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LONDON - Strategic Minerals plc (AIM:SML; USOTC:SMCDF), a player in international mineral exploration and production, has announced updates on its subsidiaries, Leigh Creek Copper Mine Pty Ltd (LCCM) and Cornwall Resources Limited (CRL). The company confirmed the expected payment for an exclusive call option to acquire LCCM and the signing of a drilling contract for its Redmoor Project in Cornwall.
LCCM is set to receive A$100,000 during the week commencing today, as the Purchaser has secured the necessary funds. The call option allows the Purchaser to acquire 100% of LCCM within a six-month period from the payment date, with the terms established on April 24, 2025.
In Cornwall, CRL has signed a drilling contract with Priority Drilling UK Ltd, which will start on June 23, 2025. This initiative is part of a match grant funded project by the UK Government through the UK Shared Prosperity Fund. The drilling program is fully funded, following a £1,000,000 fundraise by Strategic Minerals and will focus on further exploration of tungsten, tin, and copper mineralization in the Tamar Valley license areas.
The drilling contract outlines a six-month drilling program, with the first three boreholes expected to take approximately three months. A second rig will join to complete the program. Approximately 50% of the program costs will be covered by grant funding.
Data from the drilling will contribute to a new JORC (2012) compliant Mineral Resource Estimate for Redmoor, expected in Q1 2026. This will be the first update since the 2019 inferred MRE of 11.7 Mt at 1.17 Tin equivalent.
Ahead of the drilling commencement, the CRL leadership team, including Mark Burnett, CRL Director, and SML Executive Director, will attend the UK Mining Conference in Cornwall on June 11-12. A site visit to Redmoor will precede the event.
Dennis Rowland, CRL Project Manager, stated, "The signing of the contract for drilling services marks the first major milestone for CRL’s SPF Project and our plans for unlocking further project advancements at Redmoor."
These developments signify Strategic Minerals’ commitment to expanding its mining operations and resource estimation efforts, with financial backing from both the call option payment and the UK government’s grant. The information is based on a press release statement from Strategic Minerals plc.
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