Cornwall Resources Ltd has agreed more than £764,000 funding with the Government for the first exploration drilling since 2018 at its Redmoor tungsten, tin and copper project.
MRE
The company’s parent Strategic Mineral Resources plc said it would match the funds up to a total project spend of £1,529,701.
Operations over 12 months will include 5,000 metres’ diamond core drilling and completion of the relogging programme to produce a revised and enlarged mineral resources estimate.
The most recent MRE dates from 2019.
The new MRE and latest commodity prices will contribute to a revised economic model following the project’s 2020 scoping study.
An “investment-ready business case and delivery plan” will also be prepared for moving Redmoor into the prefeasibility phase.
The company said that the grant allowed potential further investments to accelerate Redmoor’s development.
Five new, full-time employees are also being recruited to increase Cornwall Resources’ technical team.
The grant comes from the UK Shared Prosperity Fund while Cornwall Council is responsible for managing SPF projects through the Cornwall and the Isles of Scilly Good Growth Programme.
Strategic Minerals’ chairman Charles Manners added: “I congratulate the hard work of our CRL [Cornwall Resources] team in securing this opportunity to co-fund a significant work programme.
“Match funding by SML [Strategic Minerals] unlocks the grant funding from the CIOS Good Growth Programme, and continues to support our improved outlook, secured through operational and management changes.
“The company has committed to scaling the opportunity in Cornwall, and this project marks the first steps in relaunching the company and highlighting the world-class potential of the Redmoor tungsten-tin-copper project.”