TIDMSML
RNS Number : 1269N
Strategic Minerals PLC
28 September 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.
28 September 2021
Strategic Minerals plc
("Strategic Minerals", "SML" or the "Company")
Redmoor Update
High Tin Grades Identified in West Exploration Program
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
successfully completed a trenching and auger exploration program,
to investigate the possible presence of extensions of
mineralisation to the west of the established Redmoor resource.
Highlights:
-- Significant tin result in trench CRT01, peaking at 0.38% tin
over a 2m sample interval and with nearby mineralisation spanning
an overall width of 20m.
-- Peak tin values of 0.87% and 0.20% tungsten generated from
close-spaced auger sampling within a 60m long anomalous area of
greater than 0.10% tin.
-- Future new drill target areas identified.
-- Auger sampling and gravity work ongoing under the Deep Digital Cornwall collaboration.
A PDF of this release, including all maps and images referenced,
can be found on the Company website at
https://www.strategicminerals.net/investors/presentations.html
Exploration and Results
In February 2021, CRL announced the implementation of a
trenching and auger exploration program aimed at testing the area
to the west of its existing drilled resource. This work is now
complete, and analyses have been received.
Sampling of material was undertaken in three stages;
1. 10m spaced auger sampling (117 samples).
2. Excavation of three trenches, which were then channel sampled and analysed (84 samples).
3. Additional 1m spaced auger sampling, where topographic
constraints meant that safe access for mechanical excavation of
trenches was not possible (81 samples).
Summary of results:
1. Auger sampling.
A total of 117 samples were taken using a Stihl powered auger,
from an average depth of 50cm. Sampling targeted near-bedrock with
samples analysed by ALS Loughrea using method ME-MS89L [1] , on a
-250 um size fraction. This resulted in the identification of four
anomalies that may present possible drill targets. Peak values were
0.7% tin, 880 ppm copper, and 512 ppm tungsten.
Maps of the anomalies identified can be viewed on the Company
website.
2. Trenching.
Three of the anomalies identified by the auger sampling were
followed up by the excavation of three trenches, totalling 169m in
length, to a depth of 1m. CRL's geologists sampled the trench wall
material as channel samples, typically as 2m intervals. Samples
were analysed by ALS Loughrea using method ME-MS89L.
A 20m wide zone, that includes values significantly anomalous
for tin, was identified in trench CRT01. This zone is shown, as 2m
sample intervals, in the following table.
Trench Sample From To (m) Interval Sn Cu W %
no. (m) (m) % %
CRT01 CRL004411 4.00 6.00 2.00 0.17 0.01 0.00
----------- ------ ------- --------- ----- ----- -----
CRT01 CRL004410 6.00 8.00 2.00 0.03 0.01 0.00
----------- ------ ------- --------- ----- ----- -----
CRT01 CRL004409 8.00 10.00 2.00 0.38 0.01 0.00
----------- ------ ------- --------- ----- ----- -----
CRT01 CRL004408 10.00 12.00 2.00 0.01 0.01 0.00
----------- ------ ------- --------- ----- ----- -----
CRT01 CRL004407 12.00 14.00 2.00 0.03 0.01 0.00
----------- ------ ------- --------- ----- ----- -----
CRT01 CRL004406 14.00 16.00 2.00 0.02 0.01 0.00
----------- ------ ------- --------- ----- ----- -----
CRT01 CRL004405 16.00 18.00 2.00 0.02 0.01 0.00
----------- ------ ------- --------- ----- ----- -----
CRT01 CRL004404 18.00 20.00 2.00 0.27 0.01 0.00
----------- ------ ------- --------- ----- ----- -----
CRT01 CRL004403 20.00 22.00 2.00 0.37 0.01 0.00
----------- ------ ------- --------- ----- ----- -----
CRT01 CRL004402 22.00 24.00 2.00 0.06 0.01 0.00
----------- ------ ------- --------- ----- ----- -----
The other two trenches, CRT02 and CRT03, did not show
significant tin, copper, or tungsten grades; however anomalous
levels of pathfinder elements were seen, which may indicate the
presence of a mineralising system.
