Strategic Minerals (AIM: SML)  has appointed Natural Resources Global Capital Partners ("NRG") to provide advice in regard to advancing the Redmoor Tin and Tungsten project.

The producing mineral company said NRG, a London-based independent advisory firm and merchant bank, has undertaken an ‘encouraging’ initial review of the project and is focusing on the inherent value and how best to demonstrate this to potential joint venture partners.

Theoretical analysis has now identified that a revised mining schedule, focused on initially targeting the higher-grade material identified in the latest drilling programme, may offer the potential for a superior internal rate of return (IRR) enhancing the project’s economics.

In order to confirm the results of the internal revisions, Strategic said that CRL has engaged mining consultants Wardell Armstrong International who undertook the scoping level underground mining study back in May 2019.

Shares in Strategic Minerals have traded within a range of 0.36p and 0.47p over the past month and closed on Friday afternoon at 0.4p.

WAI will carry out work to optimise the mining schedule and mine engineering model, as well as mining costs, with a new focus on accessing high grade ore early in the life of the planned mine. This work is expected to be completed at the end of September 2020.

"We are privileged to be working with NRG and are heartened by their enthusiasm for the Redmoor project and their recognition of value in, what the Board considers, a significant company asset,” said Peter Wale, Executive Director of SML and Director of CRL.

He added, "As international emphasis continues to shift towards securing critical minerals supply, having a source of tin and tungsten in Cornwall is expected to prove of even greater strategic importance in the future.

As a result, we continue to see interest in Redmoor from investors who understand the globally significant potential of the project. We look forward to informing the market of the results of the updated analysis upon completion of Wardell Armstrong's review."

Strategic entered into an agreement in May 2016 with New Age Exploration Limited and, in February 2017, acquired 50% of the Redmoor Tin/Tungsten project in Cornwall, UK. The project is held by Strategic’s wholly owned subsidiary Cornwall Resources Limited ("CRL").

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