and the path to a bankable feasibility study remain the key variables.
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