LONDON (ShareCast) - (Sharecast News) - Strategic Minerals said on Thursday that drilling at its Redmoor tungsten-tin-copper project in Cornwall had intersected the full thickness of the target sheeted vein system in its first three holes, with a second rig now mobilised to accelerate the programme.
The AIM-traded company said its subsidiary Cornwall Resources had completed holes CRD033, CRD034b and CRD035 from Pad 1, all of which showed visible wolframite and chalcopyrite mineralisation consistent with historic data and the 2019 mineral resource model.

Samples from the holes were being processed and sent for laboratory assays, which would confirm grades and support an updated mineral resource estimate expected in the first quarter of 2026.

"Geological logging and sample selection of the first three boreholes of our 2025 programme is complete, with core cutting and shipment of sample batches in process," said managing director Dennis Rowland.

"With the rig move complete, and the second drilling rig now onsite, we expect to see an acceleration in the programme through to December."

CRL said the second rig was mobilised on 8 September, with a new hole at Pad 2 already under way and drilling at Pad 3 due to begin shortly.

The campaign was fully funded and expected to last up to three months.

Additional metallurgical and mineralogical studies would also be carried out to inform project design and economics.

The company noted that benchmark ammonium paratungstate prices had jumped 45% in the past month to $655 per metric tonne unit, up more than 60% since the start of the year, compared with the $330 level used in its 2020 scoping study.

It said the price surge reflected supply disruptions in China and increased focus on securing tungsten for defence and high-tech applications.

At 1409 BST, shares in Strategic Minerals were up 1.82% at 0.34p.

Reporting by Josh White for Sharecast.com.

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