No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(Sharecast News) - Strategic Minerals reported further "very high-grade" drill results from its Redmoor tungsten-tin-copper project in Cornwall on Tuesday, saying the latest assays from hole CRD034b reinforced the deposit's status as one of the highest-grade undeveloped tungsten resources globally.
The AIM-traded company said the hole delivered multiple thick zones of mineralisation within the Redmoor Sheeted Vein System, including a standout intersection of 10 metres at 0.92% tungsten trioxide, 0.02% tin and 0.78% copper, or 1.15% tungsten trioxide equivalent, from 578 metres, which contains a 1.1-metre interval grading 7.19% tungsten trioxide, 0.02% tin and 1.11% copper, or 7.51% tungsten trioxide equivalent.
Management described the latter as one of the top 10 highest-grade sample results recorded at Redmoor to date.
The programme also returned several other high-grade and polymetallic intervals, including 15.46 metres at 0.72% tungsten trioxide, 0.04% tin and 0.66% copper, or 0.93% tungsten trioxide equivalent, from 456.04 metres, and 3.46 metres at 1.25% tungsten trioxide, 0.08% tin and 1.93% copper, or 1.84% tungsten trioxide equivalent, from 463.54 metres.
Copper- and tin-rich lodes were encountered, with one interval of one metre grading 2.14% copper and 1.01% tin from 515.00 metres.
Silver values of up to 84.8 grams per tonne were recorded in copper-rich zones, although the company said further metallurgical work is required before any assumptions can be made about silver's economic contribution.
Strategic Minerals said the new results came from both inside and outside the existing Redmoor resource model and indicated potential for "material resource growth", as CRD034b confirms wider-than-modelled portions of the Sheeted Vein System and strong continuity of structure and grade.
The data from that and other drillholes would feed into a forthcoming mineral resource estimate update.
Strategic Minerals reiterated that Redmoor remained, in its view, Europe's highest-grade undeveloped tungsten resource.
"These results highlight downhole intersections of impressive length and grade, up to 15.00 m at nearly 1% tungsten trioxide, and significant single sample zones reaching 7.19% tungsten trioxide- amongst the top 10 sample intervals by grade recorded at Redmoor to date by the company," said Dennis Rowland, managing director of Cornwall Resources.
"The new results reported outside the existing Redmoor resource model indicate strong potential for material resource growth. Ongoing analysis of samples from additional drillholes is expected to further refine and enhance the understanding of Redmoor's resource potential.
"The continuation of very high-grade mineralisation in CRD034b reinforces Redmoor's status as Europe's highest-grade undeveloped tungsten resource, and among the highest-grade globally."
Mark Burnett, executive director of Strategic Minerals, said the board was "pleased with the impressive results reported from this drillhole, which highlight the exceptional nature of the Redmoor deposit," adding that "Redmoor sits in a commanding position to be a secure supply of minerals deemed critical to the UK and its peers."
At 1617 GMT, shares in Strategic Minerals were down 3.23% at 1.5p.
Reporting by Josh White for Sharecast.com.