Strategic Minerals slides after company update

14th Jul 2023 14:54

(Sharecast News) - Strategic Minerals updated the market on its ongoing projects on Friday, reporting that its subsidiary Cornwall Resources (CRL) had been actively working to expand its mineral footprint in the resource-rich Cornwall area.

The AIM-traded firm said it expected reporting on its progress in the second half of this year.

It said its efforts were focussed on identifying and acquiring mineral assets in Cornwall, which is known for its significant mineral deposits.

In recent news, CRL received notification that its comprehensive grant application to the Cornwall and Isle of Scilly Council (CIoS) Shared Prosperity Fund was unsuccessful.

However, the company said it had been encouraged by the council to resubmit a modified version of the before the next deadline on 4 August.

Additionally, CRL had been engaging in negotiations with unrelated parties as a preliminary step towards potential formalised partnerships.

Strategic Minerals also noted that it participated in Austmine's 'Copper to the World' conference in Adelaide in May.

As a result of its presentation, two parties had expressed interest by signing confidentiality agreements with Strategic Minerals.

The parties had been granted access to the data room of the Leigh Creek Copper Mine (LCCM), an asset owned by Strategic Minerals.

"The CRL team made a significant, credible submission for a comprehensive grant which has given it valuable experience for its pending modified grant application," said managing director John Peters.

"To this end, engagement continues with both Cornwall Council and other local stakeholders.

"Recent encouraging discussions with various parties leave us confident of progress at Redmoor in the second half of the year including potential expansion of its mineral rights catchment area."

At 1121 BST, shares in Strategic Minerals were down 19.08% at 0.14p.

Reporting by Josh White for Sharecast.com.