Cornwall Resources Ltd has signed an initial five-year memorandum of understanding for tungsten from its Redmoor project with nuclear fusion technology company Oxford Sigma Ltd.
DOMESTIC SUPPLY
The two companies will collaborate to explore, develop, promote and secure “critical mineral supply pathways for tungsten” from the east Cornwall deposit to supply the fusion industry.
Peter Wale, Cornwall Resource’s director and executive director of parent company Strategic Minerals, said the agreement highlighted the project’s high grade JORC (2012) compliant tungsten resource.
“We believe Redmoor to be a world class deposit that has the potential to contribute towards the large quantities of tungsten necessary to advance the UK’s ambition to advance nuclear fusion technology into commercial production in the coming decades.
“By working with Oxford Sigma, we intend to further highlight to national government the importance of establishing domestic tungsten mining to provide long-term security of supply for the fusion community, and Redmoor’s ability to help meet these needs.”
He added that more than 90% of global tungsten supply is controlled by China (84%), Vietnam (5.7%) and Russia (2.7%).
Earlier in 2023 Tungsten West plc and Golden Metal Resources plc both signed agreements with Oxford Sigma.
RESOURCE ESTIMATE
Redmoor underground tungsten-tin-copper project lies in the Tamar Valley mining district, with the as yet unmined sheeted vein system forming the basis of the inferred resource.
A February 2019 mineral resource estimate showed total inferred resource of 11.7 million tonnes with total tungsten of 560,000t; tin of 160,000t; copper 500,000t; tin equivalent 1.17Mt; and tungsten equivalent of 820,000t.
Subject to funding, Cornwall Resources has permission for drill programmes in the Tip Valley to test at depth high-grade auger and trenching results as a possible western extension of the current Redmoor resource and for further exploration.
The company also has approval for a general permitted development order to drill the Tip Valley target and full planning permission for future drilling at Redmoor.
Last year a shortage of crew and drilling rigs thwarted the company’s drill programme and earlier this year it was refused government funding.