SML (London Stock Exchange) - 50% JV Partner with NAE on Redmoor...

SML (London Stock Exchange) - 50% JV Partner with NAE on Redmoor Project has just released their announcement regarding this Phase 1 Drilling. See below. My favourite line, "SVS high-grade zone widths and grades exceeding CRL's expectations. Exceptional intercepts" Bit better put than our announcement. Down 20% today... what a joke.

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Strategic Minerals plc
("Strategic Minerals" or the "Company" or "SML")

Encouraging Redmoor Phase 1 Drilling Results
Joint Venture Partners Commit to Phase 2

Strategic Minerals plc (AIM: SML; USOTC: SMCDY), the diversified mineral production and development company, is pleased to announce the results from the first 10 holes of the Phase 1 diamond drilling programme at the Redmoor Tin-Tungsten Project being undertaken through its joint venture vehicle Cornwall Resources Limited ("CRL").

HIGHLIGHTS
   
· Successful high-grade tin and tungsten intersection in Johnson's Lode and in Kelly Bray Lode

· Great Southern Lode re-interpreted as a high-grade part of the Sheeted Vein System ("SVS")

· Encouraging results from discrete high-grade zones within the SVS mineralisation

· SVS high-grade zone widths and grades exceeding CRL's expectations. Exceptional intercepts include:

	Column 1	Column 2
0	CRD007:	14.8 m @ 1.00 % SnEq from 245.7 m, including 2.5 m @ 3.39 % SnEq from 257.9 m
1	CRD009:	17.5 m @ 0.68 % SnEq from 265.9 m, including 3.1 m @ 1.97 % SnEq from 280.3 m
2	CRD009:	28.2 m @ 0.81 % SnEq from 298.8 m, including 7.0 m @ 1.89 % SnEq from 317.5 m
3	CRD010:	11.1 m @ 0.57 % SnEq from 113.3 m, including 3.1 m @ 1.19 % SnEq from 121.3 m

· Re-examination of historical (1980's) drilling results has identified 31 significant intercepts within SVS high-grade zones

· Phase 2 exploration re-focused on further defining the high-grade zones within the SVS as these are potentially an economically attractive target for underground mining

· CRL's joint venture partners, have committed a further £150,000 to continue the first three additional holes in Phase 2 and have committed to complete an additional 3 holes should they be required

· All drilling is expected to be completed and reported upon in Q4, with a Resource Update expected to be released in Q1 2018

· Ongoing positive community support with Cornwall Council extending drilling consent to 31 October 2017


Commenting, John Peters, Managing Director of Strategic Minerals, said:
   
"The initial 10 holes of the 2017 drill programme at Redmoor have shown encouraging results causing the joint venture to re-assess the most beneficial drilling targets for Phase 2.  The results have caused a re-focus in our thinking that the high-grade zones within the sheeted vein system may prove a superior underground mining prospect when compared to the original, narrow, high-grade lodes.

"The team at Redmoor has done an outstanding job and has recommended a further three to six holes for Phase 2 exploration.  This proposal has been agreed to by both joint venture parties and is now progressing.

"We look forward to bringing the market further news on the progress at Redmoor later this year and in the first quarter of 2018."

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Full article is available here:

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/SML/13354356.html