Shares in Strategic Minerals PLC (AIM:SML, OTC:SMCDF) climbed 8% to 1.86p after the company reported updated assay results from its Redmoor Tungsten-Tin-Copper Project in Cornwall, showing higher-than-expected grades of tin and tungsten.
The new data from drill hole CRD033 confirmed several high-grade intersections, including 2 metres at 4.04% tungsten trioxide equivalent (WO₃ Eq.) and 9.35 metres at 0.76% WO₃ Eq., demonstrating strong mineralisation across multiple veins.
The inclusion of tin results has significantly increased Redmoor’s total metal content and confirmed that tin and copper make a meaningful contribution alongside tungsten.
The project’s 2019 mineral resource estimate reported 11.7 million tonnes at 0.82% WO₃ Eq., already ranking Redmoor among Europe’s highest-grade undeveloped tungsten deposits.
Management said that, once all assay results from the ongoing nine-hole programme are received, an updated mineral resource estimate (MRE) will be completed in early 2026.
Dennis Rowland, managing director of Cornwall Resources, said the results “highlight new zones of tin-dominant mineralisation” and reinforce tungsten as Redmoor’s key economic driver.
Executive director Mark Burnett added that current market prices for tungsten, tin and copper have strengthened since the 2020 scoping study, boosting confidence in the project’s long-term value and positioning Redmoor as one of the highest-grade tungsten projects globally.