Strategic Minerals PLC (AIM:SML, FRA:24S) said its subsidiary Cornwall Resources Ltd (CRL) successfully completed a trenching and auger exploration programme to investigate the presence of extensions of mineralisation to the west of the established Redmoor tin and tungsten resource.
A significant tin result was returned in the first trench, peaking at 0.38% tin over a two metre sample interval and with nearby mineralisation spanning an overall width of 20 metres.
Peak tin values of 0.87% and 0.20% tungsten were also generated from close-spaced auger sampling within a 60 metre long anomalous area of greater than 0.10% tin.
Future new drill target areas have been identified.
"The results of the auger and trench sampling, located around 1,000 metres to the west of the known Redmoor mineralisation, appear to support CRL's view of a potential further westward extension of the Redmoor resource,” said Peter Wale, executive director of Strategic Minerals and Director of CRL.
“This may have important implications for the size of a future resource. Furthermore, the strong tin results fit well with CRL's hypothesis that the western mineralisation is likely to be richer in tin, in line with known metal distribution at Redmoor.”
Tin prices have more than doubled over the last year.
"This process has de-risked future drilling plans and is expected to be supplemented by additional valuable information from the ongoing DDC project,” continued Wale.
"CRL has successfully identified new drill target areas which are anticipated to offer significant upside for the Redmoor project."