Strategic Minerals plc (LON:SML) has updated on progress in Cornwall, saying tenders had been put out for a two phase, 23 hole drilling programme to begin at the Redmoor tenements in the first half of next year.
In addition, NAE Resources, the joint venture with New Age Exploration Limited (ASX: NAE), which owns the Redmoor Tin/Tungsten project, has changed its name to Cornwall Resources Limited (CRL), it said.
The drill programme will consisting of 13 holes in Phase 1 and 10 holes in Phase 2 to begin immediately after.
Discussions with short listed companies, including site visits, are expected to occur in early December.
Strategic's managing director John Peters, said:"These developments continue to reinforce our intention to fully exercise our option over 50% of the Redmoor project and to commence drilling at Redmoor in the first half of 2017."
House broker SP Angel said: "The move to drill at Redmoor will provide additional information over a wider area to help update the current inferred resource estimate of 13.3mt at an average grade of 0.56% tin equivalent, which is largely based on limited historic drilling." Shares are up 6.9% to 0.465p on Wednesday. ---Updates with broker comment---