TIDMSML
RNS Number : 0070T
Strategic Minerals PLC
10 November 2023
10 November 2023
Strategic Minerals plc
("Strategic Minerals", "SML" or the "Company")
Redmoor Update
Completion of Deep Digital Cornwall Project:
Soil Samples Indicate significant mineralisation trends near
surface.
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a profitable
producing mineral company, is pleased to announce an update from
its 100% owned subsidiary Cornwall Resources Limited ("CRL"),
regarding the completion of its involvement in the 'Deep Digital
Cornwall' ("DDC") project. DDC was led by the University of
Exeter's Camborne School of Mines ("CSM"), in which CRL and Cornish
Lithium Plc were delivery partners. DDC was funded by the European
Regional Development Fund ("ERDF"), and administered through HM
Department for Levelling Up, Housing and Communities ("DLUHC").
Highlights:
-- Completion of all DDC field activities, and submission of a
copy of the data to the DDC Hub at CSM for long term storage and
public access.
-- CRL's DDC outputs include:
o Analytical data for 2,184 soil samples.
o A highly detailed ground gravity survey and 3D
interpretation.
o Datasets from the DDC aerial survey of the Redmoor area,
consisting of electro-magnetic and magnetic data over 40 km(2).
o 460m of BoxScan (TM) data from CRL borehole CRD031.
-- These outputs provide a highly detailed and overlapping
dataset, which is expected to increase CRL's understanding of the
geology and minerals prospectivity of its larger licence area, and
further highlight potential target areas for follow-up exploration
activities.
-- Following the completion of the grant funded activities, CRL
is continuing to review, analyse and interpret output datasets from
DDC. Including:
o Digitisation and mapping of historical datasets.
o Preparation for the modelling, analysis and interpretation of
the aerial survey datasets and integration of all geophysical
datasets into a case study.
o Further targeting of soil anomalies for further study,
follow-up field verification and infill sampling.
-- Soil sample results from infill sampling provide validation
of the Mineral Prospectivity Map ("MPM") first announced in a news
release dated 14 September 2022; suggesting that the exploration
methodologies undertaken as part of the DDC program are effective
in identifying new geochemical targets and anomalies.
-- Work program initiated on Target 1, which contains
Tin-Tungsten and Copper-Lead-Zinc soil anomalies located near a
previously identified granite upwelling, and within a prospective
zone highlighted by the MPM mapping.
-- CRL is in discussions to further advance collaboration on DDC
outputs, data interpretation and follow up activities.
Commenting, Peter Wale, Executive Director of Strategic Minerals
and Director of CRL, said :
"There are currently few comparative modern, highly detailed,
and comprehensive datasets covering mineral licence operating areas
in the UK, and fewer still examples of similar cost-effective
datasets being produced. The CRL team has delivered a first-class
outcome after the effective completion of the DDC project. This has
in turn contributed to the overall successful completion of the DDC
project.
"It is hoped that these outputs can be used to clearly
demonstrate to the Government the effectiveness of regional
datasets for project targeting, and therefore attract incentives to
implement future projects.
"Now that DDC has come to an end, CRL aims to advance and
analyse further the work undertaken, through the completion of a
case study, modelling of project data and follow-up exploration
activities. We look forward to benefiting from these outputs. At
this stage we believe that the outputs have provided valuable
information which helps us reinforce our understanding of our
existing resource and mineral rights. This has resulted in another
step in de-risking the project, whilst demonstrating there is much
more left to discover.
"We thank the efforts of Camborne School of Mines, the DDC team
and Cornish Lithium Plc for their cooperation and collaboration on
work packages and the successful completion of the project."
DDC Dataset Release
Through the Deep Digital Cornwall (DDC) grant funded project,
CRL has used the Redmoor exploration licence area as a field
laboratory for the collection of geochemical and geophysical
datasets, which have now been made available for public access and
study. The updated results improve CRL's understanding of the
granite body below the licence area and, when combined with the
soil sampling results, highlight significant mineral prospectivity
in the wider licence area, and importantly identifying notable
targets that require follow-up exploration to further identify the
potential for any significant mineralisation.
With the finalisation of the DDC project and submission of CRL's
final grant claim, project partners have now made available all the
publicly available datasets collected during the project. This
high-quality dataset will provide the basis for future follow-on
studies by CRL and other partners, whilst also making available
data to other users across many usage cases for onwards study.
Soil Sampling Campaign - Results, Interpretation and Field
Work
CRL's field team collected a total of 2,186 soil samples from
August 2021 to January 2023 (see Figure 1: Location Map). Samples
were sent to ALS Loughrea and were analysed using method ICP-MS
ME-MS89L, with a Boron analysis add-on. Final sample results were
received from the laboratory in June 2023, with publication delayed
until finalisation of the DDC project was completed and data
transfer to the DDC Hub at Camborne School of Mines had been
finalised.
