02 Mar Strategic Minerals is set to revive Cornwall’s mining industry as it begins drilling for tin and tungsten
A mining revolution could be brewing in Cornwall. Strategic Minerals today revealed it will begin drilling for tin and tungsten at its Redmoor site.
Shares in the firm, which is listed on the Alternative Investment Market (Aim), jumped more than eight per cent this morning on the news.
The miner’s joint venture with New Age Exploration (NAE) to develop Redmoor into a producing mine received support from the local governments of Cornwall and Callington Town.
Peter Wale, director of Strategic Minerals and Cornwall Resources Limited said: “We are particularly pleased that arrangements to undertake the drilling programme were prepared with support from the local community.”
Wale also thanked the exploration team and partners NAE for “[placing] us ahead of schedule and [ensuring] that drilling will occur in more favourable climate conditions.”
The first phase will involve drilling 13 holes and the second phase will see a further 10 holes drilled. There is a provision for six more holes to be drilled, subject to additional planning and land owner approvals.
Wale said the company expects to complete both phases this year. Strategic Minerals will be in a position to update the market on the results from initial drill holes in the third quarter of 2017.
Strongbow Explorations and Cornish Lithium are other miners readying the West Country for a mining revival.
Canadian firm Strongbow is aiming to produce tin from its South Crofty mine in Cornwall by 2020. Cornish Lithium, a private company, is hoping to bring the UK’s historic mining hub back to life with a new lithium exploration, which it says is the largest single, unified mineral exploration programme in Cornwall’s history.