The Redmoor Drilling Programme has been completed for 2018. The last rig was demobilised from the site on the 12th December. Commenting, Peter Wale, Executive Director, Strategic Minerals and Director, CRL, said:
“These impressive assay results show great scope to increase both the resource tonnage and grade at Redmoor. We anticipate this update and the expected resource upgrade will add further support to the renaissance of mining in Cornwall.
“The Board is delighted by the performance of the CRL team, which has delivered a 2018 outcome which has surpassed expectations. While pleased with the manner in which the programme was run on time and within budget, the level of success in targeting mineralisation is a testament to CRL’s geological model and the team’s theories on the anticipated continuation of mineralisation in high-grade zones within the SVS both at depth and along-strike.
“It is also pleasing to note that the Board’s long-term view on the impact of supply and demand factors on tin prices has been reflected in the recent recovery in tin prices, which are now above $20,000 per tonne.
“2019 is anticipated to be a watershed year for SML – this update from Redmoor sets the tone for what the Board expects to be a year of substantial progress.”
- All holes in the 2018 programme successful with most surpassing internal expectations, indicating a high likelihood of a substantially expanded Mineral Resource.
- Weighted average tin equivalent grade for full programme 81% higher than current Mineral Resource, arising from significant intercepts of the high-grade zones within the SVS.
- High grade intercepts of up to 26.20%, 12.45% and 10.52% tin equivalent (SnEq).
- Includes tin (individual metal) grades of up to 5.13% Sn (CRD029; 366.61 – 367.61 m).
- Latest holes represent some of the highest-grade intercepts to date, consistent with the last update on 27 November 2018.
- Full 2018 drill programme successfully completed on time, under budget, and with a clean safety and environmental record.
- Updating of Mineral Resource Estimate commenced, and results are expected in Q1 2019.
- CRL received a £138,000 Research and Development refund from HMRC on 3 January 2019.
A detailed report can be downloaded here.