LONDON (ShareCast) - (Sharecast News) - Producing mineral company Strategic Minerals announced on Wednesday that its wholly-owned subsidiary Cornwall Resources (CRL) has identified further significant high-grade tin in four pit samples taken to the west of its main Redmoor deposit.
The AIM-traded firm said the samples were taken as part of a follow-up of positive close-spaced auger sampling, reported on 28 September.

It said it found a "significant" at- or near-surface tin result in pit CRT04, peaking at 0.68% tin, with all four pit samples showing confirmed in-situ mineralisation.

That, the company said, reinforced its previous trenching and auger results identifying attractive exploration targets.

Strategic Minerals said it had updated its internally-estimated project economics, which now showed a large uplift in its 8% discounted net present value (NPV8) to $163m, with a 33.1% internal rate of return.

"These pit samples provide an important in-situ confirmation of the mineralisation identified earlier in the year at Redmoor West," said Peter Wale, executive director of Strategic Minerals and a director of CRL.

"This bodes well for further exploration as CRL's experience to date at Redmoor suggests that grades often significantly increase at depth and when approaching the granite source."

Accordingly, to find tin grades of that tenor close to surface was described by Wale as "very encouraging", both for project economics and for the resource tin-tungsten mix.

"CRL is currently formalising its next exploration plans to explore the depth extensions of this target and of the potential for a westward continuation of the main Redmoor orebody."

At 1530 GMT, shares in Strategic Minerals were up 4.67% at 0.39p.

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