Strategic Minerals Plc (LON:SML) will look to speed up development of its Redmoor tin project in Cornwall after high grades were found from the latest exploration drilling.
All five holes (the last in a programme of 20) hit much higher grades of metal than seen previously.
WATCH: Strategic Minerals very encouraged by early exploration at Hanns Camp
The best also intersected tin much deeper than seen previously indicating the deposit is open at depth.
Peter Wale, a non–executive at Strategic, said: “The potential for the resource size and grade to improve at depth has opened a substantial opportunity for the project, extending the depth of known mineralisation at Redmoor.”
As a result of this Phase 2 drilling, the average of all 33 significant intercepts from SVS (sheeted vein system) high-grade zones drilled to date at Redmoor (historic and CRL holes) has increased to 15.0m at 1.0% tin equivalent.
READ: Strategic Minerals continues to hit high-grade tin at Redmoor
Strategic Minerals, which is developing Redmoor in partnership with Australian firm NAE, expect a first resource for the project in the first quarter of 2018.
“These results have encouraged us to further prioritise taking the project to production,” said Wale.