Strategic Minerals PLC (LON:SML) is confident it can expand the mineral resource at the Redmoor tin/tungsten deposit in Cornwall after strong results from the final four assays in the latest drill programme.
Average tin grades for the whole programme were significantly higher than the existing resource, said Strategic.
The best intercept recorded 5.13% tin over a narrow width, while best equivalents (including tungsten and other metals) were between 10.5% and 26.2%.
Redmoor is being developed by CRL, a joint venture between Strategic and Aussie group New Age Exploration.
An upgrade to the current resource is expected this quarter.
Peter Wale, an executive director at Strategic, added: "These impressive assay results show great scope to increase both the resource tonnage and grade at Redmoor.
"It is also pleasing to note that the Board's long-term view on the impact of supply and demand factors on tin prices has been reflected in the recent recovery in tin prices, which are now above $20,000 per tonne.”