Strategic Minerals plc announced that its subsidiary Cornwall Resources Ltd has identified further significant high-grade tin in four pit samples west of its main Redmoor deposit.
SAMPLES
The company confirmed in-situ mineralisation in all four samples with at or near surface tin result in pit CRT04 peaking at 0.68% tin.
A revised internally estimated project economics now show a large uplift in NPV8 to US$163m with a 33.1% IRR.
RESULTS
Cornwall Resources conducted a short programme of hand-excavated pits on identified Target B to verify the geology ahead of potential future drilling.
Two pits were excavated and channel sampled with hand pitting utilised due to the steep terrain.
CRT04 results with a 2.6m interval averaged 0.46% tin, 0.04% copper and 0.04% tungsten near surface.
| Pit | Sample no. | From (m) | To (m) | Interval (m) | Sn % | Cu % | W % |
| CRT04 | CRL003618 | 0.00 | 1.00 | 1.00 | 0.68 | 0.03 | 0.05 |
| CRT04 | CRL003619 | 1.00 | 2.00 | 1.00 | 0.27 | 0.06 | 0.03 |
| CRT04 | CRL003620 | 2.00 | 2.60 | 0.60 | 0.43 | 0.04 | 0.04 |
| CRT05 | CRL003621 | 0.00 | 1.00 | 1.00 | 0.17 | 0.04 | 0.01 |
2022 EXPLORATION
The company is evaluating a potential 2022 exploration programme and is in discussions with parties about asset-level funding.
It said that interest in the project had recently increased as metal prices for tin, copper and tungsten remained strong.
Exploration of the tin target and adjacent areas is intended to verify the projected westward continuation of the Redmoor sheeted vein system orebody.
This has the potential to increase the proportion of tin and total tonnage of a future resource, the company added.
The deposit as a mining scoping study is based on inferred resources with higher category resources yet to be defined.