The following progress has been made with the Redmoor Project;
1. On December 3rd 2020 Strategic Minerals the parent company of Cornwall Resources (CRL) announced it had raised £700,000 to support its USA operation and two projects in Cornwall, and South Australia.
2. On February 15th 2021 it was announced that CRL had been part of a group who had successfully received approval for their ‘Deep Digital Cornwall Project’. This was led by the University of Exeter’s Camborne School of Mines (CSM) in which CRL and Cornish Lithium are delivery partners. The funding has been awarded by the European Regional Development Fund (ERDF) and the total project value is £4.1m. The key highlights are;
- The Redmoor exploration licence area will be used as a field laboratory for collection of geochemical and geophysical data, which will also provide CRL with information relevant to a number of new projects within its mineral rights.
- CRL is to receive up to £446,063 of grant funding for its part in the project from ERDF, in return for CRL contributing a further 20%.
- CRL will benefit from access to international-level research and collaboration concerning the use of digital exploration data, through CSM.
- It provides positive support for Cornwall and its natural resources sector.
3. On February 23rd 2021 it was announced that CRL is to carry out an exploration program focusing on tin and copper in the Redmoor West area. CRL plans to implement a low-cost combined trench and handheld powered-auger sampling program to assess the potential of these anomalies as targets for future reconnaissance drilling. This will be carried out on agricultural land away from houses and is not expected to impact on residents.
4. CRL continue to play an important role in the Critical Minerals Association which is working to inform the government on future policies on producing critical minerals in the UK, which are needed to support the government’s aim to achieve, “at least a 68% reduction in greenhouse gas emissions by the end of the decade”.
5. Tin and copper prices are at 10-year highs and the tungsten price has also started to increase (tin US $27,095/tonne, copper US $9,479 and tungsten US $25,500/tonne). These increasing metal prices will greatly help in getting future financing for the next stage of the Redmoor project.
Jeff Harrison – Non-Executive Director SML