The results and subsequent data from the soil sampling campaign,
along with a methodology document has been made publicly available
for any parties interested in the project via the University of
Exeter (https://deepdigitalcornwall.org) .
Further to the publication of the data collected, CRL is
undertaking a comprehensive review and interpretation of the
results, so far identifying anomalous occurrences of Tin, Tungsten,
Copper, and other base-metals. These geochemical anomalies have
been confirmed to be occurring in close correlation with the areas
outlined in the previously released Mineral Prospectivity Map and
coupled with a close relationship to the potential granitic
upwellings identified as part of the DDC gravimetric survey, both
reported on 14 September 2022.
Further to the anomalous areas identified, CRL have established
an initial target area ("Target 1") containing an east-west
trending Copper-Lead-Zinc soil anomaly with soil samples containing
concentrations of up to 320ppm copper in sample DDC000320, 659ppm
lead in DDC000106 and 2,600ppm zinc in DDC002021, coupled with an
adjacent Tin-Tungsten soil anomaly containing tin concentrations up
to 795ppm and tungsten concentrations up to 218ppm in sample
DDC00115 (see: Appendix A). Target 1 is adjacent to the previously
modelled granite upwellings, known geological structures and is
1.3km west of the historically productive Holmbush Tin-Copper
Mine.
Figure 1: map showing the locations of soil samples collected
during the DDC soil sampling program through both phases of
sampling.
CRL's geologists have already undertaken a site visit to Target
1 to confirm the absence of any potential historical mine workings
or human-induced contamination, concluding that this anomaly is the
result of geological factors that indicate the potential for new
zones of mineralisation in the wider Redmoor licence area. In
conjunction with the site visit, a PhD researcher from the Camborne
School of Mines (CSM) collected stream sediment samples to confirm
the presence of metal concentrations in stream sediments within the
area and further develop exploration techniques and models that
could aid CRL in future exploration programs. With early results
from their analysis indicating two potential sources of
mineralisation, and with further follow up work and analysis
planned.
With all these factors being considered, CRL believes this
Target 1 to be deserving of follow-up exploration and
investigation. This will be achieved firstly through continued
collaboration with CSM, undertaking further infill soil sampling
with the aim of identifying the true extent and origin of this
anomaly. This will also be accompanied by extensive geological
mapping and the identification of any bedrock mineralisation, which
may further support the understanding of any potential mineralised
system in the area. The program will be supported by further PhD
research of the target, with the aim of supporting CRL's
understanding of the nature of mineralisation and development of
potential novel exploration techniques.
Ground Gravity Survey - Results and Interpretation
The results of the ground gravity survey undertaken in CRL's
licence area were previously released in the 14 September 2022
announcement. This dataset used in conjunction with other DDC
outputs will aid CRL in identifying and understanding geological
structures controls and metal anomalies for further
exploration.
The two previously modelled granite upwellings coincide with
anomalies identified by CRL's DDC soils program. The importance in
the identification of these potential granitic upwellings is that
they may provide a key source of the metalliferous fluids that
contribute to the formation of mineral deposits throughout the
Cornwall and the Southwest, and importantly for CRL, these newly
identified granitic upwellings can indicate the potential
localities of previously unidentified mineralised systems.
Subject to further exploration and investigation, Target 1 may
prove to be a newly discovered mineralised system that is related
to these granite upwellings, which would support CRL's belief that
low-cost, high-impact exploration techniques can aid in the
identification of new mineral deposits in the historically mined
but underexplored Cornish mine field.
Aerial Geophysical Surveys - Interpretation Pending
During the spring of 2023, CRL continued to advance the DDC
project, with participation in an aerial geophysical survey
commissioned by Cornish Lithium Plc, on behalf of DDC, and flown by
New Resolution Geophysics (NRG(TM)), which included surveys over
both Redmoor and United Downs.
The Redmoor survey was flown in March 2023, and collected
electromagnetic and magnetic data across a 40km(2) area. The
Redmoor survey was successfully flown in four separate flights over
two days and completed with strong community interaction and
support. Initial processed data from the aerial survey has been
made available to project partners at the end of May , with an
initial review of the data prepared for public release in
conjunction with the conclusion of the DDC program.
Further detailed processing, analysis and interpretation of the
geophysical data is yet to be undertaken with a finalised version
of results to be published in due course. It is expected that by
combining the outputs from the DDC reprocessing of historical
geophysics data with CRL's gravity, EM and Magnetic datasets will
lead to a significant new understanding of the geological and
structural setting of the licence area, and potential lead to
further targeting of structures for exploration activities.
