Cornwall Resources Ltd has signed a contract for two rigs to diamond drill a total 5,300 metres during the second half of the year at its Redmoor tin-tungsten-copper project near Kelly Bray, north of Callington.
ADVANCEMENTS
The contract with Priority Drilling UK Ltd follows match grant funding from the Government, through the UK Shared Prosperity Fund (SPF), and a completed £1 million fundraise.
The campaign is expected to start on 23 June with one drill rig completing the first three boreholes over three months.
A second rig will join operations for a further three months, or until the programme is complete.
Combined data from drilling and the continuing relogging and sampling programme will inform a new JORC (2012) compliant mineral resource estimate anticipated to complete in Q1 2026.
Cornwall’s current MRE shows inferred resources of 11.7 million tons at 1.17 tin equivalent (0.56% tungsten trioxide, 0.16% tin, 0.50% copper).
“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,” said project manager Dennis Rowland.
“With drilling now locked in to commence on 23 June we are working at pace to complete our other programme preparations.”
The company’s parent Strategic Minerals plc also expects the call option payment this week for its Australian subsidiary Leigh Creek Copper Mine Pty Ltd which is under a purchase option.
Strategic said that the purchaser has secured the necessary funds and would pay AUS$100,000 for an exclusive call option to acquire the Leigh Creek copper mine.
The call option is exercisable for six months from the payment.