3. Close-spaced auger sampling
Close-spaced auger sampling was undertaken to test the fourth
auger anomaly. This target could not be tested by mechanical
backhoe due to steep topography associated with its location on the
edge of the Target Tip Valley. CRL believes this area represents an
extension of the sheeted vein system that hosts the resource at
Redmoor.
Auger samples were taken at a 1m spacing from an average depth
of 50cm using a Stihl powered auger.
These samples identified unexpectedly high tin grades, and local
elevated tungsten values. The work identified a widespread
anomalous level of tin across the north flank of the Target Tip
Valley, defining a 60m long anomaly greater than 1,000 ppm (0.1%)
tin, and with peak value of 0.87% tin. Tungsten featured a peak
value of 0.20%. These results are shown in the following table:
Traverse Sample East North RL m Sn Cu W %
no. % %
Traverse
1 CRL003731 234883.61 70618.87 113.26 0.35 0.03 0.04
----------- ---------- --------- ------- ----- ----- -----
Traverse
1 CRL003732 234883.15 70619.68 113.49 0.56 0.05 0.06
----------- ---------- --------- ------- ----- ----- -----
Traverse
1 CRL003733 234882.75 70620.45 113.78 0.87 0.05 0.08
----------- ---------- --------- ------- ----- ----- -----
Traverse
1 CRL003734 234882.38 70621.33 114.10 0.70 0.05 0.06
----------- ---------- --------- ------- ----- ----- -----
Traverse
1 CRL003735 234881.95 70622.21 114.45 0.44 0.05 0.20
----------- ---------- --------- ------- ----- ----- -----
The high tin levels identified were followed up by hand-pitting.
Two sites with peak values were excavated, to verify the soil
profile and seek any evidence of disturbed ground or surface
contamination. CRL's geologists observed the presence of decomposed
shale, believed in-situ, with blocky vein-style quartz fragments
containing clasts of wall-rock, in the pit base. Strike extensions
from this location align with a man-made cutting in the hillside,
interpreted by CRL as past small-scale open-cut mining.
As a result of this work, the area is considered by the CRL team
to be a tin-tungsten drill target, for future follow-up.
Deep Digital Cornwall
As previously reported, CRL are a delivery partner in the
MHCLG/ERDF Deep Digital Cornwall ("DDC") project. CRL's work within
DDC, which utilises the Redmoor exploration licence as a digital
laboratory, is progressing well. Four field assistants have been
recruited and are currently implementing an extensive auger
sampling program and high-resolution gravity survey. As of early
September, 532 auger samples had been collected and 269 gravity
stations recorded. This is some of the most detailed exploration to
be carried out in this part of the UK, and has potential to
identify new mineralisation. Results from this work are expected in
the first half of 2022.
Commenting, Peter Wale, Executive Director of Strategic Minerals
and Director of CRL, said :
"The results of the auger and trench sampling, located around
1,000m to the west of the known Redmoor mineralisation, appear to
support CRL's view of a potential further westward extension of the
Redmoor resource. This may have important implications for the size
of a future resource. Furthermore, the strong tin results fit well
with CRL's hypothesis that the western mineralisation is likely to
be richer in tin, in line with known metal distribution at
Redmoor.
"With the tin price currently hitting new all-time highs, having
more than doubled over the last year, it's particularly rewarding
to now share these results indicating new high tin grades at
Redmoor. Furthermore, our strategy of investing in assets with the
potential for long term commodity price appreciation is being
reinforced. Latest tin prices are substantially higher than the
price assumptions used in our October 2020 Scoping Study, this
further strengthens our project economics.
"This process has de-risked future drilling plans and is
expected to be supplemented by additional valuable information from
the ongoing DDC project.
"CRL has successfully identified new drill target areas which
are anticipated to offer significant upside for the Redmoor
project."
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.
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 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.
[1] Lowest detection limit multi-element super trace method
utilizing sodium peroxide fusion and hydrochloric acid digest on
0.2 g sample. Analysis via ICP-MS and ICP-AES.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCDKOBBABKDFCB
(END) Dow Jones Newswires
September 28, 2021 01:59 ET (05:59 GMT)
Strategic Minerals (LSE:SML)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024
Strategic Minerals (LSE:SML)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024