BoxScan(TM) Analysis - Results and Interpretation
BoxScan(TM) is a multi-purpose, modular core scanning platform
that undertakes a variety of analytical techniques on diamond drill
core within a single apparatus, designed and supplied by GeoTek
Ltd. The BoxScan(TM) unit was acquired and utilised by CRL in March
2023 with the primary purpose of collecting a wide range of
geological data including X-Ray Fluorescence (XRF) geochemical
data, magnetic susceptibility data, LabSpec spectrometer data for
the quantification of mineralogy and high-resolution imagery of the
drill core. In total 460m of core was scanned over a 12-day
period.
This provided a significant amount of new data for CRL
geologists to review and interpret, allowing for a better
understanding of geochemical and geological relationships
previously identified in drill core, and further highlighting
sections of core, outside of the Redmoor Sheeted Vein System
("SVS") resource, which had been overlooked in the past, but
contain notable mineralisation.
Historic Core Relogging
Following completion of DDC and review of the BoxScan(TM)
database, CRL has initiated a program, including relogging and
sampling of the diamond drill core from the Redmoor deposit, with
the aim of better understanding the controls on the established SVS
mineralised zone and identifying new zones of mineralisation,
outside of the SVS, that have previously been under studies and
have gone unsampled.
This exercise comprises detailed vein and structure logging,
analysis of the differing styles of alteration and mineralisation
outside of the primary Sheeted Vein System and the identification
of mineralised sections of core that were not previously considered
when modelling the current resource. To date, approximately 2,000m
of drill core has been relogged and studied with mineralised
sections selected for sampling for further analysis.
Competent Person's Statement
The information in this announcement that relates to exploration
results is based on information compiled and/or reviewed by Paul
Gribble C.Eng., a Fellow of the Institute of Materials, Minerals
and Mining (FIMMM), and who is Principal Geologist of Geologica UK
(Geologica). Paul Gribble has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2012 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves'. Paul Gribble is also a Competent
Person "as defined in the "Note for Mining and Oil & Gas
Companies" which form part of the AIM Rules for Companies". Paul
Gribble has reviewed and consented to the inclusion in the
announcement of the matters based on his information in the form
and context in which it appears.
Notes to Editors
The European Regional Development Fund (ERDF):
The Deep Digital Cornwall project is receiving up to
GBP3,313,761 of funding from the England European Regional
Development Fund ("ERDF") as part of the European Structural and
Investment Funds Growth Programme 2014-2020. The Department for
Levelling Up, Housing and Communities ("DHULC") is the Managing
Authority for the ERDF grant. Established by the European Union,
the European Regional Development Fund helps local areas stimulate
their economic development by investing in projects which will
support innovation, businesses, create jobs and local community
regenerations. For more information visit
https://www.gov.uk/european-growth-funding .
About Cornwall Resources Limited:
https://www.cornwallresources.com
Cornwall Resources Limited ("CRL") is a wholly owned subsidiary
of Strategic Minerals Limited ("SML") (AIM: SML; USOTC: SMCDY)
focussed on advancing the high-grade, underground Redmoor
Tungsten-Tin-Copper Project, through a current relogging and
sampling campaign of historic drill core and work towards securing
further funding, as well as exploring its significant and expanding
minerals rights licence areas in east Cornwall, South West
England.
The Redmoor Project is situated within the historically
significant Tamar Valley Mining District, yet the sheeted vein
system ("SVS") forming the basis of CRL's inferred resource is
unmined. SML bought into CRL in 2016, and in 2019 completed the
purchase of the project. CRL completed a JORC-compliant Inferred
Mineral Resource Estimate ("MRE") for Redmoor using a comprehensive
archive of historical data and through the completion of two
exploration campaigns, in 2017 and 2018, totalling 32 boreholes for
14,000m of drilling. An updated Scoping Study, published in 2020
shows that Redmoor has potentially economic viability as a new,
underground mine.
