TIDMSML
RNS Number : 0092P
Strategic Minerals PLC
15 February 2021
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
15 February 2021
Strategic Minerals plc
("Strategic Minerals", "SML" or the "Company")
Redmoor Update
Deep Digital Cornwall: Grant Funding Award
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a profitable
producing mineral company, is pleased to announce that its 100%
owned subsidiary Cornwall Resources Limited ("CRL") has been
notified that the 'Deep Digital Cornwall' project led by the
University of Exeter's Camborne School of Mines ("CSM"), in which
CRL and Cornish Lithium are delivery partners, has been awarded
funding by the European Regional Development Fund ("ERDF"), through
HM Ministry of Housing, Communities, and Local Government
("HMCLG").
Highlights:
-- Redmoor exploration licence area will be used as a field
laboratory for collection of geochemical and geophysical data,
which will also provide CRL with information relevant to a number
of new prospects within its Mineral Rights.
-- CRL to receive up to GBP446,063 of grant funding for its part
in the project from the ERDF, in return for a contribution from CRL
of 20% (from existing budget).
-- Strong alignment with CRL's objectives for Redmoor, one of
which is the continued expansion of its understanding of the
geology at this highly prospective site.
-- CRL to benefit from access to international-level research
and collaboration concerning the use of digital exploration data,
through CSM.
-- Positive support for Cornwall and its natural resources sector from HMCLG and ERDF.
In 2019, CRL, along with other industry delivery partners,
joined the 'Deep Digital Cornwall' funding application, led by CSM,
for funding from the European Structural & Investment Fund of
the European Regional Development Fund. The application was made in
response to a call aiming to promote research and innovation in
Cornwall and the Isles of Scilly (Funding call: OC05R18P 0782).
The GBP4.1m Deep Digital Cornwall project has now been approved
by HMCLG and includes GBP3.3m of grant funding. Of this amount, CRL
will, as a delivery partner, receive funding of up to GBP446,063,
to facilitate the use of its Redmoor exploration licence area as a
field laboratory for the project. To be eligible for the funding,
CRL will need to also expend a further 20% (GBP111,516) which has
already been provided for in SML/CRL's 2021 budget.
Deep Digital Cornwall aims to create a world-leading cluster of
research-active, highly innovative businesses in Cornwall and the
Isles of Scilly, applying digital solutions to a wide range of
below ground and related business opportunities including mining
and geothermal.
CRL will provide Redmoor as a field site for the acquisition of
new geochemistry and geophysical data and the development of
geological expertise (in conjunction with CSM) for research on such
data at deposit-to-district scales around an active exploration
project. The raw data will be provided to the Deep Digital Cornwall
data centre as an example dataset, while collaborative research at
Redmoor will improve understanding of both local prospectivity and
the wider Cornwall sub-surface. Ongoing research on these data,
integration with regional datasets, and engagement with others,
will lead to a case study in the benefits of applying modern
exploration techniques and local expertise synergies to an ongoing
Cornish exploration project via emerging digital technologies.
Commenting, Peter Wale, Executive Director of Strategic Minerals
and Director of CRL, said :
"The CRL team are proud and excited to play a significant role
as a delivery partner generating new data for the project, which is
anticipated to be one of the catalysts stimulating the resurgence
of Cornish mining.
"The award of this grant funding, organised through
collaboration with Camborne School of Mines, will ensure that
Cornwall and its rich mineral potential are positioned at the
cutting edge of developments in digital data capture, management
and interpretation.
"The project is expected to meet both the needs of the data hub
and to provide CRL with further information regarding the potential
for broader and additional targets in close proximity to the
already internationally significant Redmoor deposit."
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
Notes to Editors
Strategic Minerals plc:
Strategic Minerals plc is an AIM-quoted, profitable operating
minerals company. It has operations in the United States of America
and Australia along with a development project in the UK. 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 the Board considers likely to
benefit from future supply and demand factors.
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 progressing the Company's development
projects.
In May 2016, the Company entered into an agreement with New Age
Exploration Limited and, in February 2017, acquired 50% of the
Redmoor Tin and Tungsten project in Cornwall, UK. The bulk of the
funds from the Company's investment were utilised to complete an
initial drilling programme that year. This programme resulted in a
significant upgrade of the resource. This was followed in 2018 with
a 12-hole 2018 drilling programme which resulted in the resource
update announced in February 2019. In March 2019, the Company
entered into arrangements to acquire the balance of the Redmoor Tin
and Tungsten project. This was completed on 24 July 2019.
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 into production in April
2019.
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 as part of the European Structural and Investment
Funds Growth Programme 2014-2020. The Ministry of Housing,
Communities and Local Government (and in London the intermediate
body Greater London Authority) is the Managing Authority for
European Regional Development Fund. 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 .
The Deep Digital Cornwall Project:
Deep Digital Cornwall will give Cornwall and Isles of Scilly SME
businesses access to research skills, knowledge, data and
facilities to carry out digital research and development of
innovative products related to the underground environment (mining,
geothermal, civil engineering, environmental, surveying, water
resources, planning and permitting, heritage, tourism) and its
connections to the surface. A new 'Deep Digital Cornwall' Hub will
be established on the Penryn University Campus, including a
visualisation suite and specialist computing. A large team of
academics and specialists from the University of Exeter (Camborne
School of Mines and Institute for Data Science and Artificial
Intelligence), South West Centre of Excellence in Satellite
Applications, Cornish Lithium, Cornwall Resources, will help SMEs
tackle digital research challenges and expand. The aim is to create
a world-leading cluster of research-active, highly innovative
businesses.
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