Strategic Minerals PLC (AIM:SML, OTC:SMCDF) has "materially strengthened" its mineral rights footprint in the Tamar Valley Mining District in a deal with the Duchy of Cornwall.
It has done so through its subsidiary Cornwall Resources Ltd (CRL), which has inked an Exclusivity and Prospecting Agreement.
The agreement grants CRL exclusive mineral rights over an area spanning more than 6,427 hectares, including the historically significant Tamar Valley Mining District.
This landmark deal, effective from April 1, enlarges CRL's regional mineral rights footprint nearly fourfold to 87.95 km² from its previous 23.68 km².
It encompasses an initial exclusive exploration term of three years, with an option for extension, providing CRL the sole right to explore for a wide range of ores and minerals within the designated area, barring exceptions reserved to the Coal Authority, the Crown, and Mines Royal.
In addition to enhancing CRL's position in the Tamar Valley, the agreement includes provisions for annual rent to The Duchy and sets the stage for further collaboration on exploration deeds and potential mineral rights leases for mining activities.
"Strategic Minerals and CRL are honoured to be trusted to deliver progress in compliance with The Duchy of Cornwall's strategic objectives," Strategic Minerals chairman Alan Broome.
"The CRL team is excited to progress initial reviews of the data and historical information available aimed at determining the design of the most logical work programs, with further announcements to follow.
"CRL's regional presence has been significantly strengthened with the addition of these prestigious mineral rights in areas that historically supported active mining within the Tamar Valley Mining District.
"This development further underwrites the Company's strategy to be part of, and benefit from, the resurgence of mining activity in the UK and directly contribute to the deliverability of the UK's Critical Minerals Strategy and Cornwall's ambition to be a world-class region for metal mining and geo-resources."