JORC Compliant Inferred Mineral Resource Estimate published 14
February 2019, as summarised below:
Cut-off (SnEq%) Tonnage WO(3) Sn Cu Sn Eq(1) WO(3)
(Mt) Eq
% % % % %
>0.45 <0.65 1.5 0.18 0.21 0.3 0.58 0.41
-------- ------ ----- ----- --------- ------
>0.65 10.2 0.62 0.16 0.53 1.26 0.88
-------- ------ ----- ----- --------- ------
Total Inferred
Resource 11.7 0.56 0.16 0.5 1.17 0.82
-------- ------ ----- ----- --------- ------
1 Equivalent metal calculation notes; Sn(Eq)% = Sn%*1 +
WO3%*1.43 + Cu%*0.40. Commodity price assumptions: WO3 US$
33,000/t, Sn US$ 22,000/t, Cu US$ 7,000/t. Recovery assumptions:
total WO3 recovery 72%, total Sn recovery 68% & total Cu
recovery 85% and payability assumptions of 81%, 90% and 90%
respectively
Subject to necessary funding, CRL has in place permissions for
drill programs, in the Target Tip Valley ("TTV"), to test at depth
previously reported high-grade auger and trenching results (as
reported 17 November 2021) and for further exploration of the
Redmoor Tungsten-Tin-Copper resource. A General Permitted
Development Order application, for necessary consents, was approved
by Cornwall Council for the TTV program and a full Planning
Permission has been granted by Cornwall Council for the Redmoor
drilling.
Strategic Minerals plc:
Strategic Minerals plc is an AIM-quoted, profitable operating
minerals company actively developing projects tailored to materials
expected to benefit from strong demand in the future. It has an
operation in the United States of America along with development
projects in the UK and Australia. The Company is focused on
utilising its operating cash flows, along with capital raisings, to
develop high quality projects aimed at supplying the metals and
minerals likely to be highly demanded in the future.
In September 2011, Strategic Minerals acquired the distribution
rights to the Cobre magnetite tailings dam project in New Mexico,
USA, a cash-generating asset, which it brought into production in
2012 and which continues to provide a revenue stream for the
Company. This operating revenue stream is utilised to cover company
overheads and invest in development projects aimed at supplying the
metals and minerals likely to be highly demanded in the future.
In May 2016, the Company entered into an agreement with New Age
Exploration Limited and, in February 2017, acquired 50% of the
Redmoor Tin/Tungsten project in Cornwall, UK. The bulk of the funds
from the Company's investment were utilised to complete a drilling
programme that year. The drilling programme resulted in a
significant upgrade of the resource. This was followed in 2018 with
a 12-hole 2018 drilling programme has now been completed and the
resource update that resulted was announced in February 2019. In
March 2019, the Company entered into arrangements to acquire the
balance of the Redmoor Tin/Tungsten project which was settled on 24
July 2019 by way of a vendor loan which was fully repaid on 26 June
2020.
In March 2018, the Company completed the acquisition of the
Leigh Creek Copper Mine situated in the copper rich belt of South
Australia and brought the project temporarily into production in
April 2019. In July 2021, the project was granted a conditional
approval by the South Australian Government for a Program for
Environmental Protection and Rehabilitation (PEPR) in relation to
mining of its Paltridge North deposit and processing at the
Mountain of Light installation. In late June 2022, an updated PEPR,
addressing the conditions associated with the July 2021 approval,
was approved.
For further information, please contact:
+61 (0) 414 727
Strategic Minerals plc 965
John Peters
Managing Director
Website: www.strategicminerals.net
Email: info@strategicminerals.net
Follow Strategic Minerals on:
Vox Markets: https://www.voxmarkets.co.uk/company/SML/
Twitter: @SML_Minerals
LinkedIn: https://www.linkedin.com/company/strategic-minerals-plc
+44 (0) 20 3470
SP Angel Corporate Finance LLP 0470
Nominated Adviser and Broker
Matthew Johnson
Ewan Leggat
Charlie Bouverat
Appendix A - Samples identified in 'Target 1' with anomalous
metal concentrations of either Sn, W, Cu, Pb or Zn:
Geochemical anomaly map outlining the extent of the tin soil
anomaly identified as part of the DDC soil sampling program, with
the background heatmap outlining the extent of the anomaly based
upon statistical analysis of the geochemical data, coupled with the
inferred granitic upwellings.
Geochemical anomaly map outlining the extent of the tungsten
soil anomaly identified as part of the DDC soil sampling program,
with the background heatmap outlining the extent of the anomaly
based upon statistical analysis of the geochemical data.
Geochemical anomaly map outlining the extent of the copper soil
anomaly identified as part of the DDC soil sampling program, with
the background heatmap outlining the extent of the anomaly based
upon statistical analysis of the geochemical data.
Geochemical anomaly map outlining the extent of the lead soil
anomaly identified as part of the DDC soil sampling program, with
the background heatmap outlining the extent of the anomaly based
upon statistical analysis of the geochemical data.
Geochemical anomaly map outlining the extent of the zinc soil
anomaly identified as part of the DDC soil sampling program, with
the background heatmap outlining the extent of the anomaly based
upon statistical analysis of the geochemical data.
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