GCIStrategic Minerals reports indications of new high tin grades at Redmoor
(SML has reported significant tin results from an auger and trench sampling programme undertaken around 1,000m to the west of the Redmoor resource.
Cornwall Resources, a wholly owned subsidiary of Strategic Minerals, decided to undertake the trenching and auger exploration program with the objective of investigating the possible presence of extensions of mineralisation to the west of the established Redmoor resource.
Today, it was reported that the Company has now successfully completed the programme. In total, 117 samples were taken using a Stihl powered auger, from an average depth of 50cm.
Addressing shareholders, Strategic said its subsidiary had successfully identified new drill target areas which are anticipated to offer “significant upside” for the Redmoor project.
In terms of trenching, three of the anomalies identified by the auger sampling were followed up by the excavation of three trenches, totalling 169 metres in length, to a depth of 1 metre.
Highlights included a significant tin result in trench CRT01 which peaked at 0.38% tin over a 2m sample interval and with nearby mineralisation spanning an overall width of 20 metres.
The other two trenches which were sampled, CRT02 and CRT03, did not show significant tin, copper, or tungsten grades; however the firm highlighted that anomalous levels of pathfinder elements were seen, which may be an indication of the presence of a mineralising system.
The Group noted that peak tin values of 0.87% and 0.20% tungsten were generated from close-spaced auger sampling within a 60m long anomalous area of greater than 0.10% tin.
Peter Wale, Executive Director of Strategic Minerals and Director of CRL, said: “The results of the auger and trench sampling, located around 1,000m to the west of the known Redmoor mineralisation, appear to support CRL’s view of a potential further westward extension of the Redmoor resource. 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.”
Globally, the price of tin has reached new highs with the commodity nearly doubling in value over the past year. Following today’s results, the Company believes its strategy of investing in assets with the potential for long term commodity price appreciation has been reinforced.
“Latest tin prices are substantially higher than the price assumptions used in our October 2020 Scoping Study, this further strengthens our project economics,” Wale concluded.
In addition, Strategic told investors that Cornwall Resources’ work within the MHCLG/ERDF Deep Digital Cornwall (“DDC”) project (of which the subsidiary is a delivery partner of) which is utilising the Redmoor exploration licence as a digital laboratory, is ‘progressing well.’
To date, four field assistants have been recruited and are currently implementing an extensive auger sampling program and high-resolution gravity survey. As of early September 2021, 532 auger samples had been collected and 269 gravity stations recorded. Results from this work, which has potential to identify new mineralisation, are expected in the first half of 2022.
Follow News & Updates from here:
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.