Business
Investment in tin/tungsten project in Cornwall
Investment in tin/tungsten project in Cornwall.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 3218Z Strategic Minerals PLC 26 May 2016 \n\n26 May 2016\n Strategic Minerals plc\n(\"Strategic Minerals\" or the \"Company\")\n \nInvestment in tin/tungsten project in Cornwall\n \nStrategic Minerals Plc (AIM: SML; USOTC: SMCDY), the minerals production and development company, announces that it has today entered into a binding term sheet (the \"Term Sheet\") to acquire up to a 50% interest in NAE Resources (UK) Limited (\"Redmoor\"), a subsidiary of the Australian (ASX) listed company New Age Exploration Limited (\"NAE\"). Redmoor holds an exploration licence and option over 23km2 in the Cornish tin-tungsten-copper mining district in the UK.\nAbout Redmoor\n \nIn October 2012, NAE acquired the rights, through an exploration licence and mining lease option arrangement, over a 23km2 area surrounding the Redmoor deposit in the Cornish tin-tungsten-copper mining district in the UK. The exploration licence provides the rights to explore over the entire licence area for a period of 15 years and the mining lease option provides the right for Redmoor to enter into a 25-year mining lease (renewable for a further 25 years) over any part of the licence area. During the exploration licence period, a modest annual licence fee is payable to the vendor which reverts to a 3% net smelter return vendor royalty on mining commencement. The licence area had previously supported a number of historic tin-tungsten-copper mines and there are a number of operating open cut mines (china clay and tungsten) located in the region.\n \nThere is excellent local infrastructure for roads and ports and it is less than 40km by road to the recently commissioned Drakelands tungsten mine and processing plant. \n \nIn December 2015, NAE undertook, in conjunction with SRK Consulting (UK) Limited (\"SRK\"), a detailed review of the historical drilling, mining and geological data. This resulted in the:\n1) Definition of an updated Mineral Resource, as defined by the JORC code, of 13.3Mt @ 0.37% tungsten equivalent (WO3Eq) (0.56% tin equivalent (SnEq)). \n2) Identification of a number of high grade lodes at Redmoor and definition of a high grade sub-set of the above Inferred Mineral Resource of 2.3Mt @ 0.80% WO3Eq (1.19% SnEq).\n3) Identification of an additional high grade Explora...