Cornwall Resources Ltd has extended its existing exploration licence agreement to 2037 for the Redmoor copper-tin-tungsten project.
LICENCE
In October 2012, New Age Exploration Ltd held the original exploration licence which was due to expire in 2027.
The licence covers 23km2 surrounding the Redmoor deposit in East Cornwall and provides the rights to explore over the entire licence area.
GPDO
Cornwall Resources, which is a 100% subsidiary of Strategic Minerals plc, also confirmed an option for a 25-year mining lease.
The company is additionally in the process of applying for a general permitted development order (GPDO) for a drilling programme targeting new tin prospects in the Redmoor West area.
GOVERNMENT SUPPORT
Strategic Minerals executive director and Cornwall Resources director Peter Wale said that the licence extension secured the company’s footprint in the region and added long-term confidence to the tenure of the Redmoor project.
“[This] comes at a time when Cornish assets are starting to attract ever greater interest and rising valuations.
“The evolving critical minerals agenda is also seeing companies consider more carefully where they are sourcing materials.”
Mr Swale also called on the Government to support domestic production of such minerals through legislation and funding in the same way as America and Canada.