Strategic Minerals PLC (AIM:SML), the developer of the Redmoor tin and tungsten project in Cornwall, has identified further mineralisation lying outside its current resource model, in a result that broker SP Angel sees as evidence of the project's growing depth.
The shares stand at 4.4p, giving the company a market value of around £125 million.
The find stems from a continuing technical review of the 2025 drilling campaign, the same work that fed into an updated mineral resource estimate published in March 2026.
SP Angel frames the news as a sign that Strategic Minerals is extracting the maximum information from every hole, rather than a single headline intersection.
Fresh analysis of 201 samples from hole CRD-041 turned up tin-rich and tungsten-enriched structures to the north of the deposit, beyond the sheeted vein system that underpins the resource.
The standout numbers include a one metre intersection grading 0.67% tin and 0.20% tungsten trioxide from 291.10 metres, alongside wider lode-style hits carrying tin grades above 0.6%.
Crucially, the broker notes that this is lode-style mineralisation not previously recognised at Redmoor, opening a structural style that sits outside the existing model.
Re-logging of core from the earlier 2017 to 2019 programme has reinforced the picture, with holes CRD-013 and CRD-015 yielding further tin-bearing structures.
Dennis Rowland, managing director of operating company Cornwall Resources, said the work was building geological confidence within parts of the resource, with the aim of supporting a future upgrade to the indicated category.
He credited the deposit model with accurately directing fresh sampling towards the right zones in historic core.
Drilling has not paused, with hole CRD-043 already submitted for analysis and CRD-044 at 455.30 metres of a planned 650 metres.
SP Angel attaches particular weight to the next operational step, after the company confirmed it had secured planning permission to expand the campaign.
Further rigs are due to arrive shortly, paving the way for what Rowland described as a programme on a scale not previously seen in Cornwall.
The broker expects that larger fleet to quicken the flow of results, sustaining the steady drip of mineralisation that now extends beyond the boundaries first mapped at Redmoor
