Thanks for sharing that, didn’t get a chance to read SML announcement from today until now but very excited about the wording in this announcement and how confident both teams of management are about the project.
The completion of Phase 2 of the 2017 drilling programme at Redmoor has resulted in 20 drill holes over the term of the programme. The 5 Phase 2 drill holes were particularly impressive with these results continuing to build on and confirm the previously reported results from SVS high-grade zones. Further, the results demonstrate considerably higher grades than the average of previously reported significant intercepts (0.91% SnEq over 24 intercepts). As a result of Phase 2 drilling, the average of all 33 significant intercepts from SVS high-grade zones drilled to date (historic and CRL holes) has increased to 15.0 m @ 1.0% SnEq.
The Phase 2 hole CRD019, drilled 180m down-dip of known mineralisation, returned the best results of the programme (7.00 m @ 2.63% SnEq from 507.05 m, including 1.00 m @ 12.38% SnEq from 510.05 m) and shows these high grade zones to remain open at depth.
Twinned hole CRD020, drilled between two existing intercepts (approx. 100 m apart), successfully intersected SVS high-grade mineralisation, further improving confidence in continuity of the SVS high-grade zones.
These new results have significantly added to the confidence in the potential of the project to such an extent that CRL's joint venture partners, NAE and SML, are now seriously considering methods of expediting the project to production.
A more detailed description of results can be found in Table 1, following, and on the Company website
http://www.strategicminerals.net/investors/presentations.html, under "Redmoor Phase 2 Drill Results"
Non-Executive Director of Strategic Minerals, Mr Peter Wale, commented:
"We are delighted by the Phase 2 drilling results, with every hole intersecting high-grade zones within the SVS and returning considerably higher grades than previously reported.
The potential for the resource size and grade to improve at depth has opened a substantial opportunity for the project, extending the depth of known mineralisation at Redmoor.
These results have encouraged us to further prioritize taking the project to production and we look forward to updating the market on this after completing the resource update during Q1 2018."
(20min delay)
