Strategic Minerals PLC (AIM:SML, OTC:SMCDF) shares shot up more than 25% in Monday's early trade after it completed three new drill holes at subsidiary Cornwall Resources Limited's (CRL) Redmoor tungsten-tin-copper project, in Cornwall.
All holes intersected the full thickness of the sheeted vein system, with logging indicating the presence of wolframite, cassiterite and chalcopyrite, the explorer said.
One drill hole, CRD037, tested part of the 2019 Exploration Target and intersected mineralisation consistent with Redmoor’s resource style. A fourth hole is underway and another has commenced.
"We are pleased to announce that drill hole CRD037, the first drill hole to test CRL's exploration target, intersected veins consistent with SVS style mineralisation and a similar vein morphology as those previously drilled at Redmoor, further validating the exploration model and potential for resource growth," said Dennis Rowland, managing director of CRL.
In London, the small-cap explorer's shares jumped 27.9% to 1.12p.