Copper tailings project Cobre generated US$3.35mln from the sale of 54,600 tonnes of iron ore in 2018
High grades recorded from drilling for tin and tungsten at Redmoor in Cornwall
Significant copper mineralisation identified at Leigh Creek
What Strategic Minerals owns
Cobre (iron ore): In 2011, subsidiary Southern Minerals acquired the rights to operate the Cobre magnetite stockpile in New Mexico where currently there are six years of tailings reserves.
Central Australian Rare Earths (nickel sulphide, cobalt): In 2016, the company funded a drilling programme at the highly prospective Hanns Camp located within CARE's Laverton Project. CARE holds tenements and has access to mining rights for cobalt, nickel, and rare earth elements in these tenements in Western Australia.
Leigh Creek (copper): Strategic acquired the rights to the old copper mine situated in the North Flinders Ranges of South Australia, 500km north of Adelaide in 2018. The project comprises three sites: Mountain of Light; Paltridge and Rosmann East.
Redmoor (50%-owned; tin, tungsten): Located 25km from Plymouth, and 40km from the Drakelands (Hemerdon) tungsten mine and processing plant. Cornwall Resources Limited, a joint venture with New Age Exploration, holds the Redmoor licence.
What the company says
“We’re focussed on materials for the future,” says Alan Broome, non-executive chairman.
“And we’re not guessing either. We’re using information from reliable analysts from investment banks.”
Broome also highlights analysis from MIT as supporting the choices Strategic Minerals has made.
“MIT’s top in-demand material for the future is tin,” says Broome.
“And we have that at Redmoor in the UK. The seventh on the list is tungsten, which is also found at Redmoor. And in between are cobalt and nickel, both of which occur at the Hanns Camp and Central Australian Rare Earths projects.”
READ: Strategic Minerals will shortly be adding a second income stream, as it contin ues to focus on the metals of the future
Updated resource at Redmoor (due this quarter)
New customers at Cobre
Leigh Creek production starts
What broker SP Angel says
"The 2018 drilling programme at Redmoor has improved the understanding of the geometry, orientation and scale of the sheeted vein system at Redmoor and shown elevated grades of both copper and of tungsten in parts of the mineralised system.
"The forthcoming mineral resources update is likely to shed light on these relationships and show an increased footprint for the mineralisation as a whole as the drilling has increased the coverage both laterally and at depth."
Strategic Minerals is worth £25.6mln at 1.82p.