Cornwall Resources Ltd will reapply for grant funding after its submission was refused as it also considers American backing to develop the Redmoor tin-tungsten project.
FUNDING SOURCES
Cornwall and Isle of Scilly Council, due to respond in June, rejected the company’s bid to the Shared Prosperity Fund.
The new modified application, based on feedback from the council, must be submitted before the next deadline of 4 August 2023.
“The CRL team made a significant, credible submission for a comprehensive grant which has given it valuable experience for its pending modified grant application,” said John Peters, managing director of parent company Strategic Minerals.
“To this end, engagement continues with both Cornwall Council and other local stakeholders.”
Other funding may come from the United States following indications that the UK could be classified as a “domestic” source of some critical minerals, including tungsten and tin.
“This may provide the opportunity for project funding from the considerable amounts allocated to such arrangements by the US Government,” added the company.
“CRL [Cornwall Resources] is actively monitoring and pursuing potential funding from such sources and is encouraged by the US Department of Defense’s recent direction to suppliers to source only non-Chinese/Russian tungsten in their products by 2027.
“With China supplying 85% of world tungsten supplies, Russia supplying 5% of world tungsten supplies and the US consuming 45% of world tungsten supplies, there is a positive outlook for the Redmoor project as a potential domestic source of tungsten.”
PARTNERS
The company has progressed Redmoor with relogging and sampling of existing drill core and “additional work programmes”.
In June, the Deep Digital Cornwall data collection ended and the company will now provide a copy of all datasets to the Camborne School of Mines for storage and public access.
Potential new target areas for further investigation and sampling are expected from combining all datasets for a new study of the project area’s geology and mineralisation potential.
Discussions are also underway with “various parties” on collaboration to progress Redmoor and “multiple groups” are accessing the project data room confidentially.
The company still seeks to add further licences in the county to its portfolio and expects developments from negotiations during H2 2023.