Shares in Strategic Minerals PLC (AIM:SML, OTC:SMCDF) opened 12% following the announcement of a significant expansion in its mineral rights within the Tamar Valley Mining District, courtesy of a deal with the Duchy of Cornwall.
Through its subsidiary, Cornwall Resources Ltd (CRL), the company has secured an Exclusivity and Prospecting Agreement, granting it exclusive rights over more than 6,427 hectares, effectively quadrupling its footprint to 87.95 km².
The agreement, commencing on April 1, offers an initial three-year exclusive exploration period with an option for extension.
At 10.05 am, the stock had given up those early gains to trade flat at 0.22p.