Strategic Minerals Unleashes Drilling Blitz at Redmoor Tungsten Project
Strategic Minerals PLC (AIM: SML) is gearing up for an intensive drilling phase at its Redmoor tungsten project in Cornwall. The company has secured funding for the next 12 months and has three rigs operating on site, with over 5,000 metres of drilling completed so far.
The drilling program aims to upgrade the resource ahead of a pre-feasibility study, which is expected to take place once the inferred resources have been converted into higher-confidence categories. This process will help de-risk the project and provide a more accurate estimate of its potential mine life.
Recent developments have strengthened market conditions for tungsten prices, with the six-month average price for ammonium paratungstate reaching around $2,960 per tonne unit. This is significantly higher than the $1,800 assumption used in Strategic Minerals' most optimistic economic scenario.