Strategic Minerals PLC on Friday announced subsidiary Cornwall Resources Ltd has signed a new exploration licence and mining option for mineral rights in Cornwall, England.

Strategic Minerals is a minerals production company with operations in the US as well as development projects in the UK and Australia.

Strategic Minerals said the agreement with a third major mineral rights owner includes 5.5 square kilometres of registered mineral rights in the Tamar Valley area.

The agreement will increase Cornwall Resources’ total mineral rights operating area to 92 sq km.

Additionally, Strategic Minerals reported that new significant mineralised intervals have been identified outside the current mineral resource estimate for the Redmoor project, Cornwall.

It said that the first grab sample results were positive, and confirmed high grade tin and tungsten.

Dennis Rowland, project manager at Cornwall Resources Limited, said: ‘I am pleased to see that these first results confirm our assumption that there is potential upside at Redmoor from reviewing our existing drillcore with fresh eyes and improved methodologies. This low-cost process is expected to deliver further positive results.’

Strategic Minerals shares were down 6.1% to 0.19 pence each in London on Friday morning.

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